Healthcare Industry News: Aspect Medical Systems
News Release - November 8, 2007
Aspect Medical Systems, Inc. Announces Agreement with Boston Scientific to Waive Lock-up and Call Option on Remaining Shares Held by Boston Scientific
Boston Scientific to sell its remaining shares of Aspect Common Stock to a third partyNORWOOD, Mass.--(HSMN NewsFeed)--Aspect Medical Systems, Inc. (NASDAQ: ASPM ) announced today that it has entered into a letter agreement with Boston Scientific Corporation pursuant to which Aspect has agreed to waive specified provisions of the termination and repurchase agreement entered into by the parties on June 11, 2007. Pursuant to the repurchase and termination agreement, Boston Scientific agreed, among other things, that for a period of 180 days after the date of the agreement, it would not sell any of its shares of Aspect Common Stock to a third party, and Boston Scientific granted to Aspect a call option, exercisable by Aspect in one or more transactions during the 180-day period, to purchase up to all of the remaining shares of Aspect Common Stock held of record by Boston Scientific on the date of the agreement. Aspect has agreed to waive the lock-up and the call option set forth in the agreement with respect to the remaining 1,513,239 shares of Aspect Common Stock currently held of record by Boston Scientific because Boston Scientific and a third party, OrbiMed Advisors LLC, have reached an agreement pursuant to which OrbiMed will purchase all of such shares. The parties have also agreed to terminate the registration rights agreement dated as of June 11, 2007 by and between Aspect Medical and Boston Scientific relating to such shares.
About the Company
Aspect Medical Systems, Inc. (NASDAQ: ASPM ) is a global market leader in brain monitoring technology. To date, the Company’s Bispectral Index (BIS) technology has been used to assess approximately 23 million patients and has been the subject of more than 3,100 published articles and abstracts. BIS technology is installed in approximately 80 percent of hospitals listed in the July 2007 U.S News and World Report ranking of America’s Best Hospitals and in approximately 60 percent of all U.S. operating rooms. In the last twelve months BIS technology was used in approximately 17 percent of all U.S. surgical procedures requiring general anesthesia or deep sedation. BIS technology is available in more than 160 countries. Aspect Medical Systems has OEM agreements with nine leading manufacturers of patient monitoring systems.
Safe Harbor Statement
Certain statements in this release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may involve risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those indicated by these forward-looking statements, including those factors described under the heading “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, which is on file with the SEC.
In addition, the statements in this press release represent the Company’s expectations and beliefs as of the date of this press release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s expectations or beliefs as of any date subsequent to the date of this press release.
For further information regarding Aspect Medical Systems, Inc., visit the Aspect Medical Systems website at www.aspectmedical.com.
Source: Aspect Medical Systems
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