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Capstone Partners Advises Angiolink in an Acquisition by Medtronic, Inc.

November 2004

Boston, MA – Capstone Partners LLC, a national middle-market investment banking advisory firm, announced today that it has successfully advised Angiolink, Inc. on its recent acquisition by Medtronic, Inc. (NYSE: MDT), a world leader in medical technology. Angiolink's EVS(TM) (Expanding Vascular Stapling) Vascular Closure System, which received FDA approval last week, is engineered to close the femoral artery access site after vascular procedures, such as diagnostic angiography, balloon angioplasty and stenting. AngioLink’s investor base included BioVentures Investors, JHK Investments and IDP Investments as well as a large group of angel investors. Capstone initiated the transaction, acted as financial advisor, and assisted in the negotiations for the shareholders of Angiolink. The terms of this transaction were not disclosed.

“Angiolink’s EVS System allows physicians to close the femoral artery’s point of insertion with a titanium staple, thus promoting natural healing and aiding the patient in a quicker recovery. This product will have profound effects on the market in the coming years” stated Tom Collins, a Managing Director and Head of Capstone’s Medical Device Practice. “We are very happy that the right deal was done for the company and the shareholders. The transaction was very competitive and from our standpoint, the challenges in the deal were good for us. It gave us an opportunity to illustrate the grit by which we execute our transactions.”

"This has been an outstanding month for Angiolink, as we have received FDA approval for our EVS System, and we have now joined the world's leading medical technology company," said Jim Lousararian, president and CEO of Angiolink. "We are very excited to join Medtronic and look forward to working with the company in pursuing our goal of putting market-leading closure devices into the hands of physicians around the world."

“Given the long, successful clinical history of using staples for vascular closure in surgical procedures, it makes sense to apply the same technology to close the femoral artery” said Gary Ansel, M.D., F.A.C.C.; Riverside Methodist Medical Center, Columbus, Ohio, and principal investigator of the EVS System clinical trials. “…I expect the EVS System to quickly emerge as a market leading device.”

The 2004 vascular closure market is estimated to be approximately $500 million and is expected grow to more than $1 billion by 2009. Angiolink's EVS Vascular Closure System is uniquely positioned to compete in this growing market and is approved for use in the United States, Canada and Europe. Medtronic anticipates full market release of the product in the United States in the first half of calendar year 2005.

Medtronic, Inc. is a world leader in medical technology providing lifelong solutions for people with chronic disease. It was named to Fortune’s annual list of "America's Most Admired Companies" for the seventh consecutive year and ranked #1 in its industry sector for the sixth year in a row for 2004. Their headquarters are in Minneapolis, MN.

Angiolink, based in Taunton, Mass., was founded in 1999 and employs 15 people. Angiolink will be integrated into Medtronic's Danvers, Mass. facility over the coming months.

  “Capstone was tenacious about our transaction.  They did a great job under difficult circumstances and tough timing with an acquirer base that seemed significantly more defensive than offensive.  Nonetheless, their senior executives were intimately involved in getting the transaction done.  Great execution.”
James Lousararian
President and CEO
Angiolink Corporation