BETHESDA, MARYLAND July 27, 1999 -
Chindex International, Inc. (NASDAQ: CHDX) (U.S.-China Industrial Exchange, Inc.), the leading independent American company providing Western healthcare products and services in the People's Republic of China, today announced it has signed an exclusive distribution agreement with Guidant Corporation (NYSE and PCX: GDT) (Guidant). Under the terms of the agreement, Chindex will begin distribution of Guidants vascular intervention products in China beginning in August this year.
Guidant is a world leader in design and development of cardiovascular products. The Guidant Vascular Intervention Group manufactures the ACS MULTI-LINK DUET™ Coronary Stent System, an innovative product inserted into obstructed coronary arteries through cardiac catheterization procedures. The use of coronary stent techniques has become a well accepted alternative to coronary by-pass graft surgery in many patients with coronary artery disease. The procedures are less invasive and less expensive.
"Chindex has been expanding rapidly into interventional cardiology markets in the past two years. We are very pleased to add Guidant vascular intervention products to the growing product offering we supply to the catheterization labs in China," Roberta Lipson, Chindex Chairperson, President and CEO commented in Beijing. "Interventional cardiology has a very lucrative market potential here in China as it has elsewhere in the world. We are focusing on this expansion in both our capital equipment and supplies businesses."
Mr. Bruce Church, Vice President/Emerging Markets for Guidant said, "We will launch our China program with Chindex based initially on the Guidant ACS product family, which includes not only stents but also balloon dilatation catheters, guide wires, guiding catheters and other market leading products for the interventional cardiologist. Our unique arrangement with Chindex provides for Guidant to take the lead in marketing and clinical education with our own dedicated staff in China while relying on Chindexs expertise to import and distribute the products efficiently, effectively, and professionally. Our aim in China is to be perceived as the most clinically-oriented medical device company with the highest ethical standards; we are confident our association with Chindex will help ensure our success."
James H. Spear, Jr., Vice President of Products Distribution for Chindex commented on the companys growth program: "Our Chindex Products Distribution business has been supplying high quality consumable products to hospitals nationwide in China for several years now utilizing a network of approximately 200 sub-dealers. Our products are used in hundreds of hospitals every day. The market for cath lab supplies is very underserved in China today we aim to capitalize on that situation by offering a wide selection of routinely used products. The number of cath labs in China is increasing rapidly as is the number of catheterization procedures. We are very excited to be working with Guidant in this area. We are currently in discussions with other suppliers and plan to announce additional product offerings later this year which will complement the Guidant ACS product family."
Chindex is a leading American company in healthcare in the Greater Chinese marketplace including Hong Kong and Macau. It provides representative and distribution services to a number of major multinational companies including Acuson, Johnson & Johnson, and Tyco/Kendall Healthcare Products. It also provides healthcare services through the operations of its private hospital corporation in China. With over eighteen years of experience, almost 300 employees, and operations in the United States, China and Hong Kong, the Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater China's professional communities. Further company information may be found at the Chindex website, www.chindex.com.
The statements in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties pertaining to customer orders, demand for products and services, development of markets for the Company's products and services and other risks identified in the Company's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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