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Press Release

Apollo Endosurgery, Inc. to start operations in Costa Rica

JANUARY 16th 2015

US medical device company specializing in bariatric and gastro-intestinal devices announces immediate hiring, in the next two months, of its first 11 Costa Rican employees.

COSTA RICA (January 16, 2015) – Apollo Endosurgery, Inc., a US medical device company, announced today that it has chosen Costa Rica to install its new manufacturing plant in Coyol, Alajuela, where it will manufacture a range of products including the LAP-BAND® System – the only FDA approved device for weight reduction for people with at least one weight-related health problem, and having a BMI of 30 or greater.

For the start of operations in 2015, around 40 people will be hired to work in the 1,750 m2 facility. The initial employee profiles required by the company are positions in Quality Assurance, Production, Engineering and Supply Chain.

The products manufactured at the plant will be distributed from Costa Rica to worldwide markets.

Costa Rican talent will improve the quality of life of millions of people.

The products that will be manufactured by Apollo Endosurgery in Costa Rica are gastric banding devices to help with weight reduction. These devices are placed around the upper part of the stomach and reduce the amount of food intake so the individual feels full sooner, stays full longer and reduces hunger urge.

The exports of precision equipment and medical devices in Costa Rica have grown twice as fast as the rest of the Free Trade Zone exports. The 63 companies in the life sciences sector employed more than 19,000 people at the end of 2014.

The President of the Republic, Luis Guillermo Solis, said the arrival of Apollo Endosurgery ratifies the recognition of Costa Rica amongst medical manufacturing companies, thanks to human talent that the country offers. "I am pleased by the decision announced by this company to come to the country and trust Costa Ricans to produce their innovative devices. Our goal as a government is to generate quality jobs through foreign investment and these announcements fill us with satisfaction ".

“Costa Rica is highly regarded in the medical device industry as a great place to invest because of its very talented people combined within a very stable regulatory environment.  We at Apollo Endosurgery are very pleased to become a part of the Costa Rican business community,” said Todd Newton, Chief Executive Officer for Apollo Endosurgery.  

The Minister of Foreign Trade, Alexander Mora, affirmed that “one of the objectives sought with the arrival of multinational companies is to generate greater linkages with the local industry. We want to bring these benefits to all the national territory and we will keep seeking for more investment that generates quality jobs for Costa Ricans”.

The Managing Director of CINDE, Jorge Sequeira, said the medical devices industry in the country is growing and the arrival of Apollo Endosurgery comes to further diversify the range of devices produced in Costa Rica. "Exports of the Life Sciences sector reached approximately US $1.9 billion at the end of 2014 and it is expected that in 2015 the medical devices are the main export of the country," he said.

For those interested in applying for a job with the company, there will be detailed position information in the press in the next few days.

About Apollo Endosurgery, Inc.

Apollo Endosurgery, Inc. is the leader in minimally invasive endoscopic surgical products for bariatric and gastrointestinal procedures. Apollo Endosurgery was cofounded with the Apollo Group, a unique collaboration of physicians from the Mayo Clinic, Johns Hopkins University, Medical University of South Carolina, the University of Texas Medical Branch and the Chinese University of Hong Kong. This collaboration developed a broad portfolio of patents in the field of endoscopic surgery that became the foundation of Apollo Endosurgery. For more information regarding Apollo Endosurgery, go to:

About LAP-BAND® System

In a LAGB procedure, a band is placed around the upper part of the stomach. As the band inflates, it shrinks the size of the stomach. This helps individuals reduce the amount of food intake and slows emptying into the lower stomach. This helps individuals feel full sooner, stay full longer and reduce hunger urge.

The LAP-BAND® System was acquired in late 2013 by Apollo Endosurgery, Inc. of Austin, Texas, from Allergan, Inc.

APOLLO ENDOSURGERY and LAP-BAND® System are worldwide trademarks or registered trademarks of Apollo Endosurgery, Inc.

Warnings: The LAP-BAND® System is a long-term implant. Explant and replacement surgery may be required. Patients who become pregnant or severely ill or who require more extensive nutrition may require deflation of their bands. Adverse Events: Placement of the LAP-BAND® System is major surgery and, as with any surgery, death can occur. Possible complications include the risks associated with the medications and methods used during surgery, the risks associated with any surgical procedures, and the patient’s ability to tolerate a foreign object implanted in the body. Band slippage, erosion and deflation, reflux, obstruction of the stomach, dilation of the esophagus, infection, or nausea and vomiting may occur. Reoperation may be required. Rapid weight loss may result in complications that may require additional surgery. Deflation of the band may require additional surgery. Deflation of the band may alleviate excessively rapid weight loss or esophageal dilation.