Dallas, Texas 01/30/2014 (FINANCIALSTRENDS) – The S&P 500 index tracked medical appliances & equipment major Boston Scientific Corporation (NYSE:BSX) had reported earlier this month that it has decided to temporarily suspend all further efforts in to the development of its much talked about Hypertension treatment apparatus till further notice. The $17 billion market capped firm has indicated that the suspension will hold till a in house team set up to drill down into the less than encouraging findings by its partner firm Medtronic Inc. with regards to the same development stage unit to treat hypertension.
Boston Scientific Corporation (NYSE:BSX) Chief Executive Officer Michael Mahoney made this announcement on 16th January and explained that the firm is also barnstorming with regards to the likely stand it can take in front of the FDA, in the light of these developments. The in house evaluation is expected to help the firm come to a conclusion as to whether the failure on part of its business partner Medtronics in proving the efficacy of the treatment technology was related to the device per say or more linked to the design of the clinical trial. The internal study will also try to rule out the possibility of the entire approach taken by the two firms to treat hyper tension as being potentially invalid before deciding on its stand with FDA.
It is appropriate to note here that the Natic, MA headquartered devices maker has already secured a in principal buy in form the Food and Drug Administration to initiate clinical trials on the “Vessix technology” which has been patented to help alleviate hyper tension.
Explaining Boston Scientific Corporation (NYSE:BSX) stand on this development, its CEO Michael Mahoney has been quoted to have said that, “We want to wait and see and learn more about the Medtronic trial results before we have broad discussion with the FDA about what the trial design should be. We want to consider the facts of that miss. We would be crazy not to take a pause and learn about the findings of that trial and adjust our plans.”