Boston Scientific Announces Completion of Interventional Technologies, Inc. Acquisition

Apr 03, 2001, 01:00 ET from Boston Scientific Corporation

    NATICK, Mass., April 3 /PRNewswire/ -- Boston Scientific Corporation
 (NYSE:   BSX) today announced the completion of its acquisition of
 Interventional Technologies, Inc. (IVT) for $345 million in cash plus
 additional undisclosed payments contingent upon IVT achieving performance and
 other milestones.  Boston Scientific had announced the signing of a definitive
 agreement with IVT on February 15.
     IVT develops, manufactures and markets minimally invasive devices for use
 in interventional cardiology, including its flagship product, the Cutting
 Balloon(TM) catheter. The company was founded in 1984 and is headquartered in
 San Diego.
     "This acquisition represents a significant step in our ongoing effort to
 build market leadership in interventional cardiology," said Jim Tobin,
 President and Chief Executive Officer of Boston Scientific.  "The Cutting
 Balloon and IVT's metallurgy expertise are important additions to our product
 and technology portfolios, as are a number of other IVT assets.  We look
 forward to integrating these products and technologies -- as well as IVT's
 talented workforce -- into Boston Scientific."
     The Cutting Balloon catheter is a novel balloon angioplasty device that
 represents the first completely new means of achieving arterial dilatation
 since the inception of balloon angioplasty in the 1970's.  Tiny,
 longitudinally mounted scalpels help reduce resistance by the lesion to
 expansion.  The scalpels create incisions that relieve stress in the artery as
 the balloon inflates, reducing the force necessary to expand the vessel.  This
 contributes to less inadvertent arterial trauma and injury as compared to
 standard balloon angioplasty.  The device's proprietary fold mechanism shields
 the scalpels and protects the vessel wall as the catheter is passed to and
 from the treatment site.  It is the only system to combine the features of
 conventional angioplasty with advanced microsurgical procedures.  Studies in
 Europe and Japan have indicated that the Cutting Balloon is an effective
 adjunctive therapy for treating in-stent restenosis.
     A related IVT technology is the Infiltrator(R) transluminal drug delivery
 catheter that directly delivers therapeutic agents into the wall of the artery
 with high levels of efficiency.  The Infiltrator delivers drugs at low
 pressure via a series of injector ports mounted on the balloon surface.  When
 the balloon is inflated, the injector ports radially extend and enter the
 artery wall, delivering the drug rapidly.  The Infiltrator is expected to
 emerge from clinical trials as a leading intramural drug-delivery device.  Two
 FDA-approved studies are currently evaluating the use of the Infiltrator in
 combination with biopharmaceutical agents to reduce restenosis; one uses an
 antisense agent, and the other uses a gene.
     IVT's metallurgical expertise has helped develop a number of innovative
 products including the LP Stent(R), a coronary stent that has received the CE
 mark and is in clinical trials in the U.S.; the TEC(R) extraction catheter for
 removing soft plaque and thrombus; and the TrackWire(R) family of coronary
 guidewires.
     Boston Scientific is a worldwide developer, manufacturer and marketer of
 medical devices.  The company's products are used in a broad range of
 interventional medical specialties.
 
     This press release contains forward-looking statements.  The company
 wishes to caution the reader of this press release that actual results may
 differ from those discussed in the forward-looking statements and may be
 adversely affected by, among other things, risks associated with new product
 development and commercialization, clinical trials, regulatory approvals,
 competitive offerings, the company's overall business strategy, and other
 factors described in the company's filings with the Securities and Exchange
 Commission.
 
 

SOURCE Boston Scientific Corporation
    NATICK, Mass., April 3 /PRNewswire/ -- Boston Scientific Corporation
 (NYSE:   BSX) today announced the completion of its acquisition of
 Interventional Technologies, Inc. (IVT) for $345 million in cash plus
 additional undisclosed payments contingent upon IVT achieving performance and
 other milestones.  Boston Scientific had announced the signing of a definitive
 agreement with IVT on February 15.
     IVT develops, manufactures and markets minimally invasive devices for use
 in interventional cardiology, including its flagship product, the Cutting
 Balloon(TM) catheter. The company was founded in 1984 and is headquartered in
 San Diego.
     "This acquisition represents a significant step in our ongoing effort to
 build market leadership in interventional cardiology," said Jim Tobin,
 President and Chief Executive Officer of Boston Scientific.  "The Cutting
 Balloon and IVT's metallurgy expertise are important additions to our product
 and technology portfolios, as are a number of other IVT assets.  We look
 forward to integrating these products and technologies -- as well as IVT's
 talented workforce -- into Boston Scientific."
     The Cutting Balloon catheter is a novel balloon angioplasty device that
 represents the first completely new means of achieving arterial dilatation
 since the inception of balloon angioplasty in the 1970's.  Tiny,
 longitudinally mounted scalpels help reduce resistance by the lesion to
 expansion.  The scalpels create incisions that relieve stress in the artery as
 the balloon inflates, reducing the force necessary to expand the vessel.  This
 contributes to less inadvertent arterial trauma and injury as compared to
 standard balloon angioplasty.  The device's proprietary fold mechanism shields
 the scalpels and protects the vessel wall as the catheter is passed to and
 from the treatment site.  It is the only system to combine the features of
 conventional angioplasty with advanced microsurgical procedures.  Studies in
 Europe and Japan have indicated that the Cutting Balloon is an effective
 adjunctive therapy for treating in-stent restenosis.
     A related IVT technology is the Infiltrator(R) transluminal drug delivery
 catheter that directly delivers therapeutic agents into the wall of the artery
 with high levels of efficiency.  The Infiltrator delivers drugs at low
 pressure via a series of injector ports mounted on the balloon surface.  When
 the balloon is inflated, the injector ports radially extend and enter the
 artery wall, delivering the drug rapidly.  The Infiltrator is expected to
 emerge from clinical trials as a leading intramural drug-delivery device.  Two
 FDA-approved studies are currently evaluating the use of the Infiltrator in
 combination with biopharmaceutical agents to reduce restenosis; one uses an
 antisense agent, and the other uses a gene.
     IVT's metallurgical expertise has helped develop a number of innovative
 products including the LP Stent(R), a coronary stent that has received the CE
 mark and is in clinical trials in the U.S.; the TEC(R) extraction catheter for
 removing soft plaque and thrombus; and the TrackWire(R) family of coronary
 guidewires.
     Boston Scientific is a worldwide developer, manufacturer and marketer of
 medical devices.  The company's products are used in a broad range of
 interventional medical specialties.
 
     This press release contains forward-looking statements.  The company
 wishes to caution the reader of this press release that actual results may
 differ from those discussed in the forward-looking statements and may be
 adversely affected by, among other things, risks associated with new product
 development and commercialization, clinical trials, regulatory approvals,
 competitive offerings, the company's overall business strategy, and other
 factors described in the company's filings with the Securities and Exchange
 Commission.
 
 SOURCE  Boston Scientific Corporation