August 29, 2001 |
The government Tuesday approved a groundbreaking new therapy for thousands of congestive heart-failure patients, a novel pacemaker-like device that could help their struggling hearts beat more normally. Medtronic Inc.'s InSync system works by boosting the heart's pumping power with a technique called cardiac re-synchronization. Cardiologists estimate it could help about 650,000 advanced heart-failure patients who can't be helped by today's best medicine. "It's a big breakthrough," said Dr.
June 3, 2001 |
A year-old fight between rival medical device makers over a man who has been called a marketing guru has drawn courts in California and Minnesota into an extraordinary showdown over the enforceability of non-compete agreements. Although contracts restricting future employment by a competitor are gaining popularity across the country, California courts have consistently held they violate an 1872 state law and the public's interest in promoting the freedom to choose where to work.
May 31, 2001 |
Moving its aggressive acquisition campaign into the field of diabetes management, Medtronic Inc., the world's biggest medical device maker, agreed to buy Northridge-based MiniMed Inc. and an affiliated company for $3.7 billion, the companies said Wednesday. As part of the deal, MiniMed's founder, Alfred E. Mann, will step down as chairman and chief executive to devote attention to his other medical start-ups. If approved by shareholders and regulators, the $3.
March 3, 2001 |
VenPro Corp., an early-stage Irvine company developing bioprosthetic implants to treat venous disease, said Friday it has sold its Contegra Pulmonary Valved Conduit product line to Medtronic Inc. for an undisclosed sum. Medtronic, which has distributed the product line in Europe since late 1999, said it made the purchase to broaden its portfolio of heart valve products.
November 22, 2000 |
A federal jury found that products made by Medtronic Inc.'s AVE unit infringed two pioneering stent patents owned by Johnson & Johnson's Cordis unit. The jury reached its unanimous verdict after 6 1/2 hours of deliberation. U.S. District Judge Sue Robinson in Wilmington, Del., told members of the jury they were to return Dec. 18 to determine the damages to be awarded to Johnson & Johnson. At issue were the patents of Dr. Julio Palmaz and Dr.
September 12, 2000 |
Medical device company Cyberonics Inc. spurned an unsolicited $480-million bid from larger rival Medtronic Inc., saying it preferred to remain independent and pursue developments in its fast-growing businesses. Houston-based Cyberonics, which sells a patented electrical stimulation device to treat epilepsy, said its board had unanimously voted to pursue an independent course after analyzing the $26-a-share stock offer with financial advisor Morgan Stanley Dean Witter.
March 10, 1999 |
Medtronic Inc. said Tuesday it plans to close its Anaheim plant within two years, eliminating most of the 560 jobs to avoid duplicating work at another site that the company has acquired. Employees learned of the closure on Monday, the same day Medtronic completed its acquisition of the Minnesota-based Avecor Cardiovascular Inc. The Anaheim and Avecor facilities make devices that supply oxygen to blood that is rerouted outside of the body during heart surgery.