Corindus Vascular Robotics Inc (NYSEMKT:CVRS) has received the 510(k) clearance from the FDA, regarding its application for CorPath GRX. The company stated that this was the second generation of the system and it expects to begin commercializing the product, in early 2017. Moreover, CVRS claimed that the new system offers increased precision, improvements in work flow and other extended capabilities.

Mark Toland, the CEO of Corindus, claimed that this was a critical advancement in their technology and vision of changing the way PCI procedures are performed. He reaffirmed the company’s commitment towards building robust and sustainable cardiovascular robot programs. Mr. Toland also revealed that the GRX would debut at the 2016 Trans-catheter Cardiovascular Therapeutics Conference, where it would be available for demonstrations as well. The event would be held on October 31, 2016.

The company further revealed that the list of upgrades include the Active Guide Management system, which is controlled through a console, by the operator and offers accuracy of up to 1mm. The management remained confident that this would expand the use of CorPath in other applications as well. The main aim of the product is to offer robotic precision in PCI, while also protecting the surgeon from radiation exposure, in catheter labs. It should be noted here that this would be one of the first products to be commercialized, under Corindus’s new CCO, Jeff Lemaster.

Mr. Lemaster was appointed the CCO on October 20, 2016 and would be responsible for leading and executing the company’s commercial and revenue strategy. He brings over 20-years of experience, of commercial sales and marketing, in the industry for cardiovascular devices. Mr. Lemaster was particularly involved in the global launch of new products, related to interventional cardiology.

CVRS earlier announced that it would release its financial results for the 3Q2016, on November 8, 2016, after markets close. The filing would be followed by a conference call to discuss the results and business update, at 4:30 pm ET. Moreover, the conference call can also be listened to through a webcast, on the company’s website, while an audio replay would be available for investors as well.

Corindus Vascular Robotics Inc (NYSEMKT:CVRS) lost 19.53% of its share value, during the October 28 trading session, to reach a close at $0.758 per share. The stock had a trade volume of 8.16 million.