| Impella
Technology Enables Heart Recovery to Begin in the Cath Lab
DANVERS, Mass. (April 27, 2005) - ABIOMED, Inc.
(NASDAQ: ABMD) a manufacturer of products for circulatory care and
support, today announced that it has entered into a definitive agreement
to acquire Impella CardioSystems AG, a privately held, venture-backed
company affiliated with Accelerated Technologies, Inc. (ATI) and
located in Aachen, Germany. Impella manufactures and commercializes
the world's smallest, minimally invasive, high performance micro
blood pumps with integrated motors and sensors for use in interventional
cardiology and heart surgery. These circulatory assist devices are
used by cardiologists in the catheterization (cath) lab and are
inserted percutaneously into patients, similar to a standard balloon
pump procedure, in order to help restore blood flow. Impella has
CE marks for each of its devices and currently markets them throughout
Europe. Under the terms of the agreement ABIOMED will acquire Impella
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 shareholders based on
stock price performance, unit sales and FDA approval milestones.
The contingent payments range on a scale from zero dollars to approximately
$29 million. The transaction is subject to customary closing conditions.
Impella's Recover® System pumps are designed to provide left
ventricle support for patients suffering from reduced cardiac output
and can potentially aid in recovering the hearts of patients suffering
from an acute myocardial infarction (AMI or heart attack), including
those who have gone into cardiogenic shock (CS). Patients typically
suffer from CS within a few hours after an AMI. Traditionally, an
AMI patient is administered inotropic drugs in combination with
the insertion of an intra-aortic balloon pump to improve heart function
and aid in blood flow. While an intra-aortic balloon pump can increase
blood flow from the heart, it does not unload blood from the left
ventricle (the pump of the heart), which is necessary for effective
recovery. In addition, strain resulting from multiple high doses
of inotropic drugs has been shown to diminish the likelihood of
recovering the patient's natural heart. Through a minimally invasive
procedure similar to those commonly practiced by cardiologists,
an Impella pump is temporarily inserted percutaneously into the
left ventricle to help restore blood flow and increase the likelihood
for recovery of the patient's natural heart.
"Clinical data indicates that early interventional reperfusion
and mechanical support is essential to heart recovery following
an AMI. However, only 1 percent of AMI patients are referred to
surgery for VAD implantation. Impella's pumps provide cardiologists
with a simplified minimally invasive option for left ventricular
support in the cath lab enabling earlier initiation of the healing
process, thereby lessening the need for subsequently more invasive
procedures in many patients," said Dr. Martin Leon, Chairman,
Cardiovascular Research Foundation; Associate Director, Center for
Interventional Cardiovascular Research; and Professor of Medicine,
New York Presbyterian Hospital/Columbia University Medical Center.
"In addition, the Impella systems have the unique potential
to become a standard part of any high risk cardiovascular procedure
being performed in the cath lab, including advanced complex angioplasty,
by providing needed hemodynamic support and helping to reduce procedural
complications."
AMI is estimated to occur in approximately 865,000 patients annually
in the United States and in over one million patients throughout
the rest of the world. Of these incidents, approximately 7-10 percent,
or 159,000 cases, go into cardiogenic shock, which results in death
for greater than 50 percent of the patients. The clinical mindset
is changing from measuring success in terms of mortality to measuring
success in terms of natural heart recovery. Approximately 100,000
people in the United States, and 18,000 in Japan receive intra-aortic
balloon pumps as a part of acute cardiac treatment each year. In
addition, in the United States alone, there are approximately 1
million procedures conducted annually in the cath lab, of which
5-10 percent are considered to be high risk procedures that could
benefit from a circulatory assist device, like the Impella pumps.
"The acquisition of Impella fits perfectly with our strategy
of providing cardiac support and circulatory assist to patients
throughout all areas of the hospital. We will now be able to provide
a continuum of devices that increase the likelihood for recovering
a patient's natural heart, beginning in the cath lab and continuing
through the surgical suite," stated Michael R. Minogue, Chief
Executive Officer and President. "We are excited to bring Impella's
engineering expertise to ABIOMED as a core part of our team and
strategy. In addition, this transaction will enable us to broaden
our commercial presence throughout Europe and will provide ABIOMED
with a strong foundation in Germany. Now, as a company, we will
protect, recover and replace failing hearts," added Mr. Minogue.
Dr. Thorsten Siess, Chief Technology Officer of Impella commented,
"We are delighted to become an integrated part of ABIOMED's
cardiac circulatory assist product offering. We believe that our
base of 50 employees and strong patent estate strengthens ABIOMED's
overall strategy, while ABIOMED provides an impressive commercial
platform from which to market the Recover technologies in the U.S.
and globally."
Conference Call and Webcast
ABIOMED will host a conference call to discuss the definitive agreement
on Wednesday, April 27, 2005 at 4:30 p.m. EDT. Interested parties
may access the call by dialing 800-683-1575 within the United States
or 973-935-2106 internationally. The conference call will also be
webcast and will be available at www.abiomed.com. An archived version
of the call will be available in the same location for two weeks.
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® 5000 Biventricular
Support System and the AB5000™ Circulatory Support System,
is the market leader in devices for the temporary support of patients
with failing but potentially recoverable hearts. ABIOMED is also
pursuing initial FDA market approval for the AbioCor® Implantable
Replacement Heart under a Humanitarian Device Exemption to treat
a defined subset of irreversible end-stage heart failure patients.
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 20 European
and international patents, and currently employees 50 individuals.
For the last two years Impella has been affiliated with and assisted
by Accelerated Technologies, Inc. (ATI), a medical device accelerator
located in Hackensack, NJ. The company’s investors include
Oxford Bioscience Partners, Medica Venture Partners, ABN Amro, Giza
Venture Capital, as well as company management, employees and directors.
For additional information about Impella, please visit www.impella.com.
This Release contains forward-looking statements, including
statements regarding the proposed Impella transaction, the development
of ABIOMED's existing and new products, the Company's progress toward
commercial growth, and future opportunities. The Company's actual
results may differ materially from those anticipated in these forward-looking
statements based upon a number of factors, including the possibility
that the proposed acquisition of Impella does not close, delays
in closing the proposed acquisition of Impella, difficulties in
integrating the newly acquired business and new personnel into our
existing operations, undisclosed or unanticipated expenses or liabilities
associated with the proposed acquisition, acquisition costs, uncertainties
associated with development, testing and related regulatory approvals,
anticipated future earnings or losses, complex manufacturing, high
quality requirements, dependence on limited sources of supply, competition,
technological change, government regulation, future capital needs
and uncertainty of additional financing and other risks and challenges
detailed in the Company's filings with the Securities and Exchange
Commission, including the Annual Report filed on Form 10-K. Readers
are cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date of this Release. The
Company undertakes no obligation to publicly release the results
of any revisions to these forward-looking statements that may be
made to reflect events or circumstances that occur after the date
of this Release or to reflect the occurrence of unanticipated events.
###
Media Contact:
Communications Specialist
(978) 646-1419
mediarelations@abiomed.com
Investor Relations Contact:
Jane Petrino
Noonan Russo
(212) 845-4274
jane.petrino@eurorscg.com
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