St. Jude Medical Announces Closing of Irvine Biomedical, Inc. Acquisition
ST. PAUL, Minn. — St. Jude Medical, Inc. (NYSE:STJ) announced the completion of its previously announced acquisition of Irvine Biomedical, Inc. (IBI) an Irvine, California, privately held company which develops electrophysiology (EP) catheter products that are used by physician specialists to diagnose and treat cardiac rhythm disorders.
Irvine Biomedical was founded in 1995 to pursue innovative technologies to treat cardiovascular disease, with a focus on developing medical devices for EP procedures. Its products consist of diagnostic and therapeutic EP catheter systems that include its proprietary radio frequency generator.
Electrophysiology catheters are used by physician specialists to diagnose and treat a wide range of tachycardias. In placing these catheters inside the heart, physicians can determine the location of the abnormal conductive tissue that often causes arrhythmias. If necessary, an ablation catheter is used to apply radiofrequency (RF) or other energy to the abnormal tissue, disabling it in a process similar to cauterization. By destroying the abnormal tissue, physician specialists can often cure a patient for life, eliminating the need for medication or other therapies.
EP catheters can be used to treat atrial fibrillation (AF), a pervasive cardiac rhythm disorder in which the upper chambers of the heart do not beat effectively. AF results in reduced cardiac output, exacerbates heart failure and can result in the pooling and clotting of blood in the heart, often leading to stroke or other neurological problems. The worldwide prevalence of atrial fibrillation is estimated to be 6 million patients. AF is progressive, expanding in incidence and severity with age. The economic impact to public and private health care systems of AF is increasing as populations age.
The acquisition of Irvine Biomedical broadens St. Jude Medical’s EP catheter product line consistent with the Company’s “Surround AF” strategy, offering cardiologists and surgeons sophisticated devices and catheter systems to diagnose, suppress and cure atrial fibrillation. St. Jude Medical pacemaker and ICD systems incorporate the Company’s unique AF Suppression(TM) algorithm, the first clinically proven technology to suppress atrial fibrillation. The Company also offers a broad range of advanced catheter systems for use by clinicians in the clinical management of patients with AF.
In June, St. Jude Medical completed the acquisition of Epicor Medical, Inc., the leader in the development of high intensity focused ultrasound (HIFU) devices for the surgical ablation of cardiac tissue, further strengthening St. Jude Medical’s position in the treatment of cardiac arrhythmias, including atrial fibrillation. In July the Company announced the formation of an Atrial Fibrillation Division to focus on medical technology and services to help cure AF as well as address the broad field of electrophysiology.
On September 23, St. Jude Medical announced it had signed a definitive agreement to acquire Endocardial Solutions, Inc. (ESI). ESI develops, manufactures and markets the EnSite(R) System used for the navigation and localization of diagnostic and therapeutic catheters used in atrial fibrillation ablation and other electrophysiology catheterization procedures.
Any statements made regarding the Company’s anticipated product approvals, sales, expenses and earnings are forward-looking statements which are subject to risks and uncertainties, such as those described in the Financial Report section of the Company’s Annual Report to Shareholders for the fiscal year ended December 31, 2003 (see pages 11-16). Actual results may differ materially from anticipated results.
St. Jude Medical, Inc. (www.sjm.com) is dedicated to the design, manufacture and distribution of innovative medical devices of the highest quality, offering physicians, patients and payers unmatched clinical performance and demonstrated economic value.
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