MED Institute Unveils State-of-the-Art Research and Development Facility for Cook Medical

Business Wire, Feb 28, 2008

Unique Operation Houses Clinical Trial Development and Management, Intellectual Property and Patent Protection, Product Research and Development and Other Services to Its Sister Cook Medical Corporations Worldwide

WEST LAFAYETTE, Ind. -- State and local dignitaries, as well as officials from Purdue University, Purdue Research Foundation and Cook Group, will be on hand Friday to dedicate a new state-of-the-art product development center for the Cook Medical organization that could bring the company's local staffing up to 250 jobs.

The event will take place Friday, Feb. 29, at 1 p.m. at MED Institute's new offices at 1 Geddes Way, West Lafayette, Ind., 47906. Speakers will include Ind. Lt. Gov. Becky Skillman, as well as executives from Cook Group, Purdue and local dignitaries.

"After operating for more than a decade in a much smaller facility, MED Institute now has the space and technical resources needed to dramatically expand its role of helping bring the most advanced medical technology in the world to Cook Medical products for improved treatment of patients around the world," said Neal Fearnot, president of MED Institute. "We are thrilled with our new facility and especially pleased that we were able to work with city officials to get our street officially renamed Geddes Way to honor Dr. Leslie Geddes, whose work in biomedical engineering at Purdue has inspired so many within the Cook organization."

"The Cook family of companies continue to be a catalyst for Indiana's growing life sciences sector," said Lt. Governor Becky Skillman. "Their continued investment in our state reflects a confidence in our economy and our workforce."

"MED Institute is a vital member of the 147 companies in the Purdue Research Park," said Joseph B. Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation, which manages the research park. "The growth of MED Institute, Cook Biotech and the other Cook Medical companies exemplifies the important contributions that the group makes in advancing medical technology around the world."

Purchased in 2006, the former Great Lakes Corporation headquarters building offers a unique, visionary architecture that perfectly complements the work done by MED Institute's scientists and staff. The new facility offers 92,000 sq. feet of floor space on four floors - more than doubling MED's earlier building which had 28,000 sq. ft - and has been completely renovated to include high-tech laboratory testing, analysis and fabrication equipment, modern computing and telecommunications equipment and a full complement of offices, meeting rooms and other facilities for the employees. The Indiana Economic Development Corporation offered MED Institute up to $1.885 million in performance-based tax credits based on the company's job creation plans.

The company, which works closely with Cook Medical companies around the world to design and implement clinical trials, conduct product development testing and secure patents and other intellectual property rights in the U.S. and around the world, currently employs about 175 staff members.

About MED Institute

MED Institute was established as a resource for Cook Group companies to identify and develop new medical product concepts. This includes new product identification, prototype development, non-clinical Good Laboratory Practice testing, clinical trial management and data analysis, education for the medical community, and preparation of regulatory submissions. MED Institute employs a staff of research, medical, engineering, and technical personnel or professionals.

About Cook Medical

Cook Medical was one of the first companies to introduce interventional devices in the United States. Today, the company integrates device design, biopharma, gene and cell therapy and biotech to enhance patient safety and improve clinical outcomes in the fields of aortic intervention; interventional cardiology; critical care medicine; gastroenterology; radiology, peripheral vascular, bone access and oncology; surgery and soft tissue repair; urology; and assisted reproductive technology, gynecology and high-risk obstetrics. Cook is a past winner of the prestigious Medical Device Manufacturer of the Year Award from Medical Device & Diagnostic Industry magazine. For more information, visit www.cookmedical.com.