Boston Scientific to acquire Remon Medical Technologies

3 July 2007

Natick, Mass., USA. Boston Scientific Corporation (NYSE:BSX) is to acquire private Israeli company Remon Medical Technologies Inc. Remon develops minute smart devices for implanting in the body that can monitor physiological parameters, stimulate tissues or organs, or activate other devices that deliver drugs and communicate wirelessly. Terms of the acquisition were not disclosed. 

The technology has potential applications in patient management, post-operative monitoring, nerve and tissue stimulation, local drug delivery, and drug development.

The company was founded in 1997, with several senior managers from Medtronic Israel. It entered into a co-development agreement with Guidant Corporation in 2004, and Guidant itself was acquired by Boston Scientific in 2006.

Remon's first two products consist of a device to monitor the haemodynamic status of patients with congestive heart failure (CHF) and a device to monitor pressure following an endograft procedure in abdominal aortic aneurysm (AAA) patients.

"Remon Medical Technologies brings to Boston Scientific innovative sensor and wireless communication technology to Boston Scientific, which complements our Cardiac Rhythm Management product line," said Fred Colen, Executive Vice President, Operations and Technology, CRM, and Chief Technology Officer. "This acquisition reflects our commitment to being a leader in the CRM market through the introduction of innovative products and services for the benefit of physicians and their patients."

"We've spent the last several years developing smart, miniature implants designed to enable physicians to assess and treat a variety of medical conditions in a non-invasive manner," said Hezi Himelfarb, Remon Medical Technologies, Inc.'s Chief Executive Officer. "The acquisition by Boston Scientific will position Remon as a recognized leader in intra-body wireless communication and help realize the potential of our technology, once integrated into the portfolio of Boston Scientific products."

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