Itochu Corporation of Japan Forms Alliance With ATS Medical
MINNEAPOLIS--(BW HealthWire)--Feb. 10, 1997--Manny Villafana, Chairman and CEO of ATS Medical Inc. announced today the formation of an alliance between Itochu Corporation of Japan and ATS Medical through the investment of nearly $15 million.
The investment was made through the purchase of 1,568,940 common shares of the company at $9.40. The funds will be used to increase the working capital of ATS and will help the company execute its strategic plan towards becoming a leading player in the heart valve market.
Itochu is one of the largest corporations in Japan and is the parent company of Century Medical Inc., ATS Medical's distributor in Japan. "This investment shows the confidence that Century Medical and Itochu have in our being able to become the primary valve in the Japanese market and it will strengthen the long-term relationship that ATS has with them," Villafana added.
Onuki, General Manager of the Medical Project Division of Itochu Corporation, commented on the investment stating "Itochu and Century Medical wanted closer ties to ATS Medical and to be a part of this dynamic, growing entity. Since receiving approval in Japan in July, 1996, the introduction of the valve has gone quite smoothly and its acceptance is growing each day."
ATS Medical Inc. manufactures and markets a pyrolytic carbon open pivot mechanical heart valve. The company's common stock and warrants are traded on the NASDAQ National Market under the symbols "ATSI" and "ATSIW". |
