US-based St Jude Medical has completed the acquisition of CardioMEMS, developer of the CardioMEMS HF System.
Claimed to be the first and only FDA-approved heart failure (HF) monitoring device, the CardioMEMS HF System has been proven to reduce hospital admissions when used by physicians to manage heart failure.
St Jude Medical chairman, president and chief executive officer Daniel Starks said: "St Jude Medical's acquisition of CardioMEMS shows our commitment to providing innovative medical device solutions that reduce the burden of complex diseases like heart failure, both on patients and health care systems.
"The CardioMEMS HF System achieves this goal by setting a new treatment paradigm for heart failure that reduces hospitalisations and improves the quality of life for patients."
St Jude Medical is currently planning to initiate its strategic launch of the CardioMEMS HF System in the US.
The CardioMEMS HF system uses a miniaturised, wireless monitoring sensor that is implanted in the pulmonary artery (PA) during a minimally invasive procedure to directly measure PA pressure.
According to the company, the CardioMEMS HF System will enable clinicians to stabilise PA pressures by proactively managing medications and other treatment options, as well as provide an early indication of worsening HF.
In the transaction, BofA Merrill Lynch acted as financial advisor and Gibson, Dunn & Crutcher as legal counsel to St Jude Medical, while JP Morgan Securities acted as financial advisor to CardioMEMS and Cooley LLP as legal counsel.
The system is supported by strong clinical evidence, including data from the randomised, controlled CHAMPION trial, which proved its effectiveness in New York Heart Association (NYHA) Functional Classification System class III HF patients who had been hospitalised for HF in the previous 12 months.
Last month, the company secured approval from the US FDA for the use of CardioMEMS HF System.
Image: St Jude Medical currently intends to start its strategic launch of the CardioMEMS HF System in the US. Photo: courtesy of Business Wire.