Covidien and University of New South Wales to Collaborate on the Development of Novel Imaging Agent

NewSouth Innovations Pty Limited, the technology transfer arm of
University of New South Wales (UNSW), and Covidien Ltd. (NYSE: COV,
BSX: COV) today announced the signing of a license agreement to
develop an innovative, radiolabeled molecular imaging agent for
evaluating the efficacy of cancer treatments. This technology could
assist oncologists in determining the effectiveness of treatment and
the necessity for other therapeutic measures.

Based in Sydney, Australia, UNSW is a leader in the field of adult
cancer research with internationally recognized medical scientists.
Covidien Imaging Solutions, which is based in St. Louis, Missouri
(USA), is a leading provider of imaging products used by physicians to
detect and diagnose various diseases.

Under the exclusive, worldwide agreement, Covidien Imaging
Solutions has product development and commercialization rights for
this apoptosis technology, which was invented by Professor Philip
Hogg, who is a co-director of the Lowy Cancer Research Centre. The
family of small molecules developed by Professor Hogg is designed to
bind to cancer cells undergoing apoptosis, or the process of cell
death, as a result of chemotherapy treatment.

"This discovery stems from more than 10 years of research focused
on the design of molecular probes to study cellular processes," said
Professor Hogg. "These molecules are uniquely designed to attach to
proteins inside cells undergoing apoptosis driven by chemotherapy."

This early-stage apoptosis detection technology could take many
years to develop, but it has the potential for broad application
across a wide array of solid tumor cancers. According to data from the
World Health Organization's International Agency for Research on
Cancer, there are approximately 11 million new cases of cancer
worldwide each year. Along with helping doctors to assess therapeutic
responses non-invasively, this apoptosis technology would support the
movement toward personalized or targeted therapies based on a
patient's specific needs.

"This license agreement demonstrates Covidien's focus on
technology that is intended to improve patient care," said Steve
Hanley, President of Covidien Imaging Solutions. "Our goal is to
diagnose diseases or disease processes as early as possible. Apoptosis
imaging would assist physicians in personalizing a patient's treatment
by reducing the time needed to gauge the effectiveness of therapy."

In addition, pharmaceutical companies may use the apoptosis
technology to evaluate new products for cancer treatment.
Apoptosis-detecting imaging agents may also have applications outside
of cancer, such as in neurological and cardiac disease following
strokes and heart attacks.

ABOUT COVIDIEN

Covidien is a leading global healthcare products company that
creates innovative medical solutions for better patient outcomes and
delivers value through clinical leadership and excellence. Covidien
manufactures, distributes and services a diverse range of
industry-leading product lines, including Surgical Devices,
Energy-Based Devices, Respiratory and Monitoring Solutions, Patient
Care and Safety Products, Imaging Solutions, Pharmaceutical Products,
Medical Supplies and Retail Products. With 2006 revenue of nearly $10
billion, Covidien has more than 43,000 employees worldwide in 57
countries, and its products are sold in over 130 countries. Please
visit www.covidien.com to learn more about our business.

ABOUT UNIVERSITY OF NEW SOUTH WALES

The Sydney-based University of New South Wales (UNSW) is one of
Australia's leading teaching and research universities. Ranked in the
top 50 in the world, UNSW boasts close to 40,000 students and is
recognized as a leader in the field of medical research.

NewSouth Innovations Pty Limited (NSi), UNSW's technology transfer
arm, specialises in transforming research and technology developed at
UNSW into a successful venture or product. With more than 45 years'
experience NSi evaluates research technologies, identifies appropriate
collaboration opportunities and provides industry partners and
investors with access to a wide range of technologies with broad
commercial potential.