MINNEAPOLIS & CARLSBAD, Calif.--(BUSINESS WIRE)--Medtronic, Inc. (NYSE: MDT), today announced it has through an affiliated entity, completed the acquisition of privately held Ablation Frontiers, Inc. Under the terms of the agreement announced Jan. 12, 2009, the transaction includes an initial payment of $225 million plus potential additional payments contingent upon achievement of certain clinical milestones.
Operating within Medtronic’s Cardiac Rhythm Disease Management (CRDM) business, Ablation Frontiers and the recently acquired CryoCath Technologies, Inc., expand the company’s recently launched AF Solutions business. Medtronic’s goal is to be the physician partner of choice for atrial fibrillation (AF) ablation by bringing breakthrough AF therapies to patients and physicians that are simpler, safer, effective, and offer more predictable procedure times than current treatment methods.
About Ablation Frontiers
Ablation Frontiers, Inc. (www.ablationfrontiers.com) is a medical device company based in Carlsbad, Calif., dedicated to helping individuals suffering from AF and other cardiac arrhythmias. In 2006, Ablation Frontiers received CE Mark to begin marketing its system of catheters and the GENius™ Radiofrequency (RF) Generator in the European Union to treat supraventricular arrhythmias and for use in atrioventricular node ablation. Ablation Frontiers is conducting a clinical trial under a United States Food and Drug Administration (FDA) investigational device exemption (IDE) to gain approval of the catheter system for permanent/long-standing persistent/chronic AF in the United States. Ablation Frontiers products are not approved for marketing or sales in the United States.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology ? alleviating pain, restoring health, and extending life for millions of people around the world.
This press release contains forward-looking statements regarding our operating momentum, new products and other developments, which are subject to risks and uncertainties, such as competitive factors, the risk that Ablation Frontiers may not be integrated successfully and that the cost savings and other synergies from the acquisition may not be fully realized, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, general economic conditions and other risk and uncertainties described in Medtronic’s Annual Report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements.
Kyra Schmitt, 763-526-2490
Jeff Warren, 763-505-2696
Source: Medtronic, Inc.