Boston Scientific to acquire Apama Medical in deal worth up to $300m

Boston Scientific, Apama Medical

Boston Scientific (NYSE:BSX) said today it inked a deal worth up to $300 million to acquire Apama Medical and its radiofrequency balloon catheter system designed to treat atrial fibrillation.

The deal includes an initial $175 million in cash up-front from Marlborough, Mass.-based Boston Scientific and an additional $125 million in contingent payments between 2018 and 2020 based on clinical and regulatory milestones. Boston Scientific expects the acquisition to close the 4th quarter of 2017.

Campbell, Calif.-based Apama’s novel RF balloon is a single-shot, multi-electrode device designed to combine the benefits of RF point-by-point and balloon-based ablation approaches, the company said, claiming the system delivers differentiated energy levels and shorter procedure times.

The system features an incorporated digital camera with LED lights and sensing electrodes for real-time visualization of the procedure and catheter electrode contact.

“The acquisition of Apama further advances our continued investment in the electrophysiology category, and, upon commercialization, would broaden our portfolio of differentiated arrhythmia solutions. We are also excited about the ability to integrate the Apama RF balloon system with our Rhythmia HDx mapping system to provide physicians with an unprecedented visualization of the heart during ablation procedures,” Boston Scientific rhythm management prez Joe Fitzgerald said in a prepared statement.

Results from the 1st-in-human study of the device showed the Apama RF balloon met safety and efficacy endpoints and achieved successful pulmonary vein isolation in treating paroxysmal AF patients.

“Study results reinforce the Apama RF balloon is an advancement in single-shot technology for PVI and can provide physicians with greater control and efficiency when performing AF ablations. We look forward to continuing the development and commercialization of this novel ablation solution to treat both paroxysmal and persistent AF,” Boston Scientific rhythm management and global health policy chief medical officer Dr. Kenneth Stein said in a press release.

The Apama RF balloon is currently being studied in clinical trials in Europe as the company looks to achieve CE Mark approval, which it hopes to receive in late 2018.

Boston Scientific said the acquisition is expected to be immaterial to its adjusted earnings per share for 2017 and 2018, and more dilutive on a GAAP basis due to amoritization expense, transaction and integration related costs.

Last November, Apama Medical said it raised a total of $19.7 million, with $13.2 million coming from a closed Series C round and $6.5 million from a debt facility with Silicon Valley Bank.

The post Boston Scientific to acquire Apama Medical in deal worth up to $300m appeared first on MassDevice.

Anaconda Biomed raises $17m for next-gen brain thrombectomy device

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Anaconda BiomedAnaconda Biomed said it raised nearly $17 million (€15 million) in a Series A round for the neurothrombectomy device it’s developing.

The round, led by new investors Ysios Capital, Omega Funds and Banco Sabadell and prior backer Innogest Capital, is enough to carry the ANCD Brain device through validation & verification and clinical studies ahead of a CE Mark bid in the European Union, co-founder & CEO Ofir Arad said in prepared remarks.

The proceeds are also earmarked for an initial approval submission to the FDA, Arad said. Ysios general partner Josep Sanfeliu and Omega Funds managing director Claudio Nessi joined Barcelona-based Ananconda’s board in connection with the Series A round, the company said.

“This financing provides Anaconda Biomed  the capital necessary to substantially progress the development of our ANCD Brain device, including the validation and verification process, clinical studies to support the initial commercialization of ANCD Brain  in Europe, and an initial submission to FDA,” Arad said. “Furthermore, the addition of Josep and Claudio to our board will strengthen the extensive operational and financial expertise available to our management team.”

“The investment in Anaconda Biomed is great news not only for the consolidation of the medtech ecosystem in Spain and Barcelona but also for the amazing work of the founders in putting together a disruptive medical device by combining excellent medicine with high tech chemistry,” Sanfeliu added.

“We are very pleased for this sizable investment round following our first seed investment in Anaconda Biomed 1 year ago,” Innogest partner Claudio Rumazza said in a statement. “With its innovative design addressing a clear clinical need and a capable management team, Anaconda Biomed is well positioned to be a winner in the high growth stroke treatment market and a success story for European medtech industry”.

“Mechanical thrombectomy is quickly becoming a game changing procedure for ischemic stroke patients,” Nessi said. “Our analysis suggests that Anaconda’s innovative device may become the next generation device and therefore a market leader.”

Anaconda last month tapped Creganna Medical as its development partner for the ANCD Brain device.

($1 = €0.888797)

QT Vascular raises $14m

QT Vascular

QT Vascular said this week it inked a private placement deal with Gem Global Yield Fund for up to $14.3 million (SGD $20 million) over the next 30 months.

In the funding agreement, Singapore-based QT Vascular will receive up to $7.2 million (SGD $10 million) over the next 30 months, with an option for an additional $7.2 million on identical terms to the original agreement. The option is available for a period of 6 months, the company said.

Funds are slated to support repaying existing debt, improve cash flow and increase production to support its non-drug coated Chocolate PTA products.

“This agreement with GEM Global continues the momentum, started with winning the legal case with AngioScore Inc. last year, and then signing a distribution agreement with Medtronic last month. It gives QT Vascular some strong alternatives as it secures funding for continued growth and development of the Company over the next few years. This capital commitment places QT Vascular in a commanding position to continue with its business and strategic partnership plans, improve the Group’s cash flow and increase production to support market demand for our products,” QT Vascular CEO Eitan Konstantino said in a prepared statement.

QT Vascular said it also agreed to issue 35 million warrants to GEM Global, each with the right to subscribe to 1 new ordinary share in the company. The rights will be exercisable for 5 years at a fixed price of 7¢ per share (SGD 10¢).

In February, QT Vascular said it inked a definitive agreement with Medtronic (NYSE:MDT) to distribute QT’s Chocolate PTA catheter for 5-years.

The deal between QT Vascular and Fridley, Minn.-based Medtronic will be automatically renewable for 2 additional 1-year periods, and both companies will continue to negotiate other aspects of their relationship.