Boston Scientific and SurgiVision Announce Licensing Agreement
Emerging technology will potentially enable access to MRI exams for implantable cardiac device patients
NATICK, Mass. and BALTIMORE
April 15, 2008
NATICK, Mass. and BALTIMORE, April 15 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) and SurgiVision, Inc., a privately held company, today announced a licensing and development arrangement for magnetic resonance imaging (MRI)-safe technology. Physician implanters have consistently mentioned MRI-safe cardiac devices as a primary unmet clinical need. Under the arrangement, Boston Scientific will gain access to SurgiVision's development capabilities and will obtain a license to SurgiVision's intellectual property for potential use in its implantable cardiac devices. The two companies will work jointly to develop a commercial application of SurgiVision's technology.
"SurgiVision is thrilled to have entered into this agreement with Boston Scientific as it represents a tremendous opportunity for both companies," said Kimble Jenkins, Chief Executive Officer of SurgiVision. "Our company is a leader in the development of MRI-safe technologies, and we look forward to applying our expertise to the field of cardiac rhythm management devices with Boston Scientific."
"This agreement with SurgiVision is consistent with our vision of providing physicians with the highest quality products for their patients," said Fred Colen, Executive Vice President, Operations and Technology, Boston Scientific Cardiac Rhythm Management. "SurgiVision's technology, when combined with our history of innovation, should move development of MRI-safe cardiac devices closer to reality."
Boston Scientific and SurgiVision entered into a separate licensing and development agreement, in the area of neuromodulation, in December 2005.
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: http://www.bostonscientific.com/.
SurgiVision is a leading developer of next-generation MRI technologies, focused on MRI-safety and MRI-guided therapeutic interventions for neuromodulation, cardiac EP and localized delivery of cell/drug therapies. For more information, please visit: http://www.surgivisioninc.com/.
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This press release contains forward-looking statements within the meaning of 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 new product development, regulatory approval, product performance and our growth strategy. 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; financial market conditions; disposition of non-strategic assets 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 thereafter. 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.
SOURCE: Boston Scientific Corporation
CONTACT: Media, Paul Donovan, +1-508-650-8541 (office) or +1-508-667-5165 (mobile), or Investors, Larry Neumann, +1-508-650-8696 (office), both of Boston Scientific Corporation; Kimble Jenkins of Surgi-Vision, Inc., +1-901-531-3236
Released April 15, 2008