Terumo Cardiovascular Systems and Spencer Technologies Expand Distribution and Development Agreements to Include Cardiology and Neurovascular Markets

ANN ARBOR, Michigan — July 21, 2004 — Terumo Cardiovascular Systems and Spencer Technologies have signed agreements in which Terumo Cardiovascular Systems is awarded global rights to market and distribute Spencer Technologies' current offering of diagnostic ultrasound products for cardiology and neurology applications and future products co-developed by the two companies. The two companies have been engaged in similar agreements for monitoring products in the cardiac surgery market since 2002.

Spencer Technologies manufactures the PMD100 Digital Transcranial Doppler System, an enhanced ultrasound system for measurement of cerebral flow velocity and emboli detection. The system is used for neurovascular diagnosis, and has also been used as part of a protocol for the detection of patent foramen ovale (PFO), a hole in the wall that separates the upper right and left chambers of the heart. PFO has been associated with stroke, transient ischemic attacks (TIAs) and migraine headaches.

Terumo Cardiovascular Systems has created a Neurovascular Monitoring Business Unit to provide current and future diagnostic ultrasound devices to the cardiology and neurology markets. The new business unit will be managed by Kevin Hoffman, who also manages the company's Intraoperative Monitoring Business Unit that has been engaged in applications for cardiac surgery.

As indicated by Hoffman, "Terumo Cardiovascular Systems is excited to leverage our monitoring and marketing expertise with Spencer's research and technical capabilities in providing unique solutions to address unmet diagnostic needs. Together, we will enhance the quality of patient care in these markets.”

The PMD100's digital technology represents a number of improvements over traditional analog ultrasound technology, including increased accuracy and ease of use. According to Mark Reisman, MD, Director of Cardiovascular Research at Swedish Medical Center in Seattle, "The technology enables break-through applications in diagnosis and treatment of stroke and provides a flexible base for many future diagnostic and monitoring applications in cardiology, vascular surgery, and neurology."

"After several years of dedicated research and development of our new platform technology, we are thrilled to have Terumo Cardiovascular Systems deliver it into the hands of health care providers worldwide. We know that our unique technology can make a significant clinical difference, and potentially save and improve the quality of many lives,” said Scott Seidel, CEO of Spencer Technologies.

Spencer Technologies was co-founded in 1992 by Dr. Merrill Spencer, a pioneer in the development of diagnostic ultrasound. Spencer Technologies is dedicated to preventing a variety of adverse cardiovascular related events, including strokes, and significantly improving healthcare through the development and use of non-invasive ultrasound technologies for diagnosis, monitoring, and therapeutic effects.

Terumo Cardiovascular Systems Corporation manufactures and markets products for the cardiac surgery, interventional, and neurovascular markets. It is headquartered in Ann Arbor, Michigan with manufacturing operations in Ann Arbor, as well as Elkton, Maryland; Ashland, Massachusetts; Tustin, California; and Matamoros, Mexico. It is a subsidiary of Terumo Corporation of Japan. Terumo Corporation is a premier global medical company with 2003 annual sales in excess of $1.9 billion. Terumo Corporation develops, manufactures, and markets a wide range of medical products including syringes, needles, catheters, and blood bags.