HACKENSACK, N.J., April 27 /PRNewswire/ -- Accelerated Technologies, Inc.
("ATI"), a cardiovascular device accelerator backed by ABN AMRO Capital, Giza
Venture Capital, Israel and Oxford Bioscience Partners, announced today that
one of its portfolio companies, venture-backed Impella CardioSystems AG of
Aachen, Germany, has entered into a definitive agreement to be acquired by
ABIOMED, Inc. (Nasdaq: ABMD), a leading manufacturer of products for
circulatory care and support, located in Danvers, Mass.
Impella manufactures and commercializes the world's smallest, minimally
invasive, high performance blood pumps for use in temporary circulatory
support during and after interventional cardiology and heart surgery
procedures. These unique and proprietary circulatory assist devices are used
by cardiologists in the cath lab and are inserted percutaneously into
patients, similar to a standard balloon pump procedure, in order to help
restore blood flow. In 2003, Impella was recapitalized after insolvency by
the Accelerated Technologies' investors: ABN AMRO Capital of Amsterdam, the
Netherlands, Giza Venture Capital and Oxford Bioscience Partners of Boston,
Mass., together with Medica Venture Partners of Tel Aviv, Israel. Under the
terms of the agreement, ABIOMED will acquire Impella and all related
technology and international patents for approximately (4.04) million shares
of ABIOMED common stock and approximately $1.8 million in cash. In addition,
ABIOMED may make additional contingent payments to Impella based upon stock
price performance, unit sales and subject to FDA approval per milestones. The
contingent payments may amount to an additional $29 million. The transaction
is expected to close in May, 2005.
"This transaction is an example of the acceleration that ATI and its
investors can provide for the companies in its portfolio," said Rick
Geoffrion, ATI's Chief Executive and co-founder. "Working with Impella over
the last two years has been an extremely gratifying experience. The Impella
Recover System created by the team in Aachen, Germany has the potential to
transform the way that high risk and shock patients are treated by the
interventional cardiologist. In fact, the micro blood pump technology
embodied in the Recover System enables the interventional cardiologist to
administer the advanced type of circulatory support that was once only
available to the cardiac surgeon in an open surgical procedure. We are
excited to work with Mike Minogue and the ABIOMED team to make this technology
broadly available to hospitals and patients that can be assisted by it."
"With the closing of this transaction, we can now state that the unique
acceleration model that ATI has created for medical device companies has been
validated in the market. In addition, we believe that the combination of the
Impella Recover with the ABIOMED BVS 5000 and AB 5000 will provide the
interventional cardiologist with the full spectrum of circulatory support for
shock and high risk situations, allowing patients that might otherwise die or
become severely impaired to return home with their own heart," adds Dr. Yuval
Binur, ATI Chairman and co-founder.
About Accelerated Technologies, Inc. (ATI):
Accelerated Technologies, Inc. (ATI) is a completely new partnership model
for the creation and acceleration of medical devices into the market. The ATI
model aligns the interests of prime venture capital, key opinion leading
physicians (clinical brain trust) and experienced industry management in a
company from Day One to accelerate the development, clinical acceptance and
commercialization of medical devices into the world market.
About Oxford Bioscience Partners:
Oxford Bioscience Partners (OBP) is a life science venture capital firm
that provides equity financing and management assistance to start-up and
early-stage, entrepreneurial-driven companies in the bioscience and healthcare
industries. The General Partners of OBP currently manage venture funds with
committed capital of more than $800 million
About Giza Venture Capital:
Giza Venture Capital was established in 1992 and manages four funds
totaling about $500 million. Giza has invested in 78, early-stage companies in
the sectors of Communications, Information Technology and Life Sciences, with
24 exits to date. Giza is backed by leading international investors from USA,
Europe, Asia and Israel. Giza is headquartered in Tel Aviv with offices in New
York and Singapore
About ABN AMRO Capital:
ABN AMRO Capital is one of Europe's leading private equity providers and
the global private equity business of ABN AMRO, with teams operating in 10
countries word-wide including The Netherlands, UK, France, Spain, Italy,
Sweden and Australia. Total funds under management (as at end Dec 04) by ABN
AMRO Capital are EUR 1.9 bln, of which EUR 1.86 bln of capital is provided by
ABN AMRO and EUR 140 mln of capital is provided by international investors in
ABN AMRO Capital managed funds.
About ABIOMED:
Based in Danvers, Massachusetts, ABIOMED, Inc. (pronounced "AB'-EE-O-MED")
is a leading developer, manufacturer and marketer of medical products designed
to assist or replace the pumping function of the failing heart. ABIOMED, which
currently sells the BVS(R) 5000 Biventricular Support System and the
AB5000(TM) Circulatory Support System, is the market leader in devices for the
temporary support of patients with failing but potentially recoverable hearts.
About Impella CardioSystems AG:
Impella CardioSystems AG, based in Aachen, Germany, develops, manufactures
and markets minimally invasive cardiovascular support systems for numerous
indications in the fields of cardiology and coronary surgery. The company's
technology is protected by more than 30 European and international patents,
and currently employees 50 individuals. For the last 2 years Impella has been
affiliated with and assisted by Accelerated Technologies, Inc (ATI), a medical
device accelerator located in Hackensack, NJ. For additional information
about Impella, please visit http://www.Impella.com.
SOURCE Accelerated Technologies, Inc.
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Related links:
http://www.Impella.com
CONTACT:
Rick Geoffrion, President and CEO of
Accelerated Technologies, Inc., +1-201-487-1005
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