Precision Vascular designs, develops and manufactures high performance medical devices for use in accessing the brain, the heart and other areas of the anatomy. Its primary focus has been the development of a proprietary line of guidewires and microcatheters using a microfabrication manufacturing process that cuts minute slices in small-diameter nitinol tubes. These tubes are designed to improve performance characteristics of guidewires and catheters, making it easier for physicians to access complex parts of the anatomy. Precision Vascular was founded with intellectual property and technology originally developed by Sarcos, Inc. Sarcos, Inc. is a research and development company specializing in medical devices, microsystems and robotics.
Precision Vascular's current portfolio of approved devices is used primarily for accessing brain aneurysms, tumors and other blood vessel lesions of the brain. Boston Scientific has identified potential applications of the Precision Vascular technology to projects in its interventional cardiology, oncology and endoscopy businesses, including a new interventional cardiology guidewire platform currently under development.
The total worldwide market for vascular access devices, including interventional guidewires and microcatheters, is estimated to be greater than $500 million annually. Demand for high performance access devices is expected to continue to grow with the increasing complexity and number of endovascular and endoscopic procedures being performed.
"We are pleased to welcome the Precision Vascular team to the Boston Scientific family," said Paul LaViolette, Boston Scientific Senior Vice President and Group President, Cardiovascular. "Their 10 years of experience in microfabrication development and manufacturing will prove valuable as we explore future high performance Boston Scientific catheter products to help clinicians access complex target sites."
"The acquisition of Precision Vascular by Boston Scientific represents the culmination of a strong working relationship developed by the companies during the 18 months since we established our distribution agreement and began collaborating on product development," said Ken Osborn, President of Precision Vascular. "I am looking forward to continuing our work together as part of the same company."
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.
This press release contains forward-looking statements. The Company 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, the Company's overall business strategy, and other factors described in the Company's filings with the Securities and Exchange Commission.