Medtronic, University of Minnesota Join to Accelerate Stem Cell Research in Quest for Cardiovascular Therapies.

Business Editors & Health/Medical Writers

MINNEAPOLIS--(BUSINESS WIRE)--Sept. 30, 2002

Medtronic Bakken Chair To Coordinate

Work in Biologics and Biomedical Engineering 

Medtronic, Inc. (NYSE:MDT), the Medtronic Foundation and the University of Minnesota today announced a pioneering research initiative to discover and develop new cell-based cardiovascular therapies.

Building on expertise in two University organizations - the Biomedical Engineering Institute and the Stem Cell Institute - the initiative will devote $6.4 million to coordinate basic and clinically targeted research on the repair of diseased tissue of the heart and other cardiovascular systems. Led by the Medtronic Bakken Chair in Cardiovascular Repair, the initiative will explore the convergence of traditional medical devices and breakthroughs in biosciences, and accelerate the transition from basic scientific research in this area to practical clinical applications.

"This type of significant financial support is key to establishing both the State of Minnesota and the Stem Cell Institute as leaders in medical biologics," said Frank B. Cerra, senior vice president of health sciences at the University. "It also will be valuable to furthering the vision of the Stem Cell Institute as a leader in discovering therapies in restorative medicine and developing new cardiovascular therapies for patients with few clinical options."

Catherine Verfaillie, M.D., director of the University's Stem Cell Institute, and her associates reported in a recent issue of Nature that adult stem cells derived from bone marrow function in experiments like all of the body's major tissue types, stirring speculation among scientists that such cells may someday serve as fundamental building blocks for replacement organs, blood vessels or other anatomical structures.

"I am delighted by Medtronic's generous gift and support of this major initiative in cardiovascular repair," said Verfaillie. "The field of stem cell research holds tremendous potential for new approaches to treat diseases, but if we are to be successful, much work needs to occur at the basic research level first. This is why Medtronic's support of basic research is so important."

The University has begun an international search to recruit a scientist with a leading presence in biological science and biomedical engineering to collaborate with Verfaillie and hold the newly named Medtronic Bakken Chair in Cardiovascular Repair. The chair holder will direct research that leverages both traditional biomedical engineering technologies in fields such as electromechanics, biomaterials and sensors and emerging biological technologies - molecular as well as cellular - and will focus the work toward discovery and development of novel cardiovascular therapies.

A total of $6.4 million will support the initiative - $5.3 million from donations by the Medtronic Foundation for the Chair and other projects since 1987, University matching funds and investment income, and additional funds totaling $1.1 million to be donated to Campaign Minnesota by the Medtronic Foundation over a five-year period. Total contributions by Medtronic and the Medtronic Foundation to Campaign Minnesota, a billion-dollar development initiative launched by the University in 1996, now exceed $7 million.

"Medtronic and the University of Minnesota have a long-standing, special relationship," said Art Collins, Medtronic chairman and chief executive officer. "Our joint objectives are twofold. First and foremost, we will focus our partnership to explore exciting and significant new ways for physicians to treat cardiovascular disease. At the same time, we will continue positioning Minnesota as a leader in the evolution of new medical technologies."

Robert L. Ryan, chair of the Medtronic Foundation's board of directors and Medtronic's chief financial officer, noted that the Medtronic Bakken Chair is named for Earl E. Bakken, one of the world's pre-eminent biomedical visionaries and technological innovators. Bakken, now retired and living in Hawaii, founded Medtronic in 1949 and invented the first wearable, transistorized heart pacemaker in collaboration with University surgeons in 1957. "It is fitting that Earl's success in developing medical devices that sustain damaged hearts will be extended to new methods to repair diseased hearts," Ryan said.

The objective of the Stem Cell Institute is to further the understanding of the potential of stem cells to improve human and animal health. The SCI is a part of the University of Minnesota's Academic Health Center and is an interdisciplinary center with member faculty representing a diverse group of University schools, colleges and centers.

The Biomedical Engineering Institute is an interdisciplinary research organization uniting engineering and health sciences faculty, and counterparts in the community, to create new medical devices, solve clinical problems and promote collaboration with industry.

The Medtronic Foundation leads and manages the charitable efforts of Medtronic, Inc., a world leader in medical technology. The Medtronic Foundation improves the lives of people and communities by focusing its resources in areas where it can make unique and worthwhile contributions, specifically in the areas of health, education and community. For the most recent fiscal year, the Medtronic Foundation awarded more than $15 million in grants, the majority of which supported health programs.

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing lifelong solutions for people with chronic disease. Its Internet address is www.medtronic.com.