SORIN GROUP CLOSES FURTHER INVESTMENT IN ENOPACE BIOMEDICAL
This additional investment, with option-to-buy, will enable development of a unique interventional technology for the largest unmet clinical need in the cardiovascular field
Milan, Italy, February 28, 2013 – Sorin Group (Reuters Code: SORN.MI), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today its additional minority investment and an option-to-buy in Enopace Biomedical, an early-stage company focused on the development of a neuromodulation system to treat patients with heart failure.
Enopace’s unique technology consists of an endovascular micro-stimulator that increases cardiac efficiency by reducing left ventricular workload in heart failure patients. Heart failure is the largest unmet clinical need with the highest associated healthcare costs in the cardiovascular world today. Neuromodulation systems represent a significant opportunity to expand the clinical indications for device-based heart failure therapy.
Following the initial investment executed in October 2011, Sorin Group is currently investing $5 million in Enopace and will make additional investments upon achievement of development milestones. This investment will finance the on-going development and testing of the technology. Under the terms of the new agreement, Sorin Group is granted an exclusive option to acquire the company in the future. In addition, Sorin Group is investing $5 million in Rainbow Medical, the leading Israeli medical device innovation house and owner of Enopace.
“The Enopace investment is another important step forward in creating a significant long term growth platform in heart failure therapies,” said André-Michel Ballester, CEO of Sorin Group, “This deal is consistent with Sorin’s Strategic Plan to accelerate top-line growth through investments in innovation.”
“We have enjoyed our relationship with Sorin Group and believe this additional investment in Enopace is a vote of confidence in our technology and our team. We remain committed to bringing this technology to market,” said Efi Cohen Arazi, CEO of Rainbow Medical and Chairman of the Board of Enopace Biomedical.
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, the Company focuses on two major therapeutic areas:Cardiac Surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and Cardiac Rhythm Management (pacemakers, defibrillators, cardiac resynchronization devices). Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
About Enopace Biomedical
Enopace Biomedical is a start-up company developing an implantable, miniature neurostimulation device for congestive heart failure patients. The company is led by Chief Executive Officer Amir Dagan, and based in Caesarea, Israel. Enopace Biomedical was founded in 2008 by the leading Israeli med-tech operational investment group Rainbow Medical (www.rainbowmd.com). Rainbow Medical has seeded and grown over ten companies based on breakthrough technology developed by Yossi Gross, one of the world’s most successful entrepreneurs and med-tech inventors, in a diverse range of medical fields.
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