ST. JUDE MEDICAL DIVESTING BIOLOGICAL GRAFT BUSINESS
ST. JUDE MEDICAL DIVESTING BIOLOGICAL GRAFT BUSINESS ST. PAUL, Minn., May 13 /PRNewswire/ -- St. Jude Medical, Inc.
(NASDAQ-NMS: STJM), announced today that it will be divesting its biological graft business. The graft business, which was initiated in 1984, generated sales of approximately $1.3 million in 1991.
Larry Lehmkuhl, president and chief executive officer, said, "Although the BioPolyMeric Graft has continued to gain vascular surgeon acceptance, it has not done so at a rate that has allowed us to realize an acceptable level of return on our investment. In addition, the Food and Drug Administration's recent promulgations concerning the need to track each patient receiving a graft which is shipped after May 28, 1992, will result in significant additional costs associated with selling this product. Accordingly, we will be looking at ways to divest the business. Divesting the biological graft will not have a material effect on the company's financial statements." St. Jude Medical, Inc. a multinational manufacturer and marketer of the world's most preferred mechanical heart valve with over 400,000 implantations since 1977, serves physicians worldwide with the highest quality products for cardiovascular and vascular care. -0- 5/13/92 /CONTACT: Steve Schuster, 612-481-7773 or Steve Wilson, 612-481-7542, both of St. Jude Medical/ (STJM) CO: St. Jude Medical, Inc. ST: Minnesota IN: MTC SU:
KH -- MN007 -- 9561 05/13/92 10:11 EDT
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|Date:||May 13, 1992|
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