SAN DIEGO, May 16 /PRNewswire-FirstCall/ — CryoCor, Inc. , a medical device company focused on the Treatment of cardiac arrhythmias, announced today that on May 8, 2008, two alleged holders of CryoCor common stock filed a complaint in the Superior Court of the State of California, County of San Diego, naming as defendants each member of the Board of Directors of CryoCor, CryoCor and Boston Scientific Corporation. The complaint is styled Secondido, et al. v. CryoCor, Inc., et al., Case No. 37-2008-00083630-CU-MC-CTL. Plaintiffs purport to bring the action on behalf of a class consisting of all holders of CryoCor common stock, except the defendants and their affiliates.
Plaintiffs allege in their complaint that the Board of Directors of CryoCor, aided and abetted by Boston Scientific Corporation, breached their fiduciary duties in approving the Agreement and Plan of Merger, dated April 15, 2008, by and among Boston Scientific Scimed, Inc., a wholly owned subsidiary of Boston Scientific Corporation, Padres Acquisition Corp., a wholly owned subsidiary of Boston Scientific Scimed, Inc. and CryoCor. The action seeks, among other things, an order enjoining the transaction contemplated by the Merger Agreement, compensatory damages in the event the transaction contemplated by the Merger Agreement is consummated, and the reimbursement of plaintiffs’ attorney’s fees and related costs of bringing the action.
Based on its review of the complaint, CryoCor believes that the action is without merit and intends, along with the Board of Directors of CryoCor, to defend the action vigorously.
About CryoCor, Inc.
CryoCor is a medical technology company that has developed and manufactures a disposable catheter system based on its proprietary cryoablation technology for the minimally invasive Treatment of cardiac arrhythmias. The Company’s product, the CryoCor Cardiac Cryoablation System, or the Cryoablation System, is designed to treat cardiac arrhythmias through the use of cryoenergy, or extreme cold, to destroy targeted cardiac tissue. The Cryoablation System has been approved in Europe for the Treatment of atrial fibrillation, and atrial flutter, the two most common and difficult to treat arrhythmias, since 2002. In the United States, CryoCor is conducting a pivotal trial to evaluate the safety and efficacy of the Cryoablation System for the Treatment of atrial fibrillation and the Cryoablation System has been approved for the Treatment of right atrial flutter. For more information please visit the Company’s website at .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “believe,”"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 defending against the legal action. 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, consummate the transactions contemplated by the Merger Agreement 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.
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.
Additional Information
Stockholders of CryoCor are urged to read the relevant tender offer documents because they contain important information that stockholders should consider before making any decision regarding tendering their shares. Boston Scientific Corporation, Boston Scientific Scimed, Inc. and its acquisition subsidiary have filed tender offer materials with the SEC, and CryoCor has filed a Solicitation/Recommendation Statement with respect to the tender offer. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) and the Solicitation/Recommendation Statement contain important information, which should be read carefully before any decision is made with respect to the tender offer. The Offer to Purchase, the related Letter of Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement, are available to all stockholders of CryoCor at no expense to them. Stockholders of CryoCor may obtain a free copy of these statements and other documents filed by Boston Scientific Corporation and CryoCor with the SEC at the website maintained by the SEC at . The tender offer statement and related materials, solicitation/recommendation statement, and such other documents may be obtained for free by directing such requests to Investor Relations of CryoCor, Inc., 9717 Pacific Heights Blvd, San Diego, California 92121.
In addition to the tender offer materials described above, CryoCor and Boston Scientific Corporation file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information filed by CryoCor or Boston Scientific Corporation at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. CryoCor’s and Boston Scientific Corporation’s filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at .
CONTACTS FOR CRYOCOR: Gregory J. Tibbitts Chief Financial Officer
CryoCor, Inc. (858) 909-2200
CryoCor, Inc.