Boston Scientific Announces Agreement to Acquire Remon Medical Technologies, Inc.
NATICK, Mass., June 25, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Boston Scientific Corporation (NYSE: BSX) today announced it has signed a definitive agreement to acquire Remon Medical Technologies Inc., a privately held company based in Caesarea, Israel. The acquisition is subject to customary closing conditions and completion of due diligence, and is expected to close over the summer. Terms of the acquisition were not disclosed.
Remon Medical Technologies, Inc., is a development-stage company focused on creating communication technology for medical device applications. The company was founded in 1997 and entered into a co-development agreement with Guidant Corporation in 2004. Guidant Corporation was acquired by Boston Scientific on April 21, 2006.
"Remon Medical Technologies brings to Boston Scientific innovative sensor and wireless communication technology to Boston Scientific, which complements our Cardiac Rhythm Management product line," said Fred Colen, Executive Vice President, Operations and Technology, CRM, and Chief Technology Officer. "This acquisition reflects our commitment to being a leader in the CRM market through the introduction of innovative products and services for the benefit of physicians and their patients."
"We've spent the last several years developing smart, miniature implants designed to enable physicians to assess and treat a variety of medical conditions in a non-invasive manner," said Hezi Himelfarb, Remon Medical Technologies, Inc.'s Chief Executive Officer. "The acquisition by Boston Scientific will position Remon as a recognized leader in intra-body wireless communication and help realize the potential of our technology, once integrated into the portfolio of Boston Scientific products."
Remon's technology uses wireless communications to exchange energy and data with minute devices placed deep inside the body. These devices monitor a variety of physiological parameters, stimulate tissues and organs or activate other devices, creating therapeutic responses. Remon's technology platform potentially offers broad applications for patient management, post-operative monitoring, nerve and tissue stimulation, local drug delivery, and drug development.
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.
For more information on Remon Medical Technologies, Inc., please visit: www.remonmedical.com.
This press release contains forward-looking statements. Boston Scientific 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 product development and commercialization, clinical trials, intellectual property, regulatory approvals, the integration of acquired companies, competitive offerings, Boston Scientific's overall business strategy, and other factors described in Boston Scientific's filings with the Securities and Exchange Commission.
Boston Scientific Corporation