MARLBOROUGH, Mass.,
Nov. 3, 2016 /PRNewswire/
-- Boston Scientific (NYSE: BSX) today announced the
acquisition of the LumenR™ Tissue
Retractor System from LumenR LLC, a privately held Newark, California based company. The LumenR
Tissue Retractor System is currently in development for use during
endoscopic resection of lesions in the colon, esophagus or
stomach.
The LumenR system is designed to improve endoscopic sub-mucosal
dissection (ESD) and endoscopic mucosal resection (EMR) procedures
which are less invasive alternatives to conventional surgery for
the removal of precancerous lesions and malignant tumors in the
gastrointestinal tract. The system will enable enhanced
visualization of lesions and create a stable working environment to
support tissue retraction and resection during these
procedures.
"We are excited about the potential of the LumenR system to
improve visibility and control during ESD and EMR procedures and
improve quality of life for patients," said Art Butcher, senior vice president and
president, endoscopy. "Every year, patients around the world
undergo open gastrointestinal surgery that has a profound impact on
their lives. By bringing this innovative technology forward, we
have an opportunity for more physicians to treat patients
successfully through less invasive endoscopic procedures."
ESD and EMR are frequently performed as part of endoscopic
treatments for colorectal, gastric and esophageal cancers, which
are the third, fifth and eighth most common cancers
globally.1 More than 137,000 men and women
in the United States will be
diagnosed with colorectal cancer this year. Increased screening
rates and removal of polyps and cancerous lesions, through
procedures such as ESD, have been significant contributors to an
overall 30 percent reduction in colon cancer related deaths in the
past 10 years. ESD and EMR have been shown to be effective
alternatives to surgery, reducing the costs of inpatient stays and
adverse events associated with traditional
surgery.2
"We have seen promising outcomes in reducing both procedure
times3 and patient
complications4 during our evaluation of the
LumenR system," said Dr. Gregory
Piskun, founder and chief executive officer, LumenR, LLC.
"We are excited by this investment by Boston Scientific to acquire
the LumenR system and bring it to market."
Boston Scientific will integrate the LumenR system into its
endoscopy development program, and conduct additional development
and evaluation of the system prior to commercialization.
The acquisition of LumenR is immaterial to earnings per share
(EPS) in 2016 and 2017 on an adjusted and GAAP basis. Specific
terms of the transaction were not disclosed.
About Boston Scientific
Boston Scientific transforms
lives through innovative medical solutions that improve the health
of patients around the world. As a global medical technology
leader for more than 35 years, we advance science for life by
providing a broad range of high performance solutions that address
unmet patient needs and reduce the cost of healthcare. For more
information, visit www.bostonscientific.com and connect on Twitter
and Facebook. For more information on the Boston Scientific
endoscopy business visit
http://www.bostonscientific.com/en-US/medical-specialties/gastroenterology.html.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements may be identified by words like "anticipate," "expect,"
"project," "believe," "plan," "estimate," "intend" and similar
words. These forward-looking statements are based on our
beliefs, assumptions and estimates using information available to
us at the time and are not intended to be guarantees of future
events or performance. These forward-looking statements
include, among other things, statements regarding our business
plans, regulatory approvals, product development and product
performance and impact. If our underlying assumptions turn out
to be incorrect, or if certain risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections expressed or implied by our forward-looking statements.
These factors, in some cases, have affected and in the future
(together with other factors) could affect our ability to implement
our business strategy and may cause actual results to differ
materially from those contemplated by the statements expressed in
this press release. As a result, readers are cautioned not to place
undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other
things: future economic, competitive, reimbursement and regulatory
conditions; new product introductions; demographic trends;
intellectual property; litigation; financial market conditions; and
future business decisions made by us and our competitors. All
of these factors are difficult or impossible to predict accurately
and many of them are beyond our control. For a further list and
description of these and other important risks and uncertainties
that may affect our future operations, see Part I, Item 1A –
Risk Factors in our most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission, which we may
update in Part II, Item 1A – Risk Factors in Quarterly
Reports on Form 10-Q we have filed or will file hereafter. We
disclaim any intention or obligation to publicly update or revise
any forward-looking statements to reflect any change in our
expectations or in events, conditions or circumstances on which
those expectations may be based, or that may affect the likelihood
that actual results will differ from those contained in the
forward-looking statements. This cautionary statement is applicable
to all forward-looking statements contained in this document.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements presented on
a GAAP basis, we disclose certain non-GAAP financial measures
including adjusted earnings per share. Adjusted earnings per share
excludes goodwill and intangible asset impairment charges;
acquisition-, divestiture-, litigation- and restructuring-related
charges and credits; certain discrete tax items and amortization
expense. Non-GAAP measures such as adjusted earnings per share are
not in accordance with generally accepted accounting principles in
the United States. The GAAP
financial measure most directly comparable to adjusted earnings per
share is GAAP earnings per share. The difference between our
estimated impact of the acquisition on our GAAP and adjusted
earnings per share relates to amortization expense on acquired
intangible assets and acquisition-related net charges, which
primarily include contingent consideration fair value adjustments,
exit costs and other fees. These amounts are excluded by the
Company for purposes of measuring adjusted earnings per share.
Management uses adjusted earnings per share along with other
supplemental non-GAAP measures to evaluate performance period over
period, to analyze the underlying trends in our business, to assess
its performance relative to its competitors, and to establish
operational goals and forecasts that are used in allocating
resources. Non-GAAP financial measures, including adjusted
earnings per share, should not be considered in isolation from or
as a replacement for GAAP financial measures. We believe that
presenting non-GAAP financial measures in addition to GAAP
financial measures provides investors greater transparency to the
information used by our management for its financial and
operational decision-making and allows investors to see our results
"through the eyes" of management. We further believe that providing
this information better enables our investors to understand our
operating performance and to evaluate the methodology used by
management to evaluate and measure such performance.
CONTACTS:
Catherine Brady
Boston Scientific Corporation
508-683-4797 (office)
Catherine.brady@bsci.com
Susie Lisa, CFA
Investor Relations
Boston Scientific Corporation
(508) 683-5565 (office)
investor_relations@bsci.com
-
http://www.wcrf.org/int/cancer-facts-figures/data-specific-cancers
- Coriat, Romain, Sarah Leblanc,
Frédéric Prat, Stanislas Chaussade,
Said Farhat, and Virginie Audard. "Endoscopic Submucosal
Dissection for Early Gastric Cancer: Is It the Best Option for
Patients with Contraindications to Surgery?" Gastrointestinal
Endoscopy 72.2 (2010): 464. Web.
- Kantsevoy, Sergey V., MD, PhD, Marianne
Bitner, CRNA, BR Liu, MD, PhD, and Gregory Piskun, MD. "A New Endoluminal Platform
For Endoscopic Removal of Difficult Colonic Lesions: Initial
Clinical Experience. - SAGES Abstract Archives." SAGES. Society of
American Gastrointestinal and Endoscopic Surgeons, 2 Apr. 2014. Web. 04 Oct.
2016.
- Kantsevoy, Sergey, Marianne
Bitner, Jose M. Davis,
Paulina Mirovski, and Joseph R. Armengol. "621 A Novel Endoluminal
Portable Operating Room to Facilitate Endoscopic Submucosal
Dissection: Initial Human Experience." Gastrointestinal Endoscopy
81.5 (2015): n. pag. Web.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/boston-scientific-announces-acquisition-of-the-lumenr-tissue-retractor-system-300356487.html
SOURCE Boston Scientific Corporation