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OMB Number: 3235-0145
October 31, 1994
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Expires:
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _______________)*
EchoCath, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Class A Common Stock, no par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
278700 10 3
- --------------------------------------------------------------------------------
(CUSIP Number)
Carol E. Malkinson, Esq.
Medtronic, Inc.
7000 Central Ave. N.E.
Minneapolis, Minnesota 55432
(612)514-4000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 29, 1997
------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
- ----------------------------- ----------------------------------------
CUSIP NO. 278700 10 3 PAGE 2 OF 7 PAGES
--------- --------
- ----------------------------- ----------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Medtronic, Inc.
41-0793183
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
363,636
SHARES
------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH ------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
363,636
PERSON
------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
363,636 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------------- ----------------------------------------
CUSIP NO. 278700 10 3 PAGE 3 OF 7 PAGES
--------- --------
- ----------------------------- ----------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Medtronic Asset Management, Inc.
41-1721127
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
363,636
SHARES
------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH ------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
363,636
PERSON
------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
363,636 Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
ITEM 1. SECURITY AND ISSUER
The class of equity security to which this statement relates is the Class A
Common Stock, no par value, of EchoCath, Inc. The name and address of the
principal executive offices of the issuer of such securities are EchoCath, Inc.,
PO Box 7224, Princeton, New Jersey, 08543-7224.
ITEM 2. IDENTITY AND BACKGROUND
(a), (b) and (c)
Medtronic, Inc., 7000 Central Ave. N.E., Minneapolis, Minnesota 55432, is a
Minnesota corporation, principally engaged in the business of therapeutic
medical technology, specializing in implantable and interventional therapies.
Medtronic Asset Management, Inc., 7000 Central Ave. N.E., Minneapolis, Minnesota
55432, a Minnesota corporation ("MAMI"), is a wholly-owned subsidiary of
Medtronic, Inc. through which Medtronic, Inc. holds certain investments.
Information is provided below with respect to persons who are directors and
executive officers of the reporting persons.
William W. George, Chairman, Chief Executive Officer and Director, Medtronic,
Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432;
Arthur D. Collins, Jr., President, Chief Operating Officer and Director,
Medtronic, Inc., and President and Director, MAMI, 7000 Central Avenue N.E.,
Minneapolis, MN 55432;
Glen D. Nelson, M.D., Vice Chairman and Director, Medtronic, Inc., 7000 Central
Avenue N.E., Minneapolis, MN 55432;
Ronald E. Lund, Senior Vice President, General Counsel and Secretary, Medtronic,
Inc., and Vice President, Secretary and Director, MAMI, 7000 Central Avenue
N.E., Minneapolis, MN 55432;
Paul W. Chellgren, Director, Medtronic, Inc., Chairman and Chief Executive
Officer, Ashland, Inc., 1000 Ashland Drive, Russell, KY 41114;
Antonio M. Gotto, Jr., M.D., Director, Medtronic, Inc., Dean, Cornell University
Medical College, Medical Affairs Provost, Cornell University Office of the Dean,
1300 York Avenue, New York, NY 10021;
Bernadine P. Healy, M.D., Director, Medtronic, Inc., Dean, College of Medicine,
Ohio State University, 254 Meiling Hall, 370 W. 9th Avenue, Columbus, OH 43210;
Thomas E. Holloran, Director, Medtronic, Inc., Professor, Graduate School of
Business, University of St. Thomas, 1000 LaSalle Avenue - Suite 343,
Minneapolis, MN 55403-2005;
Richard L. Schall, Director, Medtronic, Inc., Consultant, 4900 IDS Center, 80
South 8th Street, Minneapolis, MN 55402;
Jack W. Schuler, Director, Medtronic, Inc., Chairman, Stericycle, Inc., 1419
Lake Cook Road, Suite 410, Deerfield, IL 60015;
Gerald W. Simonson, Director, Medtronic, Inc., President and Chief Executive
Officer, Omnetics Connector Corporation, 7260 Commerce Circle East, Fridley, MN
55432;
Gordon M. Sprenger, Director, Medtronic, Inc., Executive Officer, Allina Health
System, 5601 Smetana Drive, Minneapolis, MN 55440;
Richard A. Swalin, Ph.D., Director, Medtronic, Inc., Professor Emeritus, The
University of Arizona, 4715 East Fort Lowell Road, Tucson, AZ 85712;
Bobby I. Griffin, Executive Vice President and President, Pacing, Medtronic,
Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432;
Bill K. Erickson, Senior Vice President and President, Americas, Medtronic,
Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432;
Janet S. Fiola, Senior Vice President, Human Resources, Medtronic, Inc., 7000
Central Avenue N.E., Minneapolis, MN 55432;
B. Kristine Johnson, Senior Vice President and President, Vascular, Medtronic,
Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432;
Philip M. Laughlin, Senior Vice President and President, Cardiac Surgery,
Medtronic, Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432;
John A. Meslow, Senior Vice President and President, Neurological, Medtronic,
Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432;
Robert L. Ryan, Senior Vice President and Chief Financial Officer, Medtronic,
Inc., and Chief Financial Officer and Director, MAMI, 7000 Central Avenue N.E.,
Minneapolis, MN 55432.
Barry Wilson, Senior Vice President and President, Europe, Middle East and
Africa, Medtronic, Inc., 7000 Central Avenue N.E., Minneapolis, MN 55432.
To the knowledge of the reporting persons, the responses to (d) and (e) of this
item are negative for each of the persons listed above.
(f) All of the individuals referred to above are United States citizens,
except Mr. Wilson, who is a dual citizen of the United Kingdom and
South Africa.
<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The subject shares were purchased for a purchase price of $1,000,000 by
Medtronic Asset Management, Inc. pursuant to a Subscription Agreement dated
October 29, 1997 by and between EchoCath, Inc. and Medtronic Asset Management,
Inc. The funds for the purchase were provided out of the working capital of
Medtronic Asset Management, Inc. following a capital contribution in like amount
made by Medtronic, Inc., which owns all the issued and outstanding shares of
Medtronic Asset Management, Inc. In conjunction with the purchase of the subject
shares, EchoCath, Inc. and Medtronic, Inc. entered into a License and
Development Agreement dated October 29, 1997, pursuant to which Medtronic, Inc.
will license EchoCath Inc.'s EchoMark and ColorMark technologies for use in
guiding devices during cardiac surgery.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the acquisition of the subject shares by Medtronic Asset
Management, Inc. was the acquisition of the medical technology licensed by
Medtronic, Inc. from EchoCath, Inc. pursuant to the concurrently executed
License and Development Agreement described in Item 3 above.
None of the reporting persons has any current plans or proposals which may
relate to or would result in any of the matters described pursuant to the
lettered subparagraphs of this item. Accordingly, the answers to Item 4 are as
follows:
(a) Inapplicable
(b) Inapplicable
(c) Inapplicable
(d) Inapplicable
(e) Inapplicable
(f) Inapplicable
(g) Inapplicable
(h) Inapplicable
(i) Inapplicable
(j) Inapplicable
(k) Inapplicable
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Medtronic, Inc., through its wholly-owned subsidiary Medtronic Asset
Management, Inc., is the beneficial owner of 363, 636 shares of Class A
Common Stock of EchoCath, Inc., which represents 17.9% of the outstanding
Class A Common Stock of EchoCath, Inc.
(b) Medtronic, Inc., through its wholly-owned subsidiary Medtronic Asset
Management, Inc., has the sole power to vote and the sole power to
dispose of 363, 636 shares of Class A Common Stock of EchoCath, Inc.
(c) The only transaction in the Class A Common Stock of EchoCath, Inc. that
was effected by any person named in paragraph (a) above during the past
60 days is the transaction reported in Item 3 above.
(d) No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds of the sale of, the
subject securities.
<PAGE>
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Medtronic, Inc. owns 548,000 shares of Common Stock of EP Medsystems, Inc.,
representing 7.2% of the outstanding shares of Common Stock of EP Medsytems,
Inc. EP Medsystems, Inc. owns 280,000 shares of Series B Cumulative Convertible
Preferred Stock, no par value, of EchoCath, Inc., representing all the issued
and outstanding shares of such class. The shares of Series B Cumulative
Convertible Preferred Stock are convertible into Class A Common Stock of
EchoCath, Inc. Medtronic, Inc. also has a representative on the Board of
Directors of EP Medsystems, Inc.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Filed as Exhibit A to this Form 13D is an agreement by the persons filing this
Form 13D to make a joint filing.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: November 7, 1996. Signature
MEDTRONIC, INC.
By /s/ Robert L. Ryan
------------------------------------
Robert L. Ryan
------------------------------------
Chief Financial Officer
------------------------------------
MEDTRONIC ASSET MANAGEMENT, INC.
By /s/ Robert L. Ryan
------------------------------------
Robert L. Ryan
------------------------------------
Chief Financial Officer
------------------------------------
<PAGE>
EXHIBIT A
The undersigned hereby agree to file a joint Schedule 13D with respect
to the interests of the undersigned in EchoCath, Inc. and that the Schedule 13D
to which this Exhibit A is attached has been filed on behalf of each of the
undersigned.
November 7, 1997 MEDTRONIC, INC.
By /s/ Robert L. Ryan
------------------------------------
Its Chief Financial Officer
MEDTRONIC ASSET MANAGEMENT, INC.
By /s/ Robert L. Ryan
------------------------------------
Its Chief Financial Officer
