Medical device and in vitro diagnostics company Surmodics has acquired Ireland-based medical device maker Vetex Medical to extend its thrombectomy portfolio.
Vetex Medical focuses on developing solutions for venous thromboembolism (VTE), or clot removal, to boost clinical outcomes and enhance patients’ quality of life.
According to the acquisition deal, Vetex received an upfront payment of $39.9m from Surmodics.
On meeting some product development and regulatory milestones, further payments of up to $7m, $3.5m of which are definite, will be made by Surmodics.
Surmodics funded the upfront payment using cash on hand and $10m from its revolving credit facility of $25m.
With the acquisition, Surmodics will gain ownership of Vetex’s ReVene Thrombectomy Catheter, a device that received US Food and Drug Administration (FDA) 510(k) approval in December last year.
This device can remove big, mixed-morphology blood clots commonly seen with VTE.
It is intended for mechanical de-clotting and to selectively infuse physician-specified fluids, such as thrombolytics, in peripheral vasculature.
Using dual-action technology, ReVene can effectively remove the mixed-morphology clot in one session, reducing the requirement for thrombolytics, and without using capital equipment.
Surmodics president and CEO Gary Maharaj said: “This acquisition demonstrates our commitment to the expansion of our thrombectomy platform to remove thrombus in venous vascular beds, with an exciting technology that offers significant improvements over current therapies.
“Surmodics is now well-positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis.”
Surmodics secured the FDA 510(k) clearance for its Pounce Thrombus Retrieval System in September last year.
In the second half of this fiscal year, Surmodics plans to commence clinical evaluation activities for the Pounce Arterial Thrombus Retrieval System used for removing clots in peripheral arteries.
The company also intends to clinically evaluate the ReVene Thrombectomy Catheter for removing clots from veins in the next fiscal year.