NATICK, Mass., Aug. 30 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced that three of its subsidiaries, Guidant Corporation, Cardiac Pacemakers Inc. and Guidant Sales Corporation -- now known as Boston Scientific Cardiac Rhythm Management -- have reached an agreement with the Attorneys General of 35 states and the District of Columbia to settle investigations associated with Guidant Corporation's Ventak Prizm 2DR Model 1861, Contak Renewal Model H135 and Contak Renewal 2 Model H155 devices. Boston Scientific acquired these Guidant entities last year.
Under the terms of the agreement, these three Boston Scientific subsidiaries will pay a total of $16.75 million and admit no liability. They also agreed to extend the Supplemental Warranty Program for these devices an additional six months and reaffirmed their commitment to implement changes recommended by the Independent Panel commissioned by Guidant in 2005, such as having a Patient Safety Officer and a Patient Safety Advisory Board, and making enhancements to product performance communications.
"Boston Scientific has been working cooperatively with the state Attorneys General and is pleased to have reached an amicable agreement," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "This agreement underscores our commitment to being the industry leader in patient safety and in communicating with patients and doctors."
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/ .
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward- looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding product performance, patient safety and physician communication. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and, future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item IA- Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file thereafter. We disclaim any intention or obligation to publicly update or revise any forward- looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
CONTACT: Paul Donovan 508-650-8541 (office) 508-667-5165 (mobile) Media Relations Dan Brennan 508-650-8538 (office) 617-459-2703 (mobile) Investor Relations
SOURCE: Boston Scientific Corporation
CONTACT: Paul Donovan, Media Relations, office, +1-508-650-8541, mobile,
+1-508-667-5165, or Dan Brennan, Investor Relations, office, +1-508-650-8538,
mobile, +1-617-459-2703, both of Boston Scientific Corporation
Web site: http://www.bostonscientific.com/