Boston Scientific ‘unsure’ when stock selling will finish

Boston Scientific’s president and chief executive has said he “doesn’t know” if the company’s founders have almost finished selling stock.

The trading of the 55 million shares by the business’s co-founders Peter Nicholas and John Abele – due to margin calls – has contributed to the organisation’s stock price fall in the past few months.

Speaking in a Piper Jaffray health-care conference, James Tobin said he could not discuss a time-frame.

He said: “I don’t know is the short answer.”

“We didn’t know this would happen in the first place. But it can’t go on forever.”

Mr Tobin went on to note the stock’s current position is significant, with the launch of new heart devices such as drug-coated artery-opening stents and implantable defibrillators.

The company’s chief executive Samuel Leno added the delay was “frustrating” for the organisation.

Shares of Boston Scientific closed at $5.91 (4.03 pounds) – down 4.2 per cent – on Monday.

In October, the company said it welcomed an announcement by the UK’s National Institute for Health and Clinical Excellence, which recommended the use of spinal cord stimulation for patients with chronic neuropathic pain.

The organisation’s comprehensive final guidance confirmed it is both safe and clinically effective.