Cordis announced on 15 June 2011 it will stop developing the Nevo sirolimus-eluting coronary stent in order to focus on other cardiovascular therapies where significant patient need exists. The company will also stop the manufacture of Cypher and Cypher Select Plus sirolimus-eluting coronary stents by the end of 2011.
“Due to evolving market dynamics in the drug-eluting stent business, we see greater opportunities to benefit patients and grow our business in other areas of the cardiovascular device market,” said Seth Fischer, company group chair and worldwide chairman, Cordis.
The company intends to close two manufacturing facilities: Cashel, Ireland, where the Nevo stent was to be produced, and San German, Puerto Rico, the manufacturing site for the Cypher stent products. The company will also consolidate its R&D project teams in Fremont, California. Overall, the company expects to reduce 900 – 1,000 positions, subject to any consultation procedures on these plans in countries where required.
The company said it will continue to focus on cardiovascular care through its Biosense Webster and Cordis businesses. Cordis will expand its portfolio of vascular solutions for endovascular and cardiology procedures, a US$12 billion market. The business will focus on access, diagnostic and therapeutic products for cardiology procedures, products to diagnose, access and treat lower extremity disease, and the Incraft stent-graft system, the company’s new investigational device for treating abdominal aortic aneurysm. The company also recently received FDA approval for the Exoseal vascular closure device.