Given Imaging and Fujinon Corporation Sign Global Strategic Collaboration
Agreement Includes Joint R&D, Sourcing and Distribution Activities
YOQNEAM, ISRAEL and SAITAMA CITY, JAPAN -- (MARKET WIRE) -- April 11, 2007 -- Given Imaging Ltd.
(NASDAQ: GIVN), the global leader in capsule endoscopy, and Fujinon
Corporation, a global leader in optical technologies and endoscopic
equipment, today announced the signing of a strategic agreement. The goal
of the agreement is to build closer collaboration between the companies in
research and development, component sourcing, marketing and product
distribution worldwide except in Japan.
Under the terms of the agreement, Given Imaging and Fujinon will
collaborate to develop future products for the gastrointestinal endoscopy
and diagnostic field.
The agreement also grants Fujinon non-exclusive rights to distribute Given
Imaging's capital equipment and small bowel products including Given
Imaging's RAPID workstation and data recorders, PillCam SB, and Agile
Patency capsules in certain countries worldwide, which will be determined
by the two companies on a case-by-case basis.
"We are pleased to be working closely with a world leader in medical
imaging technology," said Homi Shamir, president and CEO of Given Imaging.
"Together with Fujinon, we will work to develop the next generation of
less-invasive gastrointestinal products, leveraging on the combined
resources and technologies of both companies to provide more effective
treatment options for patients with gastrointestinal disorders. We believe
this agreement will immediately strengthen our competitive position around
the world and reaffirm our technology leadership."
"We are proud to be collaborating with Given Imaging, a proven innovator in
the GI field," said Takeshi Higuchi, Representative Director and President
of Fujinon Corporation. "Being able to offer Given's capsule endoscopy
products alongside our own product portfolio gives our customers a powerful
set of diagnostic and therapeutic tools and solidifies our position as the
leading provider of GI Imaging solutions. We are confident that the venture
between our companies will result in additional innovative benefits to
patients worldwide."
Financial details of the agreement were not disclosed.
About Given Imaging Ltd.
Given Imaging is redefining gastrointestinal diagnosis by developing,
producing and marketing innovative, patient-friendly products for detecting
gastrointestinal disorders. The company's technology platform is the
PillCam™ Platform, featuring the PillCam video capsule, a disposable,
miniature video camera contained in a capsule, which is ingested by the
patient, a sensor array, data recorder and RAPID® software. Given
Imaging has three commercially available capsules: the PillCam SB video
capsule to visualize the entire small intestine which is currently marketed
in the United States and in more than 60 other countries; the PillCam ESO
video capsule to visualize the esophagus; and the Agile™ patency capsule
to determine the free passage of the PillCam capsule in the GI tract. The
PillCam COLON video capsule to visualize the colon has been cleared for
marketing in the European Union, and multi-center clinical trials are
underway in Europe and the U.S. A capsule to visualize the stomach is under
development. More than 500,000 patients worldwide have benefited from the
PillCam capsule endoscopy procedure. Given Imaging's headquarters,
manufacturing and R&D facilities are located in Yoqneam, Israel; it has
direct sales and marketing operations in the United States, Germany and
France, and local offices in Japan, Spain and Australia. For more
information, visit http://www.givenimaging.com.
About Fujinon
Fujinon has continually developed as an optical equipment manufacturer of
Fujifilm Group. The company has developed numerous products compatible with
high-performance and high-quality images using the established optical
techniques and provided them to the whole world. In the broadcast fields,
the company developed lens compatible with Hi-Vision early and got various
lineup including the 101x lens which is the highest quality zoom lens in
the world, to have more than 50% of the worldwide market share. Regarding
the lens unit for a mobile phone with camera function getting popular in
the market, the company leads the world with high-resolution, compact lens
unit using aspherical lenses.
In the fields of endoscopes, the company has developed continuously various
innovative products promoted the expansion of business by introducing the
products such as Double-Balloon Endoscope System, which make the
examination and treatment in whole small intestine possible, endoscopic
diagnostic imaging support functions FICE, and trans-nasal gastroscope
which is prevailing in Japan and Asia for the examination with less pain to
be inserted through the nose.
Endoscope business of the company maintains two-digit growth every year,
and aims at further expansion and growth in the fields of
gastroenterological endoscopy.
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but are not
limited to, projections about our business and our future revenues,
expenses and profitability. Forward-looking statements may be, but are not
necessarily, identified by the use of forward-looking terminology such as
"may," "anticipates," "estimates," "expects," "intends," "plans,"
"believes," and words and terms of similar substance. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual events, results, performance, circumstances or
achievements of the Company to be materially different from any future
events, results, performance, circumstances or achievements expressed or
implied by such forward-looking statements. Factors that could cause
actual events, results, performance, circumstances or achievements to
differ from such forward-looking statements include, but are not limited
to, the following: (1) satisfactory results of clinical trials with PillCam
Colon (2) our ability to receive regulatory clearance or approval to market
our products or changes in regulatory environment, (3) our success in
implementing our sales, marketing and manufacturing plans, (4) protection
and validity of patents and other intellectual property rights, (5) the
impact of currency exchange rates, (6) the effect of competition by other
companies, (7) the outcome of future litigation, including patent
litigation with Olympus Corporation, (8) the reimbursement policies for our
product from healthcare payors, (9) quarterly variations in operating
results, (10) the impact of the newly adopted SFAS 123R for expensing
option-based payments, (11) the possibility of armed conflict or civil or
military unrest in Israel, and (12) other risks and factors disclosed in
our filings with the U.S. Securities and Exchange Commission, including,
but not limited to, risks and factors identified under such headings as
"Risk Factors," "Cautionary Language Regarding Forward-Looking Statements"
and "Operating Results and Financial Review and Prospects" in the Company's
Annual Report on Form 20-F for the year ended December 31, 2005. You are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Except for the
Company's ongoing obligations to disclose material information under the
applicable securities laws, it undertakes no obligation to release publicly
any revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events.
Contact Information: For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
1-(866) GIVEN-IR
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