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Cordis Announces Discontinuation of NEVO™ Sirolimus-Eluting Coronary Stent
Date:6/15/2011

will focus on access, diagnostic and therapeutic products for cardiology procedures, products to diagnose, access and treat lower extremity disease, and the INCRAFT™ Stent-Graft System, the company's new investigational device for treating abdominal aortic aneurysm (AAA). The company also recently received FDA approval for the EXOSEAL™ Vascular Closure Device.  

These businesses generated 2010 sales of $1.9 billion*, representing an operational growth rate of 8 percent versus the prior year.  Together, these businesses share the common goal of providing lasting and minimally invasive treatments to improve and extend the lives of patients suffering from cardiovascular disease. These businesses will also evaluate opportunities in areas where significant need and promising technologies exist.

The company intends to close two manufacturing facilities:  Cashel, Ireland, where the NEVO™ Stent was to be produced, and San German, Puerto Rico, the manufacturing site for the CYPHER® Stent products.  The company will also consolidate its Research and Development project teams in Fremont, California.  Overall, the company expects to reduce 900 - 1,000 positions, subject to any consultation procedures on these plans in countries where required.

In a separate news release today, Cordis' parent company, Johnson & Johnson, announced the financial implications of Cordis' restructuring plans.

Dynamics in the DES market have changed considerably in recent years and continue to evolve in areas such as demand, pricing and reimbursement, and regulatory requirements for breakthrough new technologies. Unlicensed competition from products that infringe Cordis patents, both owned and licensed, has eroded CYPHER® Stent pricing, sales and market share, and has dampened the prospects for NEVO™ Stent commercialization. At the same time, long-term data show some competitive DES offerings will adequately
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SOURCE Cordis Corporation
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