NATICK, Mass., April 18 /PRNewswire-FirstCall/ -- Boston Scientific Corporation announced today that it has exercised its option to acquire CryoVascular Systems, Inc., a privately held company located in Los Gatos, CA. Boston Scientific currently distributes CryoVascular's proprietary angioplasty device to treat atherosclerotic disease of the legs and other peripheral arteries. Terms of the acquisition were not disclosed.
CryoVascular Systems has developed a proprietary technology known as the PolarCath(TM) Peripheral Dilatation System, which utilizes liquid nitrous oxide to provide precise cooling of the diseased artery during balloon angioplasty. This procedure is known as CryoPlasty(TM). The PolarCath system is designed to revascularize the artery and reduce the post-procedure rate of restenosis. Restenosis often requires patients to have a repeat angioplasty procedure or surgery. The repeat procedure rate for patients treated with current balloon angioplasty and stent technology of the femoral-popliteal arteries is reported to be as high as 30-40 percent.
"Boston Scientific is continually searching for innovative technologies to treat peripheral vascular disease," said Paul LaViolette, Boston Scientific Chief Operating Officer. "The CryoPlasty procedure has become an important option for physicians whose patients are suffering from this disease. We have been impressed by the strong reception of the CryoPlasty procedure among physicians and look forward to continuing to offer this treatment option as part of our peripheral portfolio."
"We have been extremely happy with the relationship between CryoVascular Systems and Boston Scientific," said Jeff Gold, Chief Executive Officer of CryoVascular. "Boston Scientific has done an outstanding job of introducing this exciting new technology into a very competitive marketplace. The entire CryoVascular team is looking forward to expanding the use of CryoPlasty therapy as part of 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/.
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 new product development and commercialization, clinical trials, intellectual property, regulatory approvals, competitive offerings, integration of acquired companies, Boston Scientific's overall business strategy, and other factors described in Boston Scientific's filings with the Securities and Exchange Commission.
CONTACT: Milan Kofol
508-650-8569
Investor Relations
Boston Scientific Corporation
Paul Donovan
508-650-8541
Media Relations
Boston Scientific Corporation
Boston Scientific Corporation
CONTACT: Milan Kofol, Investor Relations, +1-508-650-8569, or PaulDonovan, Media Relations, +1-508-650-8541 both of Boston ScientificCorporation