SORIN GROUP ANNOUNCES THE ACQUISITION OF NEUROTECH, A DEVELOPMENT-STAGE COMPANY FOCUSED ON NEUROSTIMULATION
The acquisition confirms Sorin Group’s strategic plan to continue to invest in its Heart Failure growth platform
Milan, Italy, November 12, 2012– Sorin Group (Reuters Code: SORN.MI), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today the acquisition of Neurotech SA (“Neurotech”), a developer of neurostimulation devices.
This acquisition will accelerate the time to market of Sorin’s neuromodulation therapies to treat Heart Failure. Neurotech will also complement Sorin’s key Heart Failure treatment technical expertise and enhance its intellectual property position.
Neurotech was formed in 1994 by the Université catholique de Louvain and funded by entities of the Walloon Region of Belgium. Neurotech has unique expertise in the development of implantable medical devices that stimulate the vagus nerve. Stimulation of the vagus nerve has shown promising clinical effects on the cardiovascular function in experimental and pilot clinical studies, and may become a potential treatment for heart failure.
“This deal confirms Sorin Group’s commitment to the hemodynamic management of Heart Failure and our decision to enter the neuromodulation market. The Neurotech acquisition is another important step forward in our long-term growth initiatives announced in our recent Strategic Plan,” said André-Michel Ballester, Chief Executive Officer of Sorin Group.
About Sorin Group
Sorin Group (www.sorin.com)is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures, and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, Sorin Group focuses on three major therapeutic areas: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management, and heart valve repair and replacement. Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
Neurotech SA, located in Louvain-la-Neuve (Belgium), is a spin-off of the Université catholique de Louvain and has been funded by SOPARTEC, the technology transfer company of Université catholique de Louvain, Vives Louvain Technology Fund SA and SRIW Techno SA (Société Régionale d'Investissement de Wallonie). Neurotech designs and develops implantable medical devices for the treatment of debilitating disorders by neurostimulation. Neurotech’s first developed product, an implantable vagus nerve stimulator, presents two key differentiators: the ADNS-300 uses a rechargeable battery and not only stimulates the vagus nerve but also records neural activity from the left vagus nerve using an innovative cuff electrode. This unique sensing feature enables the physician to capture the “compound action potential” (CAP) generated by the stimulation, which should allow an improved and personalized treatment.
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