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Covidien Announces Acquisition of Specialty Injection Devices From Pinyons Medical Technology, Inc.

Posted on: Wednesday, 14 May 2008, 09:01 CDT

Covidien (NYSE: COV, BSX: COV), a leading global provider of healthcare products, today announced that it has signed an agreement with Pinyons Medical Technology Inc., a privately-held company based in Park City, Utah, and its President and CEO, Shawn Fojtik, to acquire all assets related to the Pinyons POWRSyringe Injector and POWRSyringe Monitor handheld, manual injection and inflation devices. These devices facilitate manual x-ray contrast media injections during angiography procedures performed in the cardiac catheterization laboratory and interventional radiology suite.

"The acquisition of the Pinyons products is important strategically to our delivery systems business," said Steve Hanley, President, Imaging Solutions, Covidien. "The handheld, manual injector adds a novel delivery system technology to the products we offer our customers and provides a platform for future innovation."

Under the terms of the agreement, Covidien immediately obtains all assets related to these two Pinyons product lines, including all intellectual property, current and future product designs and regulatory filings and approvals. The injection and inflation devices have received clearance from the U.S. Food and Drug Administration.

"We are very pleased to complete this transaction with Covidien," said Fojtik. "Our products are specifically designed to provide ergonomic and mechanical advantages over angiographic control syringes, especially during interventional procedures requiring repetitive, small-volume contrast media injections."

The Medical Device Manufacturers Association awarded the Pinyons injector a 2008 Medical Design Excellence Award (MDEA) in recognition of design and engineering excellence in the medical technology community.

ABOUT COVIDIEN

Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2007 revenue of nearly $9 billion, Covidien has more than 42,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.

ABOUT PINYONS MEDICAL TECHNOLOGY, INC.

Pinyons Medical Technology, Inc. designs, develops, and manufactures medical devices to help physicians, nurses, and technologists improve procedural efficacy and patient care. The company's products help clinicians inject fluids, monitor pressure of fluids, inflate balloons, and perform discography and other medical procedures.

Source: Business Wire

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