DATASCOPE SETTLE DISTRIBUTOR'S CLAIM IN JAPAN
DATASCOPE SETTLE DISTRIBUTOR'S CLAIM IN JAPAN MONTVALE, N.J., June 26 /PRNewswire/ -- Datascope Corp.
(NASDAQ: DSCP) announced today that it settled all claims stemming from termination of its former distributor in Japan. The terminated distributor was replaced during the current fiscal year by Baxter Ltd. of Japan, a subsidiary of Baxter International Inc., as the exclusive distributor in Japan for Datascope intra-aortic balloon pump products (IABP). The termination settlement and associated legal expense result in a non-recurring after-tax charge to net earnings in the fourth quarter ending June 30, 1992 of approximately $1.7 million or 10 cents per share.
Lawrence Saper, chairman and chief executive officer of Datascope Corp. said "we are extremely pleased to have established a distribution alliance with Baxter Ltd. which had the largest IABP sales in Japan in 1991 when distributing a competitive product. Our IABP revenues and sales in Japan have substantially increased since the commencement of our new distribution relationship." In addition, Baxter Ltd. is managing the registration process that would allow marketing of Datascope's VasoSeal(TM) product in Japan. A registration application, including clinical trial results, is expected to be submitted before the end of 1992, and receipt of registration approval is expected in 1993. Datascope Corp. is a manufacturer of proprietary products for clinical health care markets in interventional cardiology, anesthesiology and cardiovascular and vascular surgery. -0- 6/26/92 /CONTACT: Lawrence Saper, chairman and CEO of Datascope, 201-307-5508/ (DSCP) CO: Datascope Corp. ST: New Jersey IN: MTC SU:
LR-TS -- NY031 -- 4199 06/26/92 11:55 EDT
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|Date:||Jun 26, 1992|
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