Date: Sep 09, 2001 Author: Scion Cardio-Vascular Inc. Source: PR Newswire (
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MIAMI, Sept. 9 /PRNewswire-FirstCall/ -- Scion Cardio-Vascular, Inc. today
announced that Medtronic, Inc. (NYSE: MDT) has obtained exclusive rights to
distribute Scion Cardio-Vascular's revolutionary Clo-Sur P.A.D.(TM). In
addition, Medtronic has made a minority equity investment in Scion Cardio-
The Clo-Sur P.A.D., manufactured by Scion Cardio-Vascular, is a
groundbreaking, non-invasive device used for rapid control of bleeding
associated with all vascular access sites. The agreement with Medtronic is
limited to application of the device for the rapid control of bleeding
associated with catheter removal following a catheterization procedure such as
coronary stenting, as well as other minimally invasive procedures. For the
more than 5.8 million Americans each year who undergo angioplasties, cardiac
catheterizations, PTCA, stenting and other minimally invasive procedures, the
Clo-Sur P.A.D. represents a dramatic step forward in the healing process.
The vascular puncture hemostasis market worldwide is expected to reach
$330 million in 2002 and is projected to exceed $500 million as the number of
catheterization procedures increases. Scion Cardio-Vascular's Clo-Sur P.A.D.
employs a foam pad technology utilizing the company's proprietary polymer
Polyprolate(TM) to stop the bleeding at the puncture site. The device is water
soluble to allow easy removal.
Scion Cardio-Vascular has received FDA clearance to market the Clo-Sur
P.A.D. in the United States and expects to be granted (CE) Marking approval in
September to market the device in Europe. The Clo-Sur P.A.D. has been
available for sale in the U.S. since December 2001 and has been very well
received by U.S. hospitals and clinicians.
"In our experience with over 1,000 Clo-Sur P.A.D.s, the device has proven
to be safe, effective and easy to use, and most important, it is non-
invasive," said Barry Alter, M.D., of Memorial Regional Hospital, Hollywood,
"We have seen our sales grow dramatically in the U.S.," said George Golik,
Scion Cardio-Vascular President. "Medtronic has an impeccable reputation and
tremendous market coverage. We expect sales to accelerate even faster as a
result of this new partnership."
"We are a company committed to providing a complete range of advanced
products and services in the catheterization lab," said William Hawkins,
President of Medtronic Vascular. "We are pleased now to be able to offer this
safe and cost-effective device for clinicians to complete their procedures."
Scion Cardio-Vascular, Inc., a privately held company located in Miami,
Florida, is dedicated to bringing creativity and innovation to the
interventional cardiology and radiology markets. Scion Cardio-Vascular offers
simple, cost effective technology for use in minimally invasive surgical
procedures. Its Internet address is www.scioncv.com.
Medtronic, Inc., headquartered in Minneapolis, is the world's leading
medical technology company, providing lifelong solutions for people with
chronic disease. Its Internet address is www.medtronic.com. Medtronic
Vascular, formerly Arterial Vascular Engineering, is headquartered in Santa
Rosa, CA. Its Internet address is www.medtronicave.com.
Any statements made regarding each company's anticipated financial results
and regulatory approvals are forward-looking statements subject to risks and
uncertainties, including, for Medtronic, those described in its Annual Report
on Form 10-K for its most recently completed fiscal year. Actual results may
differ materially from anticipated results.