Medrad and Possis Medical Sign Merger Agreement

(Warrendale, PA, USA) and Possis Medical, Inc. (Minneapolis, MN, USA) have entered into a definitive merger agreement pursuant to which Medrad will acquire Possis Medical in a cash tender offer for US$19.50 per share, or a total equity value of approximately $361 million.

The board of directors of Possis Medical has unanimously approved the transaction and resolved to recommend the offer to their shareholders. The tender offer is expected to close in the first quarter of 2008.

Medrad is a leading provider of contrast injection systems used to diagnose cardiovascular and other diseases. Possis Medical is a leading provider of mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins. The proposed combination of Medrad and Possis Medical will join two leaders in their respective fields, and underscores Medrad's commitment to the treatment of patients in the growing cardiovascular intervention field.

Cardiovascular disease remains one of the main causes of death and disability in the United States and Europe and it is estimated that in the United States alone, more than 80 million people are affected by some form of cardiovascular disease.

The combination of the two highly compatible sales organizations and shared target customer groups establishes a leading and expansive footprint in the cardiovascular intervention field and empowers the combined organization to offer a broader, more comprehensive range of products and a high level of service to its customers.

Medrad's broad international distribution infrastructure offers an exciting platform for the expansion of Possis Medical's product range into largely underpenetrated international markets. The combination of Possis Medical's thrombectomy platform and Medrad vascular injection systems offers a highly complimentary focus on high pressure intravascular fluid management and represents a broadened base for future development of new and innovative applications.

Possis Medical's AngioJet Rheolytic Thrombectomy system remains the medical world's leading mechanical thrombectomy system. Over 300,000 patients worldwide have been treated with AngioJet therapy. Possis Medical recently launched the AngioJet Ultra system, a new easier-to-use drive unit that has driven strong revenue growth over the past four quarters.

Medrad is an international provider of medical devices and services that enable and enhance imaging procedures of the human body. Used in diagnostic imaging, Medrad's product range include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services.

Possis Medical develops, manufactures, and markets medical devices for the large and growing cardiovascular and vascular treatment markets. The company's AngioJet system imechanical thrombectomy system has U.S. Food and Drug Administration (FDA) approval to remove large and small thrombus from coronary arteries, coronary bypass grafts, peripheral arteries and veins, ateriovenous (AV) grafts, and native fistulas.


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