BUSINESS NEWS

In August, the board of directors of Medtronic (Minneapolis) elected William A. Hawkins to the positions of president and chief executive officer, and Michael F. DeMane to the position of chief operating officer. Former CEO Arthur D. Collins Jr. remains as chairman of the board.

Boston Scientific (Natick, MA) plans to dissolve its 2004 merger with Advanced Bionics (Sylmar, CA). Boston Scientific will maintain sole control of the pain management business, but plans to sell the auditory business and drug pump development program to principals of Advanced Bionics for an estimated $1.15 billion. Boston Scientific is also exploring the sale of its cardiac surgery and vascular surgery businesses.

Biophan Technologies (Pittsford, NY) and Medtronic (Minneapolis) have entered into an agreement for Medtronic to acquire Biophan's magnetic resonance imaging (MRI) safety patents for $11 million in cash. The Biophan portfolio includes technologies designed to make certain medical devices, such as pacemakers, safe for use with MRI.