LETTER OF CREDIT DATED SEPTEMBER 16, 2005 ISSUED I

Exhibit 99.1

LASALLE BANK N.A.

GLOBAL TRADE ADVISORY

ABN AMRO PLAZA

540 W. MADISON – 26 ^TH FLOOR

CHICAGO, IL 60661

TELEPHONE: 312-904-8462 TELEFAX: 312-904-6303

SWIFT: LASLUS44

SEPTEMBER 16, 2005

STANDBY LETTER OF CREDIT NUMBER: S584393

AMOUNT: USD 1,000,000.00

(ONE MILLION AND 00/100 UNITED STATES DOLLARS)

DATE OF EXPIRY: SEPTEMBER 15, 2006

PLACE OF EXPIRY: OUR COUNTERS

WE HEREBY ISSUE OUR IRROVOCABLE LETTER OF CREDIT NO. S584393 IN FAVOR OF THE IRVINE COMPANY FOR THE ACCOUNT OF EV3 ENDOVASCULAR, INC. FKA EV3 INC. WE UNDERTAKE TO HONOR YOUR DRAFT OR DRAFTS AS DESCRIBED BELOW, DELIVERED TO US FROM TIME TO TIME, FOR ANY SUM OR SUMS NOT TO EXCEED A TOTAL OF ONE MILLION AND 00/100 UNITED STATES DOLLARS (USD 1,000,000.00) IN FAVOR OF SAID BENEFICIARY AND A LETTER FORM AN OFFICER OF THE IRVINE COMPANY THAT STATES AS FOLLOWS: “THE “LANDLORD” UNDER THE LEASE PURSUANT TO WHICH THIS LETTER IF CREDIT WAS ISSUED IS AUTHORIZED TO DRAW UPON THIS LETTER OF CREDIT IN THE AMOUNT OF THE ACCOMPANYING DRAFT ACCORDING TO THE TERMS OF ITS LEASE AGREEMENT WITH THE ACCOUNT PARTY AS “TENANT”.”

IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL REMAIN ENFORCEABLE AGAINST US FOR A PERIOD OF ONE YEAR FROM THIS DATE AND FURTHER, THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED FOR SUCCESSIVE ONE-YEAR PERIODS WITHOUT AMENDMENT THEREAFTER UNLESS THIRTY (30) DAYS PRIOR TO THE EXPIRATION DATE SET FORTH ABOVE, OR WITHIN THIRTY (30) DAYS PRIOR TO THE END OF ANY YEARLY ANNIVERSARY DATE THEREAFTER, YOU SHALL RECEIVE OUR NOTICE IN WRITING BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY COURIER, THAT WE ELECT NOT TO RENEW THIS LETTER OF CREDIT FOR ANY SUBSEQUENT YEAR.

THE DRAFT MUST BE MARKED “DRAWN UNDER LASALLE BANK N.A. LETTER OF CREDIT NO. S584393 DATED SEPTEMBER 16, 2005.”

THIS STANDBY LETTER OF CREDI