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Cordis to exit drug-eluting stent market
By the end of 2011, Cordis will discontinue its Cypher stent and Nevo sirolimus-eluting stent to focus on other CV therapies, according to a press release issued by the company.
Seth Fischer, company group chair and worldwide chairman with Cordis, said the company’s decision to leave the market it helped establish was due to evolving market dynamics in the drug-eluting stent business and what he called greater opportunities to benefit patients and grow the company in other areas of the CV device market.
“Cordis has been a leader in establishing many markets, including diagnostic and guiding catheters, bare metal and drug-eluting stents, carotid stenting, and treatment of peripheral vascular disease and arrhythmias,” Fischer said. “These therapies have benefited millions of patients worldwide, saving lives and improving quality of life, and we will continue to bring innovative cardiovascular solutions to patients in the future.”
As a result of the decision, Cordis will be closing two manufacturing facilities and will consolidate its research and development project teams in Fremont, Calif. This, the release stated, is expected to lead to the reduction of 900 to 1,000 positions within the company.
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