Northstar has completed two feasibility studies in the United States in which its implantable system has shown promise in enhancing recovery of hand and arm function in patients after a stroke. Northstar is planning a larger pivotal clinical trial, pending Investigational Device Exemption (IDE) approval by the U.S. Food and Drug Administration.
Stroke is a leading cause of serious, long-term disability in the United States. According to the American Stroke Association, more than four million people in the United States are survivors of stroke, with approximately 700,000 additional strokes occurring annually. Each year more than 200,000 Americans become permanently disabled due to stroke.
"Boston Scientific's investment in Northstar Neuroscience complements our recent acquisition of Advanced Bionics and our entry into the implantable microelectronics device market by supporting external clinical research in this field," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "Northstar's efforts to improve the recovery of stroke patients could be critical to the hundreds of thousands of people who suffer a stroke every year."
"We are pleased to have Boston Scientific as an investor in our company," said Alan Levy, PhD, President and Chief Executive Officer of Northstar Neuroscience. "Stroke has a devastating impact on millions of patients and their families. Our technology offers the potential to help many of these people, and we are excited about the opportunity this represents for our 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.
Northstar Neuroscience Inc. is a medical device company focused on providing solutions for people who suffer from stroke and other neurological diseases and disorders. Northstar's stroke recovery system is an investigational implanted device intended to enhance recovery of function in survivors of stroke. Additional information about Northstar can be found at www.northstarneuro.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, the Company's overall business strategy, and other factors described in the Company's filings with the Securities and Exchange Commission.