Medical technology company Medtronic has announced the acquisition of US-based privately held medical device company Avenu Medical.
The terms of the transaction were not revealed.
Avenu Medical specialises in the minimally invasive endovascular creation of arteriovenous (AV) fistulae for end-stage renal disease (ESRD) patients undergoing dialysis.
AV fistulae facilitate dialysis therapy and are created by connecting a vein and artery in the arm.
Avenu Medical’s Ellipsys Vascular Access System is a single-catheter, ultrasound-guided device. The device inserts the catheter through the skin into the arm to create a durable AV fistula.
Avenu Medical co-founder and Richmond Vascular Center director Jeffrey Hull said: “AV fistulae are like lifelines to patients, undergoing dialysis. Until recently, the only option to create a fistula was through invasive surgery, which is associated with high failure rates.
“The Ellipsys system has shown durable outcomes out to two years and has the ability to shorten procedure times and potentially reduce costs. Unlike open surgery, sutures are not required after the procedure and the patient leaves with just an adhesive bandage.”
The Ellipsys Vascular Access System is CE-marked for distribution in the EU and has the Food and Drug Administration (FDA) clearance. It is indicated in the EU and the US for the creation of a proximal radial artery to perforating vein anastomosis for percutaneous creation of an AV fistula.
Avenu Medical president and CEO Mark Ritchart said: “Medtronic’s acquisition of Avenu aligns directly with our vision of bringing less invasive, endovascular solutions to patients, requiring durable vascular access.
“With Medtronic’s extensive market presence, clinical leadership and market development expertise, coupled with Avenu’s customer-focused team and innovative technology, we are confident that together, we can drive awareness and adoption of this technology globally.”
The acquisition of Avenu Medical will enable Medtronic to broaden and strengthen its vascular business and related portfolio.
Medtronic Peripheral Vascular business vice-president and general manager Mark Pacyna said: “Now, with the acquisition of Avenu Medical, we can support procedures across the vascular access care continuum while continuing to provide innovative endovascular therapies that will ultimately reach even more patients with ESRD around the world.”
The acquisition is subject to the satisfaction of certain customary closing conditions and is expected to close this month. It is the sixth deal in a series of acquisitions made by Medtronic this year.
The move follows Medtronic’s previous strategic acquisitions of Nutrino and Klue.
Medtronic recently announced the deal to acquire 3D-printed titanium implants manufacturer Medicrea and insulin pen manufacturer Companion Medical.