ST. PAUL, Minn.--(BUSINESS WIRE)--
St.
Jude Medical, Inc. (NYSE:STJ), a global medical device company,
today announced it has completed its acquisition of privately held
CardioMEMS, Inc., developer of the CardioMEMS™
HF System. The acquisition was completed on May 30, 2014.
The CardioMEMS HF System uses a miniaturized, wireless monitoring sensor that is implanted in the pulmonary artery. (Photo: Business Wire)
Commenting on the acquisition, St. Jude Medical Chairman, President and
Chief Executive Officer
Daniel J. Starks
said, “St. Jude Medical’s
acquisition of CardioMEMS shows our commitment to providing innovative
medical device solutions that reduce the burden of complex diseases like
heart failure, both on patients and health care systems. The CardioMEMS
HF System achieves this goal by setting a new treatment paradigm for
heart failure that reduces hospitalizations and improves the quality of
life for patients.”
The CardioMEMS HF System is the first and only FDA-approved heart
failure monitoring device proven to significantly reduce hospital
admissions when used by physicians to manage heart failure. St. Jude
Medical will now begin its strategic launch of the CardioMEMS HF System
in the U.S.
The CardioMEMS HF System allows clinicians to stabilize pulmonary artery
pressures by proactively managing medications and other treatment
options while also providing an early indication of worsening heart
failure, thereby improving heart failure patients’ quality of life, and
reducing economic risks for hospitals and payers.
BofA Merrill Lynch acted as financial advisor and Gibson, Dunn &
Crutcher LLP as legal counsel to St. Jude Medical. J.P. Morgan
Securities LLC acted as financial advisor to CardioMEMS and Cooley LLP
as legal counsel.
About St. Jude Medical
St. Jude Medical is a global medical device manufacturer dedicated to
transforming the treatment of some of the world’s most expensive
epidemic diseases. The company does this by developing cost-effective
medical technologies that save and improve lives of patients around the
world. Headquartered in St. Paul, Minn., St. Jude Medical has four major
clinical focus areas that include cardiac rhythm management, atrial
fibrillation, cardiovascular and neuromodulation. For more information,
please visit sjm.com
or follow us on Twitter @SJM_Media.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that involve
risks and uncertainties. Such forward-looking statements include the
expectations, plans and prospects for the Company, including potential
clinical successes, anticipated regulatory approvals and future product
launches, and projected revenues, margins, earnings and market shares.
The statements made by the Company are based upon management’s current
expectations and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those described in
the forward-looking statements. These risks and uncertainties include
market conditions and other factors beyond the Company’s control and the
risk factors and other cautionary statements described in the Company’s
filings with the SEC, including those described in the Risk Factors and
Cautionary Statements sections of the Company’s Annual Report on Form
10-K for the fiscal year ended December 28, 2013 and Quarterly Report on
Form 10-Q for the fiscal quarter ended March 29, 2014. The Company does
not intend to update these statements and undertakes no duty to any
person to provide any such update under any circumstance.
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Source: St. Jude Medical, Inc.