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Biotech / Medical : Angeion Corp. (ANGN) -- Ignore unavailable to you. Want to Upgrade?

To: Scott Ozer who wrote (1042)	9/20/1999 8:54:00 AM
From: Rainy_Day_Woman	Respond to of 1046

Angeion licenses patents to Medtronic By Sam Ames, CBS MarketWatch Last Update: 2:46 PM ET Sep 17, 1999 MINNEAPOLIS, (CBS.MW) -- Shares of Angeion rose 62 percent Friday after the company licensed its cardiac stimulation devices to Medtronic for $9 million in a non-exclusive deal. In a statement, Medtronic (MDT: news, msgs)said it will receive all of Angeion's (ANGN: news, msgs) patents and patent applications for the devices as well as its unfilled patent disclosures. Shares of Angeion rose 1 11/16 to 4 3/8 on a volume of 1.2 million -- over 30 times the stock's average trading volume. Medtronic rose 13/16 to 77 3/4. "We continue to explore new business opportunities to increase value for our shareholders and bondholders. This transaction will give us more flexibility." said James B. Hickey, Jr., Angeion's President and CEO. Upon closing of the transaction, Angeion and Medtronic will enter into a mutual release for any past infringement claims. Closing of the transaction is subject to the approval of Angeion shareholders and bondholders. Angeion plans to hold a meeting of shareholders later this year to vote on the agreement. Medtronic and Angeion are both headquartered in Minneapolis. Medtronic is a medical technology company engaged in manufacturing and selling device-based medical therapies. Angeion Corporation currently manufactures and markets implantable cardioverter defibrillator systems to correct tachyarrhythmia (rapid irregular heartbeats).