INDIANAPOLIS, Ind. & SANTA CLARA, Calif.--(BUSINESS WIRE)--April
20, 2004--Guidant Corporation (NYSE:GDT - News) today announced the $6
million purchase of the remaining stake in a company developing fully
bioabsorbable drug eluting stent platforms. These new stents in
development are designed to be fully absorbed by vascular tissue
following the restoration of blood flow in patients with coronary
artery disease. The initial 51 percent stake was acquired for $10
million in the first quarter of 2003. Under the terms of the original
agreement, Guidant will also make payments upon the achievement of
certain regulatory milestones. Guidant has completed a 28-day animal
study of a bioabsorbable drug eluting stent platform, providing
initial data on dosing, safety, and mechanical properties of the
"Guidant's bioabsorbable stent program is aligned with our
strategy of leveraging bioabsorbable technologies to provide
innovative site-specific therapy for the treatment of heart disease,"
said Dana G. Mead, Jr., president, Vascular Intervention, Guidant
Corporation. "During this past year, Guidant's Bioabsorbable Vascular
Solutions subsidiary has made considerable progress in researching a
bioabsorbable everolimus eluting stent platform, giving us continued
confidence in the promise of this new technology."
Bioabsorbable Vascular Solutions was established in March 2003 as
an entrepreneurial subsidiary in the Silicon Valley. Headed by John M.
Capek, Ph.D., the new Guidant subsidiary is developing site-specific
therapies based on bioabsorbable technologies. The acquired company
was originally founded by SyneCor, LLC, a medical technology generator
of new life sciences companies based in Research Triangle Park, N.C.,
and Portola Valley and Santa Rosa, Calif.
Guidant Corporation is a world leader in the treatment of cardiac
and vascular disease. The company pioneers lifesaving technology,
giving an opportunity for better life today to millions of cardiac and
vascular patients worldwide. Driven by a strong entrepreneurial
culture of 12,000 employees, Guidant develops, manufactures and
markets a broad array of products and services that enable less
invasive care for some of life's most threatening medical conditions.
For more information visit www.guidant.com.
NOTE TO MEDIA: For more information about Guidant, including its
products and services, please visit the company's newsroom at
This release includes forward-looking statements concerning the
venture, related milestones and payments, and development of the
therapy. The statements are based on assumptions about many important
factors, including continuing clinical and regulatory developments,
product development timelines and other factors identified on Exhibit
99.1 to the company's most recent 10-K. Actual results may differ
materially. The company does not undertake to update its