Boston Scientific Announces $500,000 Fellowship Grant to University of Minnesota Foundation

NATICK, Mass., Dec. 14 /PRNewswire-FirstCall/ -- Boston Scientific Corporation today announced a $500,000 contribution to the University of Minnesota Foundation to fund the creation of a Boston Scientific Biomedical Engineering Fellowship Fund. The fund will help support new full- time graduate students in the Department of Biomedical Engineering, a department within the University's Institute of Technology.

"This gift from Boston Scientific is a critical first step in our goal to continue to attract the best and brightest biomedical engineering students to the University of Minnesota," said Bob Tranquillo, head of the Department of Biomedical Engineering. "Graduate students are a vital part of the engine that drives our research. By offering fellowship support up front, we can attract top-notch students who will continue the University's legacy of breakthrough research in the medical device industry and help chart the frontiers of biomedical engineering."

"Boston Scientific is committed to supporting the development of tomorrow's scientists, engineers and mathematicians," said Fred Colen, Executive Vice President and Chief Technology Officer at Boston Scientific. "These same students might some day develop medical technologies that could help save or improve the lives of patients around the globe."

The contribution from Boston Scientific, which will be spread over five years, is a lead gift in a campaign to create an endowment designed to ultimately support the entire class of first-year biomedical engineering graduate students each fall. About a third of the contribution will be used immediately for graduate fellowships, while the remainder will be placed in an endowment to earn interest and fund fellowships over time. The University's goal over five years is to raise $2 million for biomedical engineering fellowships. These funds will be matched by the University Foundation to create a $4 million endowment.

"Biomedical engineering plays a pivotal role in our goal to build stronger ties among biology, medicine and engineering at the University, especially in the area of medical devices," said Steven Crouch, Institute of Technology dean. "This gift from Boston Scientific is not only important to the biomedical engineering department, but is important to the future of the entire Institute of Technology."

The Institute of Technology is the University of Minnesota's college of engineering, physical sciences, and mathematics. Eleven of the Institute of Technology's 19 undergraduate and 28 graduate programs are ranked among the top 20 in the nation.

Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com/.

CONTACT: Milan Kofol 508-650-8569 Investor Relations Boston Scientific Corporation Charles Rudnick 508-650-8660 Media Relations Boston Scientific Corporation Rhonda Zurn 612-626-7959 Institute of Technology University of Minnesota