Cordis Corporation Acquires LuMend, Inc.
Cooley Godward LLP of Palo Alto, CA represented LuMend, Inc. in its acquisition by Cordis Corporation, a Johnson & Johnson company.
Warren, NJ (September 28, 2005) – Cordis Corporation, a Johnson & Johnson company, today announced the acquisition of LuMend, Inc., a privately held company focused on the development of chronic total occlusion (CTO) devices to treat peripheral vascular disease.
A CTO is a complete or partial blockage of an artery that can lead to surgery or lower extremity amputation. Symptoms of an occlusion in the lower limbs, the most common location, are similar to other types of vessel blockages, and may include leg pain, limping, inability to walk and sores and infections that won't heal. Treatments for CTOs range from medication to bypass surgery to less-invasive therapies. Approximately nine million people in the U.S. have peripheral vascular disease. Only 725,000 people are diagnosed annually and less than half receive either surgical or endovascular treatment.
LuMend, Inc., currently markets FRONTRUNNER® XP CTO and OUTBACK® LTD Re-Entry Catheter. Both devices facilitate the placement of a guidewire in minimally invasive procedures such as angioplasty and stenting and will complement the Cordis Endovascular portfolio of products. Cordis Endovascular is a division of Cordis Corporation.
"The combination of these businesses will enable us to bring innovative new therapies to patients and their physicians in this very important therapeutic area. We will begin this exciting new partnership by investing in the manufacturing resources and capabilities required to expand our position as a leader in delivering innovative solutions to peripheral vascular disease," said Carol Zilm, president, Cordis Endovascular.
"The acquisition of LuMend, Inc., by Cordis Corporation will provide a solid foundation for sustained product development and growth in the treatment of CTOs," said Phil Hopper, CEO, LuMend, Inc.
LuMend, Inc., was founded in 1996, and today develops a full range of advanced product platforms that target chronic total occlusions in the rapidly growing peripheral vascular market. The company is focused on delivering technology and services to interventional cardiologists, radiologists and vascular surgeons specializing in endovascular techniques for the treatment of peripheral vascular disease. LuMend, Inc., is based in Redwood City, CA.
Cordis Corporation, a Johnson & Johnson company, is a worldwide leader in developing and manufacturing interventional vascular technology. Through the company's innovation, research and development, physicians worldwide are better able to treat the millions of patients who suffer from vascular disease.
Cordis Endovascular, a division of Cordis Corporation, is a market leader in endovascular diagnostic catheters and a recognized leader in endovascular education, research and development. The company has the resources to develop and launch breakthrough treatments and a history of delivering reliable, quality products to customers and patients.
For more information about Cordis Corporation, visit www.cordis.com.