ANGEION CORPORATION ENTERS INTO AGREEMENT WITH SIEMENS PACESETTER, INC.
MINNEAPOLIS, Feb. 4 /PRNewswire/ -- Angeion Corporation (NASDAQ: ANGN) and Siemens Pacesetter, Inc. have entered into an agreement which provides for the licensing, manufacture and marketing of implantable cardioverter defibrillator devices (ICBs) and laser catheter ablation products. Such devices are designed to treat tachyarrhythmias, a market estimated to exceed $1 billion in sales by the year 2000. Under terms of the agreement, Siemens Pacesetter, Inc. will acquire shares of convertible preferred stock in Angeion Corporation, as well as a convertible debenture. Specific terms were not disclosed. Siemens acquires exclusive OEM license of Angeion's defibrillator products and nonexclusive OEM license of Angeion's laser catheter cardiac ablation products. Angeion acquires nonexclusive license of Siemens' defibrillator patents. Angeion retains the rights to its patents and the right to manufacture and sell its devices under its own label. Angeion will remain an independent company with its stock continuing to trade on the over-the-counter market. Siemens Pacesetters is one of the largest manufacturers of cardiac pacing devices in the world. A leading developer and manufacturer of implantable cardiac rhythm management devices, Siemens has independent ICD development underway in its Sylmar and Solna, Sweden facilities. Minneapolis-based Angeion Corporation is exclusively focused on the development of three high technology products for treating arrhythmias (irregular heartbeats). Angeion is evaluating its laser catheter ablation system and mapping technology in human clinical trials. Angeion is also developing an automatic implantable defibrillator. An external temporary pacemaker is currently under regulatory review. -0- 2/4/93 /CONTACT: Brenda Roth of Angeion, 612-550-9388/ (ANGN)
CO: Angeion Corporation; Siemens Pacesetter, Inc. ST: Minnesota IN: MTC SU: JVN
KH -- MN012 -- 3041 02/04/93 13:46 EST
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|Date:||Feb 4, 1993|
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