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Cordis Acquires Flexible Stenting Solutions, Inc.

  Cordis Acquires Flexible Stenting Solutions, Inc.

  Agreement Expands Treatment Options for Advanced Peripheral Artery Disease

Business Wire

BRIDGEWATER, N.J. -- March 12, 2013

Cordis Corporation, a worldwide leader in the development of interventional
vascular technology, today announced it has completed the acquisition of
Flexible Stenting Solutions, Inc., a leading developer of innovative flexible
peripheral arterial, venous and biliary stents.

Currently, Cordis markets the S.M.A.R.T.^® Vascular Stent worldwide. The
addition of Flexible Stenting Solutions’ FlexStent^® Self Expanding Stent
System provides Cordis with the opportunity to evolve the S.M.A.R.T.^® Stent
platform to address unmet needs in the treatment of peripheral artery disease
(PAD). It also extends the company’s potential to expand therapeutic
applications into below-the-knee and venous interventions. An estimated 27
million people in Europe and North America alone suffer from PAD.

“Cordis continues to identify opportunities to enhance its expanding portfolio
of less invasive treatment options to address the needs of patients suffering
from vascular disease worldwide,” said Shlomi Nachman, Company Group Chairman,
Cordis Corporation. “This acquisition will enable Cordis to provide clinicians
more options to meet their evolving therapeutic needs and to strengthen our
leadership position in the treatment of vascular disease.”

This acquisition marks another milestone in the company’s strategy to
strengthen its position in the endovascular market. Recently Cordis received
superficial femoral artery (SFA) and proximal popliteal artery (PPA)
indications for the S.M.A.R.T.^® Stent, the only stent approved in the U.S.
for iliac, SFA and PPA vascular indications. In addition, Cordis offers
market-leading endovascular technology platforms including percutaneous
transluminal angioplasty balloons and chronic total occlusion crossing
devices.

“The FlexStent^® System is a promising platform designed to optimize
flexibility, fracture resistance and radial strength with predictable
placement. We look forward to expanding our experience with this new
technology platform,” said Prof. Dr. Thomas Zeller, Director Department
Angiology at Universitaets-Herzzentrum, Freiburg - Bad Krozingen, Bad
Krozingen, Germany.

The FlexStent^® System received European CE Mark approval for the treatment of
vascular disease (iliac, SFA and popliteal) in January 2009. In the U.S., the
device received 510(k) clearance by the Food and Drug Administration (FDA) for
the palliative treatment of biliary strictures associated with malignant
tumors in September 2009. The FlexStent^® System is also being evaluated in an
Investigational Device Exemption (IDE) study to evaluate its safety and
efficacy in the treatment of patients with atherosclerosis in the SFA, or SFA
disease. ^ 1 Data from the OPEN Trial are expected to support a Premarket
Approval (PMA) application requesting an expanded indication to treat SFA
disease in the U.S.

“We are pleased to have the opportunity to learn more about the FlexStent^®
System technology and its potential therapeutic applications for patients in
the U.S. beyond currently approved indications,” said William A. Gray, MD,
Director of Endovascular Services, Cardiovascular Research Foundation, New
York.

Terms of the acquisition were not disclosed. Dr. Gray and Prof. Dr. Thomas
Zeller are compensated for their services as consultants to Cordis.

About Peripheral Artery Disease

Peripheral artery disease (PAD) is caused by the build-up of fatty substances
that collect and adhere to the linings of the arteries, in a process known as
atherosclerosis. The build-up causes the internal lining of the artery to
thicken, narrowing the artery and limiting blood flow to vital tissues and
organs. Commonly affected arteries include those located in the legs, arms,
neck and kidneys.

About Cordis Corporation

Cordis Corporation, part of the Johnson & Johnson family of companies, is a
worldwide leader in the development and manufacture of interventional vascular
technology. Through the company's innovation, research and development, Cordis
partners with physicians worldwide to treat millions of patients who suffer
from vascular disease. More information about Cordis Corporation can be found
at www.cordis.com.

1. The FlexStent^® System is approved for investigational use only in the
United States for the treatment of patients with atherosclerosis in the SFA,
or SFA disease. This product is not available for commercial sale in the
United States for this investigational use. The FlexStent^® System is
available for commercial sale in the United States for the palliative
treatment of biliary strictures associated with malignant tumors pursuant to
the 510(k) clearance received in September 2009.

This press release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. The reader is cautioned not
to rely on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could
vary materially from the expectations and projections of Cordis Corporation
and/or Johnson & Johnson. Risks and uncertainties include, but are not limited
to, general industry conditions and competition; economic factors, such as
interest rate and currency exchange rate fluctuations; technological advances,
new products and patents attained by competitors; challenges inherent in new
product development, including obtaining regulatory approvals; challenges to
patents; changes in behavior and spending patterns or financial distress of
purchasers of health care products and services; changes to governmental laws
and regulations and domestic and foreign health care reforms; trends toward
health care cost containment; increased scrutiny of the health care industry
by government agencies; manufacturing difficulties or delays; and product
efficacy or safety concerns resulting in product recalls or regulatory action.
A further list and description of these risks, uncertainties and other factors
can be found in Exhibit 99 of Johnson & Johnson’s Annual Report on Form 10-K
for the fiscal year ended December 30, 2012. Copies of this Form 10-K, as well
as subsequent filings, are available online at www.sec.gov, www.jnj.com or on
request from Johnson & Johnson. Neither Cordis Corporation nor Johnson &
Johnson undertake to update any forward-looking statements as a result of new
information or future events or developments.

Contact:

Cordis Corporation
Sandy Pound
908-218-2720 office
908-432-2829 mobile
spound@its.jnj.com
 
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