Boston Scientific Enters Into Definitive Agreement With EndoTex(TM) Interventional Systems, Inc.
Technology Collaboration to Treat Carotid Artery Disease
NATICK, Mass., May 19, 2003 - (PRNewswire-FirstCall) - Boston Scientific Corporation (NYSE: BSX) today announced that it has made a second equity investment in—and extended its exclusive option to acquire—EndoTex(TM) Interventional Systems, Inc. In addition, Boston Scientific has agreed to acquire EndoTex upon the achievement of certain regulatory milestones. As part of the arrangement, EndoTex has extended Boston Scientific's term as its exclusive distributor. The companies intend to continue to collaborate in the CABERNET clinical trial of the EndoTex NexStent(TM) carotid stent and Boston Scientific's FilterWire(TM) embolic protection device.
Most patients who have a narrowing of their carotid arteries are currently treated via an open surgical procedure called carotid endarterectomy, which involves making a vertical incision in the neck. Interim data presented from the CABERNET study as well as data from other carotid stent studies has begun to demonstrate that carotid stenting in conjunction with embolic protection may have efficacy that is comparable to or better than surgical interventions.
"Boston Scientific has long felt that carotid stenting with embolic protection would become an important option for patients who are poor candidates for carotid endarterectomy," said Paul LaViolette, Senior Vice President and Group President, Cardiovascular. "Our assessment of EndoTex' technology suggests that their rolled sheet design provides a novel alternative for clinicians. Adding the NexStent to Boston Scientific's carotid solutions technology portfolio positions Boston Scientific for leadership as the market potentially shifts towards stenting."
Boston Scientific has helped pioneer the less-invasive alternative of carotid stenting with its Carotid Wallstent(R) stent, a self-expanding stent constructed of a cobalt-chromium alloy. The Carotid Wallstent stent is also currently in a clinical trial in the United States in combination with the FilterWire device.
"We have enjoyed a very favorable relationship with Boston Scientific for the past two years and are delighted to now be moving toward our planned launch outside the United States early next year and the completion of CABERNET in the United States," said John Maroney, Chief Executive Officer of EndoTex. "We are proud of our team's efforts and are pleased that Boston Scientific has fully recognized our accomplishments with this new investment as we move forward in an even closer relationship."