SALT LAKE CITY, Utah & EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Dec. 16, 2004--Rubicon Medical Corporation (OTCBB:RMDC) and SurModics, Inc. (Nasdaq:SRDX) today announced that they have finalized a license agreement for the use of SurModics' advanced hydrophilic coating technology with Rubicon's low-profile embolic protection device - the Rubicon Filter(TM).
The Rubicon Filter is designed for use in medical procedures to allow the capture and removal of any dislodged embolic material downstream from a blockage in the bloodstream. The product is a guidewire-based filter that is deployed without the use of a catheter, making it smaller and easier to navigate through blood vessels. Rubicon believes the Rubicon Filter is the world's smallest-profile embolic filtration device.
Rubicon and SurModics worked closely to optimize SurModics' advanced PhotoLink(R) coating performance to meet the requirements of the Rubicon Filter, and believe the SurModics Advanced Lubricity coating significantly enhances the deliverability of the Rubicon Filter with no measurable change to the remarkably small dimensions of the device.
"SurModics is pleased to collaborate with Rubicon in the development of this significant advance in interventional cardiology," said Bruce Barclay, SurModics' president and chief operating officer. "We have worked together on Rubicon's embolic protection devices targeted for use in saphenous vein grafts and carotid arteries, and look forward to the prospect of working with Rubicon on future product development activities. SurModics thrives on combining its innovative technical teams with those of its medical device customers to reach ever-expanding market opportunities."
About SurModics: SurModics, Inc., a leading provider of surface modification and drug delivery solutions, licenses its patented technologies to medical device, diagnostics, and biotechnology companies around the world. A significant portion of SurModics' revenue is generated through royalties on the sale of coated products. SurModics' Internet address is www.surmodics.com.
About Rubicon Medical: Rubicon Medical Corporation (www.rubiconmed.com) is a Salt Lake City-based developer and manufacturer of interventional vascular medical devices and products. The company focuses on minimally invasive endovascular techniques and products that are safer and more cost-effective than surgery.
Boston Scientific Corporation ("Boston") has made equity investments in Rubicon in the aggregate amount of $17 million in connection with which Rubicon's two largest stockholders, holding more than 50 percent of Rubicon's issued and outstanding shares of common stock, have granted Boston the option to acquire all of their shares for an initial consideration of $2.00 per share plus additional "earn-out" amounts of up to $1.50 per share, if certain performance milestones are achieved. Boston has agreed that if it exercises the option, it will also make an offer to the other Rubicon stockholders to acquire all their Rubicon shares on the same terms, including price and form of consideration.
Forward Looking Statements: All forward-looking statements in this release are based upon information available to the companies on the date of this release. Any forward-looking statements involve risks and uncertainties, including those risks and uncertainties described in the companies' filings with the Securities and Exchange Commission, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. Rubicon's Rubicon Filter has not yet been approved for sale in the U.S. or Europe, and no assurance exists that such approvals will be obtained. Readers should not place undue reliance on these forward-looking statements.
Phil Ankeny, 952-829-2700
Politis Communications for Rubicon Medical
David Politis, 801-523-3730(work) / 801-556-8184(cell)