July 10, 2018

Otsuka Medical Devices, Otsuka Holdings and ReCor Medical Announce
Signing of Merger Agreement
Otsuka Holdings Co., Ltd. (“Otsuka Holdings”), Otsuka Medical Devices Co., Ltd. (“Otsuka MedicalDevices”) and ReCor Medical, Inc. (“ReCor”) announce the signing of a merger agreement pursuant towhich Otsuka Holdings will acquire the remaining shares in ReCor from its current holders. The
transaction is subject to approval by ReCor’s shareholders.
Otsuka Holdings’ acquisition follows the announcement by ReCor on June 15 that the U.S. FDA has
given its approval to initiate a pivotal clinical study, RADIANCE II, for the evaluation of the Paradise
Renal Denervation System (“Paradise System”) for safe and effective reduction of blood pressure inpatients with hypertension. Previously, on May 23rd, ReCor announced at EuroPCR 2018, withsimultaneous publication in The Lancet, that its RADIANCE-HTN SOLO (“SOLO”) study of theParadise System met its primary efficacy endpoint and demonstrated a statistically significant reductionin blood pressure in hypertensive patients.
Following the acquisition, ReCor plans to continue to develop and evaluate the Paradise System inpatients with hypertension in preparation for worldwide commercialization, as well as explore its use inadditional clinical applications such as heart failure, kidney disease and metabolic disorders, while alsobuilding the Otsuka Medical Devices’ incubation and clinical development hub in the U.S. and Europe.
Tatsuo Higuchi, President and Representative Director of Otsuka Holdings, said: “Our decision today
reflects not only ReCor’s excellent clinical results, but also the close relationship we have built over theyears. Our acquisition of ReCor represents an important step forward for Otsuka’s medical device
business, leveraging an innovative technology with Otsuka’s expertise in pharmaceuticals and clinicaldevelopment.” Kazumichi Kobayashi, Global Renal Denervation Project leader and board member ofOtsuka Medical Devices, added: “ReCor’s statistically significant clinical results in the SOLO trial areconvincing biological proof that renal denervation with ReCor’s ultrasound-based system is effective in
reducing blood pressure in patients with hypertension. We are excited to commercialize this technology,which has the potential to become one of the great technological advancements in hypertension
treatment together with the ReCor team.”
Andrew Weiss, President & CEO of ReCor, said: “We are very encouraged by the results of our clinical
trials with the Paradise System, which have been conducted in the US and Europe – none of which
would have been possible without Otsuka and the strong relationship between our teams. Thistransaction demonstrates that tremendous value can be created for companies and venture investors
through strategic partnerships.” Mano Iyer, COO and Founder, added “We are grateful for the support
ReCor has enjoyed from our co-founders Antoine Papiernik of SOFINNOVA Partners and Dr. Jacques
Seguin, and our clinical study partners worldwide. We are excited to move forward in our collaboration

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with Otsuka to make the Paradise Renal Denervation System a standard of care for treatment ofhypertensive patients worldwide.”
About ReCor Medical, Inc.
ReCor Medical is a medical device company that designs and manufactures the Paradise System, aproprietary ultrasound ablation system for renal denervation (RDN). RDN is a new potential therapeutic
approach for the treatment of hypertension, one of the most prevalent medical conditions. The Paradise
System is approved for sale in the EU and bears a CE mark, but is not approved for sale in the UnitedStates. The System's intravascular catheters denervate renal nerves by combining the protection ofwater-based cooling of the renal artery with high intensity ultrasound energy for circumferential renal
nerve ablation. The Paradise System has been studied in clinical trials of approximately 300 patients todate. Following the positive outcomes of the RADIANCE-HTN SOLO trial, ReCor will continue its
evaluations of Paradise in RADIANCE-HTN TRIO (a feasibility study of patients with resistanthypertension) and REQUIRE (a pivotal study of patients with resistant hypertension in Japan andKorea), and launch the RADIANCE II pivotal study (a study of patients with moderate hypertension) inthe United States and Europe.
http://www.recormedical.com/
About Otsuka Holdings Co., Ltd. and Otsuka Medical Devices Co., Ltd.
Otsuka Holdings Co., Ltd. is the holding company of the Otsuka group, a global healthcare groupheadquartered in Tokyo, Japan. With operations in pharmaceuticals, nutraceuticals, medical devices andother health-related businesses, the group generated worldwide sales of JPY1,240 billion in the fiscal
year ended December 2017.
http://www.otsuka.com/en/
Established in 2011, Otsuka Medical Devices Co., Ltd. is a fully-owned subsidiary of Otsuka Holdings
and one of its core operating subsidiaries. Otsuka Medical Devices focuses on the development andcommercialization of endovascular devices that provide new therapeutic options in areas where patientneeds cannot be met through pharmaceutical or other conventional treatment.
Otsuka Medical Devices conducts the REQUIRE trial for renal denervation in hypertensive patients(n=140), who are uncontrolled on 3 or more medications including a diuretic, in Japan and Korea
through its subsidiary JIMRO Co., Ltd.
http://www.omd.otsuka.com/en/