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  • Medtronic Acquires Angiolink Corporation, Maker Of Wound Closure Device For Vascular Procedures

Medtronic Acquires Angiolink Corporation, Maker Of Wound Closure Device For Vascular Procedures

Angiolink's Innovative EVSTM Vascular Closure System Designed to Address the $500 Million Vascular Closure Market

SANTA ROSA, Calif. - November 4, 2004 - Medtronic, Inc. (NYSE:MDT) announced today that it has acquired Angiolink Corporation, a privately held medical device company focused on developing innovative wound closure solutions for vascular procedures. Angiolink's EVSTM (Expanding Vascular Stapling) Vascular Closure System, which received FDA approval this week, is engineered to close the femoral artery access site after vascular procedures, such as diagnostic angiography, balloon angioplasty and stenting. Financial terms of the transaction were not disclosed.

Vascular closure is an emerging market and complementary to Medtronic's coronary and peripheral vascular businesses. The EVS System provides Medtronic an additional vascular closure offering to Medtronic's current closure product - the non-invasive Clo-Sur P.A.D.TM The 2004 vascular closure market is estimated to be approximately $500 million and is expected grow to more than $1 billion by 2009. Angiolink's EVS Vascular Closure System is uniquely positioned to compete in this growing market and is approved for use in the United States, Canada and Europe. Medtronic anticipates full market release of the product in the United States in the first half of calendar year 2005.

Physicians use vascular closure systems to close arteries used as entry or access sites into the body for vascular procedures, such as coronary stenting and angioplasty. The EVS System provides safe and effective mechanical closure of arterial puncture sites without disturbing the lumen, or interior, of the targeted vessel. The system can be used by a single operator and is designed to apply a titanium staple that stabilizes and closes the artery. The system is designed to quickly stop access site bleeding and contribute to reducing patient recovery time.

"Given the long, successful clinical history of using staples for vascular closure in surgical procedures, it makes sense to apply the same technology to close the femoral artery," said Gary Ansel, M.D., F.A.C.C., Riverside Methodist Medical Center, Columbus, Ohio, and principal investigator for the EVS System clinical trials. "The deployment of the extravascular staple is very easy and not technique dependent. What I found particularly compelling from the clinical trial experience was that I can now safely and effectively close patients independent of vessel anatomy, access site location or the presence of peripheral vascular disease. I expect the EVS System to quickly emerge as a market leading device."

"We are pleased to add this unique technology to our product portfolio," said Scott Ward, president of Medtronic Vascular. "The acquisition of the EVS closure technology complements our full line of coronary and endovascular products; and having secured FDA approval this week for the EVS System, we are eager to actively begin the marketing of this device worldwide."

"This has been an outstanding month for Angiolink, as we have received FDA approval for our EVS System, and we have now joined the world's leading medical technology company," said Jim Lousararian, president and CEO of Angiolink. "We are very excited to join Medtronic and look forward to working with the company in pursuing our goal of putting market-leading closure devices into the hands of physicians around the world."

Angiolink, based in Taunton, Mass., was founded in 1999 and employs 15 people. Angiolink will be integrated into Medtronic's Danvers, Mass. facility over the coming months.

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing life-long solutions for people with chronic disease. Its Internet address is www.medtronic.com

Any statements made about the company's anticipated financial results and regulatory approvals are forward-looking statements subject to risks and uncertainties such as those described in Medtronic's Annual Report on Form 10-K for the year ended April 30, 2004. Actual results may differ materially from anticipated results.