UPDATE: Medtronic reveals stake in Arsenal AAA

Medtronic (NYSE:MDT) this week said it took out a stake with an exclusive option to buy in Arsenal Medical subsidiary Arsenal AAA. Arsenal AAA is developing a hemostatic foam and delivery system designed to reduce the chance of endoleaks after the placement of a stent graft to treat an abdominal aortic aneurysm. Arsenal president & CEO Maria Palasis told MassDevice.com that the product is designed “to controllably fill cavities in the presence of blood flow.” Financial terms of the investment were not disclosed, but Medtronic said the deal includes an option to acquire Arsenal “after the company achieves certain milestones.” Earlier this month, Arsenal and sister company 480 Biomedical raised a collective $26 million from a syndicate of backers that included “a long-term strategic investor,” which Palasis yesterday confirmed as Medtronic. 480 Biomedical, which spun off from Arsenal in 2011, is developing a bioresorbable stent for treating occlusive disease in the superficial femoral artery. Medtronic’s aortic division general manager, Daveen Chopra, said his company’s investment in Arsenal AAA is part of its plan to invest in core abdominal aortic aneurysm markets “and complements our organic investments in next-generation stent graft programs.” “The investment will allow Arsenal AAA to utilize its expertise in foam technologies to address persistent endoleaks that can occur after endovascu...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Funding Roundup Mergers & Acquisitions 480 Biomedical Arsenal AAA Arsenal Medical medtronic Source Type: news