SAN DIEGO, May 16 CryoCor, Inc. (Nasdaq: CRYO),a medical device company focused on the treatment of cardiac arrhythmias,announced today that on May 8, 2008, two alleged holders of CryoCor commonstock filed a complaint in the Superior Court of the State of California,County of San Diego, naming as defendants each member of the Board ofDirectors of CryoCor, CryoCor and Boston Scientific Corporation. Thecomplaint is styled Secondido, et al. v. CryoCor, Inc., et al., Case No.37-2008-00083630-CU-MC-CTL. Plaintiffs purport to bring the action on behalfof a class consisting of all holders of CryoCor common stock, except thedefendants and their affiliates.
Plaintiffs allege in their complaint that the Board of Directors ofCryoCor, aided and abetted by Boston Scientific Corporation, breached theirfiduciary duties in approving the Agreement and Plan of Merger, dated April15, 2008, by and among Boston Scientific Scimed, Inc., a wholly ownedsubsidiary of Boston Scientific Corporation, Padres Acquisition Corp., awholly owned subsidiary of Boston Scientific Scimed, Inc. and CryoCor. Theaction seeks, among other things, an order enjoining the transactioncontemplated by the Merger Agreement, compensatory damages in the event thetransaction contemplated by the Merger Agreement is consummated, and thereimbursement of plaintiffs' attorney's fees and related costs of bringing theaction.
Based on its review of the complaint, CryoCor believes that the action iswithout merit and intends, along with the Board of Directors of CryoCor, todefend the action vigorously.
About CryoCor, Inc.
CryoCor is a medical technology company that has developed andmanufactures a disposable catheter system based on its proprietarycryoablation technology for the minimally invasive treatment of cardiacarrhythmias. The Company's product, the CryoCor Cardiac Cryoablation System,or the Cryoablation System, is designed to treat cardiac arrhythmias throughthe use of cryoenergy, or extreme cold, to destroy targeted cardiac tissue.The Cryoablation System has been approved in Europe for the treatment ofatrial fibrillation, and atrial flutter, the two most common and difficult totreat arrhythmias, since 2002. In the United States, CryoCor is conducting apivotal trial to evaluate the safety and efficacy of the Cryoablation Systemfor the treatment of atrial fibrillation and the Cryoablation System has beenapproved for the treatment of right atrial flutter. For more informationplease visit the Company's website at http://www.cryocor.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 "believe," "intend" and similarwords. These forward-looking statements are based on our beliefs, assumptionsand estimates using information available to us at the time and are notintended to be guarantees of future events or performance. Theseforward-looking statements include, among other things, statements regardingdefending against the legal action. If our underlying assumptions turn out tobe incorrect, or if certain risks or uncertainties materialize, actual resultscould vary materially from the expectations and projections expressed orimplied by our forward-looking statements. These factors, in some cases, haveaffected and in the future (together with other factors) could affect ourability to implement our business strategy, consummate the transactionscontemplated by the Merger Agreement and may cause actual results to differmaterially from those contemplated by the statements expressed in this pressrelease. As a result, readers are cautioned not to place undue reliance on anyof our forward-looking statements.
We disclaim any intention or obligation to publicly update or revise anyfo