Patient Safety Technologies, Inc. (PSTX.OB) featured company in The Wall Street Transcript

January 24, 2011

Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc. (PSTX.OB), talked to The Wall Street Transcript about his company. Click here to read the complete interview.

TWST: Please begin with a brief historical sketch of
SurgiCount Medical and what you’re doing at the present time.

SurgiCount Medical is the wholly-owned operating subsidiary of its publicly traded parent company, Patient Safety Technologies. I originally co-founded SurgiCount along with a surgeon, who also happens to be my father, back in the mid-1990s to address what was and still is one of the most common errors in surgery, retained surgical sponges. This preventable surgical error is estimated to happen one in every approximately 8,000 general surgeries, one every 1,500 intra-abdominal procedures. In fact, retained surgical sponges are the most commonly reported surgical adverse event reported by hospitals. Today, our core product offering, the Safety-Sponge System, has been successfully used in over 1.5 million procedures using over 36 million Safety Sponges, with no unaccounted for Safety-Sponges retained in cases where the solution has been used. We have effectively solved this issue for our user hospitals, which now includes over 65 government, teaching and community hospitals, including five of U.S. News and World Reports 2010-2011 14 “Honor Roll” hospitals, enabling them to provide improved patient outcomes, protect their staff and their bottom lines.