Medrad Inc., Warrendale, Pa. and Possis Medical Inc., Minneapolis, announce they have entered into a definitive merger agreement that says Medrad will acquire Possis Medical in a cash tender offer for $19.50 per share, or a total equity value of approximately $361 million. Possis Medical board of directors has unanimously approved the transaction and resolved to recommend the offer to their shareholders.

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.

"This merger will capitalize on both companies’ strengths to deliver growth in our current markets, and create a formidable cardiovascular portfolio in the future," says John P. Friel, Medrad President and CEO. "We welcome Possis Medical as the cornerstone of Medrad’s cardiovascular strategy. It is a truly compatible partnership in terms of product performance, company growth and employee culture."

"Our shared history of innovation bodes well for product development beyond our core businesses, and provides tremendous opportunity for growth for our business and employees. In addition, Medrad will enable us to broaden our geographic reach without adding infrastructure," says Possis Medical President and CEO Robert G. Dutcher.

Headquartered near Minneapolis, Minnesota, Possis Medical posted revenues of $67 million and employed approximately 280 people for its fiscal year ending July 31, 2007. Premiering in 1997, 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.