NEW BRUNSWICK, N.J., Feb 01, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Johnson & Johnson (NYSE: JNJ) today announced the closing of its previously announced acquisition of Conor Medsystems, Inc., a cardiovascular device company with a unique controlled drug delivery technology.
"The completion of the acquisition of Conor Medsystems adds an important platform to our capacity to address cardiovascular and vascular disease globally," said Nicholas J. Valeriani, Worldwide Chairman, Medical Devices and Diagnostics, Johnson & Johnson.
The Conor Medsystems CoStar(R) Stent* provides for drug elution from a cobalt chromium stent with a fully bioabsorbable polymer, and employs a unique site-specific drug delivery technology potentially applicable with other therapeutic agents in the treatment of other conditions.
"We look forward to exploring the potential for this novel reservoir technology in combination with other pharmaceutical agents and delivery systems as we seek new and better ways to address issues of cardiovascular and vascular disease," Valeriani concluded.
Johnson & Johnson is the world's most comprehensive and broadly based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical, and medical devices and diagnostics markets. The more than 200 Johnson & Johnson operating companies employ approximately 122,000 men and women and sell products throughout the world.
*The CoStar(R) Stent is not available for sale in the United States where it is an investigational device limited by law to investigational use.
SOURCE Johnson & Johnson
Media, Jeffrey J. Leebaw, +1-732-524-3350, or +1-732-821-6007, or Marc Monseau, +1-732-524-1130, or Investors, Louise Mehrotra, +1-732-524-6491, or Stan Panasewicz, +1-732-524-2524, or Lesley Fishman, +1-732-524-3922, all of Johnson & Johnson
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