1992: The original idea. Founded in 1992 by Target Therapeutics and venture capital funds, Conceptus originally focused on infertility technology and developed new catheter technologies for the diagnosis and treatment of blocked fallopian tubes using Target Therapeutics’ neurovascular devices.
1993: Leadership established. Research commenced, led by CEO Kathryn Tunstall, who is the current chairman of the board. It was determined that accessing and treating fallopian tubes could not be accomplished with the Target Therapeutics technology without significant innovation.
1994: The micro-insert innovation. During its exploration, Conceptus discovered a promising new method to access and block – rather than unblock – the fallopian tubes. While dozens of similar technologies had already been patented and tested, the Essure® micro-insert became the most compelling. The Company re-organized to prove this technology.
1995: Essure clinical trials begin. Phase I safety study of Essure was successful and additional fundraising was completed.
1996: Conceptus goes public. Conceptus raised $44 million with its initial public offering (IPO) on the NASDAQ stock market under the ticker symbol "CPTS."
2001: Essure received approval in Europe, Australia and Canada. The Essure procedure received Conformité Européenne (CE) marking of approval for use in Europe.
2002: Essure received FDA approval in U.S. The Essure procedure received U.S. Food and Drug Administration (FDA) approval for use in the United States.
2003: Physician training begins. The second generation Essure system with improved performance is introduced and the Company begins training physicians to perform the Essure procedure.
2005: Essure commercialization advancement. The American Medical Association granted a Category I Current Procedural Terminology (CPT) code for hysteroscopic sterilization, effective January 1, 2005.
2006: Essure clinical success. Clinical testing proved the Essure procedure 99.80% effective with zero pregnancies based on four years of follow-up.
2007: Third generation Essure approved. The FDA approved the third generation of the Essure system which made the procedure even easier for physicians to perform.
2008: Office procedures dominate. The Conceptus sales team revolutionized the mindset of OB/GYN physicians performing Essure by demonstrating that the procedure could be performed more efficiently in the office setting. By 2008, more than 50% of Essure procedures were performed in a physician office setting. Today that number is approximately 70%.
2011: Essure – no cost to patients in 2012. The U.S. Department of Health and Human Services (HHS) mandated the inclusion of permanent birth control under the Patient Protection and Affordable Care Act of 2010 (PPACA) at no cost to patients beginning August 1, 2012. This decision represents a potential key inflection point in the Company’s future business.