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Cordis Corporation (JNJ) Announces Discontinuation of NEVO Sirolimus-Eluting Coronary Stent


6/16/2011 7:02:33 AM

BRIDGEWATER, N.J., June 15, 2011 /PRNewswire-FirstCall/ -- Cordis Corporation, a worldwide leader in the development and manufacture of interventional vascular technology, today announced it will no longer pursue the development of the NEVO™ Sirolimus-Eluting Coronary Stent in order to focus on other cardiovascular therapies where significant patient need exists. The company will also stop the manufacture of CYPHER® and CYPHER SELECT® Plus Sirolimus-Eluting Coronary Stents by the end of 2011.

"Due to evolving market dynamics in the drug-eluting stent (DES) business, we see greater opportunities to benefit patients and grow our business in other areas of the cardiovascular device market," said Seth Fischer, Company Group Chair and Worldwide Chairman, Cordis Corporation. "Cordis has been a leader in establishing many markets including diagnostic and guiding catheters, bare metal and drug-eluting stents, carotid stenting, and treatment of peripheral vascular disease and arrhythmias. These therapies have benefited millions of patients worldwide, saving lives and improving quality of life, and we will continue to bring innovative cardiovascular solutions to patients in the future." The company will continue to focus on cardiovascular care through its Biosense Webster and Cordis businesses: Biosense Webster will continue to build and expand on its global leadership position in the $2.5 billion electrophysiology (EP) market, as an innovative provider of advanced cardiac diagnostic, therapeutic, and mapping tools. As the leader in EP navigation systems and ablation therapy, Biosense Webster has technology that includes the largest installed base of cardiac mapping navigation systems worldwide in leading hospitals and teaching institutions and a robust product pipeline. Cordis will expand its portfolio of vascular solutions for endovascular and cardiology procedures, a $12 billion market. The business will focus on access, diagnostic and therapeutic products for cardiology procedures, products to diagnose, access and treat lower extremity disease, and the INCRAFT™ Stent-Graft System, the company's new investigational device for treating abdominal aortic aneurysm (AAA). The company also recently received FDA approval for the EXOSEAL™ Vascular Closure Device.

These businesses generated 2010 sales of $1.9 billion*, representing an operational growth rate of 8 percent versus the prior year. Together, these businesses share the common goal of providing lasting and minimally invasive treatments to improve and extend the lives of patients suffering from cardiovascular disease. These businesses will also evaluate opportunities in areas where significant need and promising technologies exist.

The company intends to close two manufacturing facilities: Cashel, Ireland, where the NEVO™ Stent was to be produced, and San German, Puerto Rico, the manufacturing site for the CYPHER® Stent products. The company will also consolidate its Research and Development project teams in Fremont, California. Overall, the company expects to reduce 900 - 1,000 positions, subject to any consultation procedures on these plans in countries where required.

In a separate news release today, Cordis' parent company, Johnson & Johnson, announced the financial implications of Cordis' restructuring plans.


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