NATICK, Mass., March 31 Boston ScientificCorporation (NYSE: BSX) today announced the sale of Boston Scientific SantaRosa Corp., formerly known as TriVascular, Inc., to TV2 Holding Company, aprivately held company based in Santa Rosa, California. Boston ScientificSanta Rosa Corp. holds equipment and intellectual property related to theTriVascular endovascular aortic repair (EVAR) program. Terms of the saleinclude $30 million in cash paid at closing to Boston Scientific and a warrantallowing Boston Scientific to purchase a minority interest in TV2.
Boston Scientific acquired TriVascular, which was founded to develop EVARdevices and procedures for treating abdominal aortic aneurysms, in April 2005.Boston Scientific discontinued its EVAR program in 2006.
"The sale of this business is the latest example of Boston Scientific'scommitment to divesting non-strategic assets," said Jim Tobin, President andChief Executive Officer of Boston Scientific. "These divestitures -- togetherwith our expense and head count reductions and business restructuring -- arehelping realign our cost structure and simplify our operating model as weprogress toward achieving our overall goals of restoring profitable growth,increasing shareholder value and strengthening Boston Scientific for thefuture."
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer ofmedical devices whose products are used in a broad range of interventionalmedical specialties. For more information, please visit:www.bostonscientific.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaningof Section 21E of the Securities Exchange Act of 1934. Forward-lookingstatements may be identified by words like "anticipate," "expect," "project,""believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates usinginformation available to us at the time and are not intended to be guaranteesof future events or performance. These forward-looking statements include,among other things, statements regarding our divestiture of non-strategicassets, our restructuring initiatives, our operational strategy, our financialperformance and our growth strategy. If our underlying assumptions turn outto be incorrect, or if certain risks or uncertainties materialize, actualresults could vary materially from the expectations and projections expressedor implied by our forward-looking statements. These factors, in some cases,have affected and in the future (together with other factors) could affect ourability to implement our business strategy and may cause actual results todiffer materially from those contemplated by the statements expressed in thispress release. As a result, readers are cautioned not to place undue relianceon any of our forward-looking statements.
Factors that may cause such differences include, among other things:future economic, competitive, reimbursement and regulatory conditions; newproduct introductions; demographic trends; intellectual property; litigation;financial market conditions; disposition of non-strategic assets, and futurebusiness decisions made by us and our competitors. All of these factors aredifficult or impossible to predict accurately and many of them are beyond ourcontrol. For a further list and description of these and other importantrisks and uncertainties that may affect our future operations, see Part I,Item 1A- Risk Factors in our most recent Annual Report on Form 10-K filed withthe Securities and Exchange Commission, which we may update in Part II, Item1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will filethereafter. We disclaim any intention or obligation to publicly update orrevise any forward-looking statements to reflect an