Guidant Press Releases
Dec 11, 2002
Guidant Acquires Cardiac Intelligence Corporation
Strategic Acquisition will Enhance Company Initiative to Enable Remote, Wireless Monitoring of Heart Function in Patients with Implanted Devices
Indianapolis, Ind. - Guidant Corporation (NYSE and PCX: GDT), a world leader in the treatment of cardiac and vascular disease, today announced its acquisition of Cardiac Intelligence Corporation (CIC). The acquisition will help enhance Guidant''s Advanced Patient Management(tm) program. Guidant will take a one-time charge of $19.3 million in the fourth quarter of 2002.
"The intellectual property gained through this strategic acquisition strengthens Guidant''s ability to deliver on the revolutionary convergence of information, telecommunications and medical technologies," said Fred McCoy, president, Cardiac Rhythm Management, Guidant Corporation. "We are engaged in full-scale development of products and services relating to Advanced Patient Management."
CIC owns an extensive portfolio of patents developed by Gust H. Bardy, M.D., while at the University of Washington. These patents are in the field of ambulatory, remote, wireless monitoring of the heart functions of patients, including those implanted with devices such as pacemakers, defibrillators and resynchronization devices.
"Guidant and Cardiac Intelligence share a vision of significantly improved patient care," said Dr. Bardy, founder of Cardiac Intelligence Corporation. "I anticipate collaborating closely with Guidant to translate that vision into a series of new tools that will likely enable better understanding, monitoring and treatment of complicated disease processes."
Advanced Patient Management is being designed to allow physicians to continuously monitor patient heart function remotely and automatically. Currently in the developmental stage, Guidant intends to equip its pacemakers, defibrillators and resynchronization devices with the latest telecommunications and information technologies that will potentially enable real-time awareness, diagnosis and treatment of abnormal heart rhythms. Advanced Patient Management could decrease hospitalization rates and the need for routine follow-up physician visits, potentially reducing costs and improving clinician productivity while enhancing patient convenience.
Guidant Corporation pioneers lifesaving technology, giving an opportunity for better life today to millions of cardiac and vascular patients worldwide. The company, driven by a strong entrepreneurial culture of more than 10,000 employees, 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.
This release contains forward-looking statements concerning financial results regarding the anticipated benefits of the transaction and the company''s Advanced Patient Management initiative. The statements are based on assumptions about many important factors, including regulatory timelines and approvals, continuing product developments required to bring an Advanced Patient Management product to market and other factors identified on Exhibit 99.1 to the company''s most recent 10-Q. Actual results may differ materially. The company does not undertake to update its forward-looking statements.
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