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MEDTRONIC ACQUIRES TRANSNEURONIX

June 29, 2005

Medtronic has agreed to acquire Transneuronix, a privately held medical device company focused on the treatment of obesity by stimulating the stomach with an implantable pacemaker-like device, for $260 million, the company said.

The acquisition has been approved by Transneuronix stockholders and received antitrust clearance. The deal is expected to close within the week. Under the agreement, Medtronic will make additional payments to Transneuronix shareholders if significant revenue targets are achieved.

Medtronic also announced its initiation of the ASSIST -- Appetite Suppression Induced by Stimulation Trial -- feasibility trial to test the safety and efficacy of gastric electrical stimulation for the treatment of obesity in patients with Type 2 diabetes. The trial will take place in a small number of select centers in the U.S.

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