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 IRVINE, Calif., Oct. 7 /PRNewswire/ -- Advanced Interventional Systems Inc. (NASDAQ: LAIS) and The Spectranetics Corp. (NASDAQ: SPNC) jointly announced today that they have entered into a definitive agreement to combine the two companies. Under the terms of the agreement, which was approved yesterday by the boards of both companies, LAIS shareholders will receive 0.8701 shares of SPNC stock for each share of LAIS common stock held, which will represent 47 percent of the shares of the combined company.
 The proposed combination is subject to customary conditions and approval by LAIS and SPNC shareholders and is expected to be completed within four months.
 The combination will result in the creation of a seven member board of directors, which will include three current LAIS board members, three current SPNC board members and a board member designated jointly by LAIS and SPNC.
 Following the combination, Robert J. DePasqua, current SPNC president and chief executive officer, will serve as president and chief executive officer of the combined operations. Robert E. Wall, current chairman, chief executive officer and president of LAIS has agreed to serve as a consultant to the new board of directors for at least one year.
 Wall said, "The union of these two innovative companies makes elegant sense in light of today's economic realities. The combined company will profit from the technology of each firm and will be in a better position to maximize the establishment of excimer laser coronary angioplasty on a worldwide basis.
 "This combination should also help in capturing opportunities inherent in the rapidly changing U.S. health care delivery system. It's the right thing to do," Wall added.
 DePasqua said, "Combining the clinical user experience of both of these companies will result in a very formidable data base as well as a powerful group of clinical investigators, both of which will enhance the further understanding of the benefits of excimer laser angioplasty. The combined installed base of excimer laser angioplasty systems will establish a very strong framework for continuing to build the credibility and widespread use of this procedure."
 Both companies have been cleared by the FDA to market a laser system and various disposable fiber optic catheters to treat arteriosclerosis in coronary arteries. They are currently the only laser systems approved for sale in the United States for this procedure.
 Advanced Interventional Systems pioneered the procedure for treating heart disease with an excimer laser system and in January 1992, was the first laser system ever to receive marketing approval from the FDA for less invasive coronary procedures.
 The Spectranetics Corp. was granted permission to market its laser system for treatment of a certain variety of difficult-to-treat coronary artery blockages in February of 1993.
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 /NOTE TO EDITORS: Spectranetics is a registered trademark./
 /CONTACT: Robert E. Wall, Advanced Interventional Systems, 714-586-1342; or George H.M. Rountree, The Spectranetics Corp., 719-633-8333/

CO: Advanced Interventional Systems Inc.; The Spectranetics Corp. ST: California, Colorado IN: HEA SU: TNM

JL -- NYON1 -- 9577 10/07/93 07:01 EDT
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Publication:PR Newswire
Date:Oct 7, 1993

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