Guidant Forms Venture Capital Firm, Acquires Cook

Seeking to focus on the identification and funding of early stage opportunities in the areas of telemedicine, clinical informatics, and advanced management, Guidant Corporation (Indianapolis, IN) has partnered with two prominent venture capital firms, Vanguard Ventures and Fremont Ventures, to form Vesalius Ventures. Bernard Harris, MD, an astronaut, physician, and pioneer in the use of medical instruments in remote environments, has been named president and CEO of the newly formed firm, located in Houston, Texas.

Just before it announced the formation of Vesalius Ventures, Guidant agreed to acquire privately held Cook Group Inc. (Bloomington, IN) for up to $3 billion in stock. The acquisition, which will most likely close in early 2003, gives Guidant its sought-after foothold in the drug-coated stent market. Over the past few years, Guidant has attempted to penetrate the market several times, but for various reasons has yet to do so. On September 3, Guidant announced that its Achieve drug-coated stent had received European regulatory approval, but that the market release of the device will depend on the outcome of an ongoing legal dispute involving Boston Scientific Corp.

Late last month, Guidant’s RAPIDO dual catheter system, designed for the delivery of its EASYTRAK lead, received both FDA clearance and the CE Mark. According to Guidant, RAPIDO is the first dual catheter platform specifically designed for lead placement into the difficult-to-reach left side of the heart.