Cardiac Pacemakers, Inc.

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Cardiac Pacemakers, Inc.
TypePublic (NYSE: BSX)
S&P 500 Component
IndustryMedical equipment
Founded1971
HeadquartersSaint Paul, Minnesota, USA
ProductsMedical devices
ServicesMedical technology

Cardiac Pacemakers, Inc.(CPI), doing business as Guidant Cardiac Rhythm Management, manufactured implantable cardiac rhythm management devices, such as pacemakers and defibrillators. It also sold insulin pumps controlled by microprocessors and various equipment to regulate heart rhythm. In addition, Cardiac Pacemakers, Inc. developed therapies for the treatment of irregular heartbeats. The company was founded in 1971 and is based in St. Paul, Minnesota. Cardiac Pacemakers, Inc. operates as a subsidiary of Boston Scientific Corporation.[1]

Early history[]

Cardiac Pacemakers, Inc.(CPI) of St. Paul, Minnesota was founded in February 1972. The first $50,000 capitalization for CPI was raised from a phone booth on the Minneapolis skyway system.[2]

Medtronic at the time had 65% of the artificial pacemaker market, but the going got rough. The first spin-off from Medtronic, Cardiac Pacemakers, Inc (CPI), provided formidable competition with the world's first lithium-powered pacemaker. Medtronic's market share plummeted to 35%.[3][4]

The founding partners Anthony Adducci, Manny Villafaña, Jim Baustert, and Art Schwalm, all former Medtronic employees, had multiple lawsuits by and against Medtronic, all settled out of court.[5]

Acquisition & Mergers[]

Cardiac Pacemaker, Inc. Microlyth Pacemaker

CPI was a highly successful start-up venture, increasing sales from zero in 1972 to over $47 million and highly profitable when it was acquired by Eli Lilly and Company in 1978 for $127 million. During the 1970s, Lilly acquired other medical device companies including IVAC of San Diego, Physio-Control of Redmond WA, and Advanced Cardiovascular Systems of Santa Clara, CA. These companies formed the core product/therapy areas of the Medical Devices Division of Eli Lilly and Company.[6]

World's first use of the lithium battery[]

CPI designed and manufactured the world's first pacemaker with a lithium anode and a lithium-iodide electrolyte solid-state battery. An improved heart pacer including the conventional combination of a pulse generator, electrode means, and electrode leads coupling the pulse generator to the electrodes, wherein the battery power source of the pulse generator is a solid-state battery with a lithium anode and a lithium-iodide electrolyte.(see Wilson Greatbatch, ed.). The pacer structure is enclosed in a hermetically sealed metallic enclosure, with means being provided in the enclosure for passing electrode leads in sealed relationship therethrough. The outer surface of the casing is polished metal*, and is continuous in all areas. In certain instances, the continuity may be with the exception of the zone through which the external electrode leads pass.[7]

World's first lithium battery-powered pacemaker
Orignial Lithium-iodine bipolar pulse generator

The Lithium-iodide or lithium anode cells revolutionize the medical industry by increasing the life of pacemakers from 1 year up to 11 years and has become the standard for future pacemaker designs.

References[]

  1. ^ [1]
  2. ^ St. Anthony N: Ingenuity and integrity mark Medtronic co-founder. Minneapolis Star and Tribune, Feb 11, 1985, pp M1-3
  3. ^ Mundale S: Blessed are the pacemakers. Corporate Report Minnesota, Nov 1981, pp 63-70
  4. ^ Jeffrey, Kirk (April 2003). Machines in Our Hearts: The Cardiac Pacemaker, the Implantable Defibrillator, and American Health Care. ISBN 9780801876165.
  5. ^ Fiedler T: Straight from the heart. Minnesota Business Journal, Feb 1985, p p 24-35
  6. ^ "Pioneers of the Medical Device Industry". Minnesota Historical Society.
  7. ^ "Metal-enclosed cardiac pacer with solid-state power source". US3822707 A.
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