Wednesday, May 14, 2008

Boston Scientific gets FDA OK for new heart implants

Officials at Boston Scientific Corp. report that the U.S. Food and Drug Administration has granted the medical devices giant approvals for two new cardiac implants.

Natick-based Boston Scientific (NYSE: BSX) said the FDA approvals were for its Cognis cardiac resynchronization therapy defibrillator and Teligen implantable cardioverter defibrillator. The devices are designed to treat sudden cardiac death and heart failure.

The approvals announcement is the second positive development for Boston Scientific in the past week. The company revealed May 9 that a Canadian court had ruled in its favor in a lawsuit from competitor and New Jersey-based medical products powerhouse Johnson & Johnson, which had accused Boston Scientific of infringing on its patents for cardiovascular stents.

Company CEO Jim Tobin said in a statement that the firm has garnered more than 10 regulatory approvals for new devices worldwide this year.

Boston Scientific, a global developer, manufacturer and distributor of medical devices, reported a 2007 net loss of $495 million on revenue of $8.4 billion. The firm employed 27,500 workers worldwide as of December 2007.