SUNNYVALE, Calif., March 1 /PRNewswire/ -- CardioGenesis Corporation
(Nasdaq: CGCP), a leader in transmyocardial revascularization (TMR)
technology, announced today that it has terminated by mutual agreement its
exclusive international distribution agreement with Boston Scientific
Corporation (NYSE: BSX). The two companies entered into an agreement on
January 22, 1997 which provided Boston Scientific Corporation with exclusive
rights and responsibilities for sales and distribution of the full range of
CardioGenesis products in all international markets. Rights to the U.S.
market were not included.
The termination was amicable and both parties have executed a settlement
agreement in connection with the termination. The terms of the settlement
agreement will not have a material effect on CardioGenesis. Details of the
termination agreement were not disclosed.
Allen W. Hill, CardioGenesis' President and Chief Executive Officer, said,
"The relationship between Boston Scientific and CardioGenesis was very helpful
to us. With the cooperation of Boston Scientific during 1998, CardioGenesis
has been building its own international organization and we are now
strategically positioned to pursue key international markets on a direct
basis."
As previously announced by the company on October 22, 1998, CardioGenesis
agreed to a proposed business combination with Eclipse Surgical Technologies,
Inc. (Nasdaq: ESTI), with CardioGenesis shareholders to receive 0.8 of a share
of Eclipse stock for every share of CardioGenesis owned. The proposed
combination is subject to shareholder approval from both companies.
CardioGenesis Corporation, based in Sunnyvale, Calif., develops,
manufactures and markets proprietary systems including disposable products, to
perform intraoperative transmyocardial revascularization (ITMR),
catheter-based percutaneous myocardial revascularization (PMR), and
thoracoscopic transmyocardial revascularization (TTMR), to treat patients
afflicted with debilitating angina. CardioGenesis catheter systems and probes
deliver laser energy to create channels in oxygen-deprived (ischemic) regions
of the heart muscle (myocardium).
CardioGenesis holds patents for Percutaneous Myocardial Revascularization,
U.S. Patent Number 5,389,096, and Intraoperative Transmyocardial
Revascularization, U.S. Patent Numbers 5,380,316; 5,554,152; 5,728,091; and
other patents in the field of Transmyocardial Revascularization with a number
of U.S. and international patent applications pending. For more information
on the company and its products, visit the CardioGenesis website at
http://www.cardiogenesis.com.
Please note: Except for the historical information contained herein, the
matters discussed in this release contain forward-looking statements that
involve risk and uncertainties, including: approval for and final results of
clinical studies; timing of regulatory approvals; potential third-party patent
infringement claims; the management of growth; and the effectiveness of the
company's ITMR, TTMR and PMR Systems, and of related procedures. For further
information, refer to risk factors under the caption "Management's Discussion
and Analysis of Financial Condition and Results of Operations - Risk Factors"
and elsewhere in the company's 1997 Form 10-K, 1998 Form S-4, and the
company's first quarter and second quarter and third quarter 1998 Form 10-Q's
as filed with the Securities and Exchange Commission.
SOURCE CardioGenesis Corporation
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Related links:
http://www.cardiogenesis.com
CONTACT:
Allen W. Hill, President and CEO, or Richard
P. Powers, Executive Vice President and CFO, of CardioGenesis
Corporation, 408-328-8500; or general information, Ann Trunko,
analyst contact, Kate Rajeck, or media inquiries, Scott Marx, all
of the Financial Relations Board, 415-986-1591
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