Boston Scientific Acquires Two Novel Technologies to Treat Peripheral Chronic Total Occlusions
NATICK, Mass., Feb. 15, 2011 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) today announced the acquisition of two novel technologies to treat peripheral chronic total occlusions (CTOs). These acquisitions add technology platforms that complement the Company's world-class portfolio of devices for lower extremity peripheral artery disease.
Boston Scientific acquired a re-entry catheter in November 2010 from S.I. Therapies, Ltd., based in Israel. The Company will also acquire an intraluminal CTO crossing device through its acquisition of Sunnyvale, CA-based ReVascular Therapeutics, Inc., which is expected to close this month. Worldwide launches of these devices in approved markets are planned later this year.
"Having used both devices, I am impressed with their simplicity and effectiveness," said Dierk Scheinert, M.D., Heart Center Leipzig, and Professor of Medicine at the University of Leipzig. "Access to these technologies will greatly enhance therapeutic options and provide physicians with new, intuitive solutions for treating challenging CTOs."
A CTO, which represents a complete artery blockage, typically cannot be treated with standard endovascular devices such as guidewires and other catheter-based technologies. CTO devices permit endovascular treatment in cases that otherwise might require a patient to undergo surgery or lower extremity amputation. By offering both a re-entry and intraluminal crossing device, Boston Scientific will be well positioned to help physicians address the challenges of treating complex peripheral lesions.
"The purchase of these innovative CTO technologies demonstrates a continued commitment to expanding our peripheral interventions business," said Joe Fitzgerald, Senior Vice President and President of Boston Scientific's Endovascular Unit. "Not only will they augment our products for treating patients with lower extremity peripheral artery disease, but they will strengthen our clinical relationships with customers by offering them additional ways to deliver patient care."
"These acquisitions demonstrate our continued strategic execution of realigning and strengthening our portfolio in areas with high-growth potential," said Ray Elliott, President and Chief Executive Officer of Boston Scientific. "Our Priority Growth Initiatives include peripheral vascular disease, in which a significant number of patients remain undiagnosed or untreated. Addressing these challenges through use of less-invasive devices could greatly improve the care these patients receive."
Together, the transactions are expected to have an immaterial impact on GAAP and adjusted earnings in 2011 and 2012 and be accretive thereafter. Transactional financial terms were not disclosed.
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding the market for peripheral vascular disease, impact of the acquisitions on financial performance, acquisition strategy, the timing and success of product launches and product performance. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; integration of acquired companies; closing of announced acquisitions and divestitures; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.