Intuitive Surgical and Computer Motion close merger

Sunnyvale 30 June 2003Intuitive Surgical Inc., specialised in operative surgical robotics, has completed its merger with Computer Motion. Stockholders of both Intuitive Surgical and Computer Motion approved the merger in stockholder meetings held earlier on. In connection with the closing of the merger, each outstanding share of Computer Motion common stock was converted into the right to receive 0,51426943 shares of Intuitive Surgical common stock, without giving effect to the reverse stock split.

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As the acquiring company, Intuitive will continue to do business as Intuitive Surgical Inc. Commenting on the completion of the merger, Lonnie Smith, President and CEO of Intuitive Surgical, stated: "We are pleased with the companies' ability to bring this merger to a swift closure and we very much look forward to our future as a combined company. This merger combines the intellectual property of the two companies, eliminates costly patent disputes, and enables our combined resources to focus on developing and growing robotics in minimally invasive surgery and delivering significant clinical benefits and value to patients, surgeons, and medical centres throughout the world."

Intuitive Surgical has completed a 1-for-2 reverse split of its common stock. Intuitive Surgical's common stock will trade on a post-reverse split basis commencing July 1, 2003. The number of shares of Intuitive Surgical common stock to be received by the former stockholders of Computer Motion in connection with the merger will be appropriately adjusted to give effect to the reverse stock split.

Intuitive's da Vinci Surgical System consists of a surgeon's viewing and control console having an integrated, high-performance InSite 3D vision system, a patient-side cart consisting of three robotic arms that position and precisely maneuver endoscopic instruments and an endoscope, and a variety of articulating EndoWrist Instruments. By integrating computer-enhanced technology with surgeons' technical skills, Intuitive believes that its system enables surgeons to perform better surgery in a manner never before experienced.

The da Vinci Surgical System seamlessly and directly translates the surgeon's natural hand, wrist and finger movements on instrument controls at the surgeon's console outside the patient's body into corresponding micro-movements of the instrument tips positioned inside the patient through small puncture incisions, or ports.

After closing the merger, the company will also market Computer Motion's products including the ZEUS Surgical System and accessories for minimally invasive surgery, the HERMES Control Center, a centralised system that enables the surgeon to voice control a network of "smart" medical devices, the AESOP Robotic Endoscope Positioner, and the SOCRATES Telecollaboration System. More news on the common juridical past of both companies before the merger is available in the VMW July 2002 article Patent Office rulings in surgery robot trial between Intuitive Surgical and Computer Motion.


Leslie Versweyveld

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