December 22, 2008 - Medtronic Inc. today said it acquired the remaining 1.5 million shares of CryoCath Technologies Inc. so it is now 100 percent owned by Medtronic.
Medtronic exercised its right to compulsorily acquire the CryoCath shares under Section 51 of the Companies Act (Québec). The compulsory acquisition followed an offer dated October 3, 2008 for all of the CryoCath shares at a price of Cdn. $8.75 per CryoCath share, which had been accepted by shareholders holding approximately 96.3 percent of the CryoCath shares.
As a result of the purchase, CryoCath intends to make an application to have its shares delisted from the Toronto Stock Exchange and has applied to securities regulators to cease to be a reporting issuer under applicable Canadian securities laws.
CryoCath produces cryotherapy products to treat cardiac arrythmias. The company’s flagship product, Arctic Front, is a minimally invasive cryo-balloon catheter designed specifically to treat atrial fibrillation. Marketed in Europe and the subject of a pivotal study in the U.S. and Canada, Arctic Front has been used to treat approximately 3,100 patients.
For more information: www.medtronic.com, www.cryocath.com