DANVERS, Mass.--(BUSINESS WIRE)--Abiomed, Inc. (NASDAQ: ABMD - News) today announced a five-year distribution agreement with Medix Japan Inc., a leading Japanese distribution company for cardiac assist devices. Building on its strong eight-year relationship with Abiomed, Medix intends to initiate clinical trials in Japan during Abiomed's fiscal 2008. The agreement between Abiomed and Medix provides for distribution of Abiomed's AB5000 and Impella products and includes a minimum purchase commitment for the Impella products of $11 million within the first 18 months following Impella regulatory approvals in Japan. The balance of the purchase commitment is for Abiomed's other products and begins in Abiomed's fiscal first quarter 2008.
"Interventional cardiologists and cardiovascular surgeons in Japan can now look forward to incorporating the Impella and AB5000 product platforms into their treatment of patients in acute heart failure," said Yasu Matsuoka, President of Medix. "Our regulatory and specific cardiovascular expertise and distribution partners make our partnership with Abiomed an ideal fit. We believe that this technology will have a profound effect on patient care and are totally committed to working with our government officials and the Abiomed team to bring these products to the Japanese market as rapidly as possible."
"Japan represents a sizeable market for our recovery technologies with a population of approximately 127 million, 600 open heart hospitals and 1,800 catheterization labs. Heart recovery is one of the main priorities in Japan and their physicians often provide some of the most elaborate evidence-based scientific publications in the world. We have found a valuable partner with Medix and are excited for the future," said Michael R. Minogue, Chairman, CEO and President of Abiomed.
Based in Danvers, Massachusetts, Abiomed, Inc., is a leading developer, manufacturer and marketer of medical products designed to assist or replace the pumping function of the failing heart. Abiomed currently manufactures and sells the AB5000(TM) Circulatory Support System and the BVS® 5000 Biventricular Support System for the temporary support of all patients with failing but potentially recoverable hearts. In Europe, Abiomed offers the minimally invasive Impella® Circulatory Support System under CE Mark approval. The Impella® 5.0 and 2.5 are investigational devices limited by Federal Law solely to investigational use in the United States. Other Impella devices are not yet available for sale in the United States. The Company's AbioCor® Implantable Replacement Heart is now available under a Humanitarian Device Exemption granted by the United States Food and Drug Administration. For additional information please visit: www.abiomed.com.
This Release contains forward-looking statements, including statements regarding development of Abiomed's existing and new products, the Company's progress toward commercial growth, and future opportunities. The Company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including uncertainties associated with development, testing and related regulatory approvals, anticipated future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, future capital needs and uncertainty of additional financing, and other risks and challenges detailed in the Company's filings with the Securities and Exchange Commission, including the Annual Report filed on Form 10-K. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this Release or to reflect the occurrence of unanticipated events.
Daniel J. Sutherby, 978-646-1812
Chief Financial Officer
Liza Heapes, 978-646-1668
Source: Abiomed, Inc.
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