SORIN GROUP INVESTS IN CARDIOSOLUTIONS, A DEVELOPMENT-STAGE COMPANY FOCUSED ON MITRAL VALVE TECHNOLOGY
Investment will fund development of a unique percutaneous technology for mitral regurgitation
Milan, Italy, July 9, 2012 – Sorin Group (Reuters Code: SORN.MI), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today a minority investment in Cardiosolutions Inc., an early-stage company focused on the development of an innovative percutaneous system to treat patients with moderate to severe mitral valve regurgitation.
Cardiosolutions’ technology consists of a proprietary catheter delivery system and an implantable device, the Mitra-SpacerTM. This device is designed to fill the void created by a dilated valvular annulus or deteriorating valve mechanism. By providing a sealing surface for the leaflets of the diseased mitral valve, the implant reduces the mitral regurgitation in patients.
This cutting-edge technology represents a less invasive and percutaneous solution for patients who suffer from moderate to severe mitral regurgitation, including a portion of those who have congestive heart failure. Today two to three percent of the world’s population suffers from mitral regurgitation. Approximately 2.3 million patients in the US and Europe suffer from severe mitral regurgitation. Every year some 500,000 new patients are diagnosed with the disease, of which over 80% are untreated. For a substantial group of patients, surgery is not an option because they are high risk and many others delay treatment due to moderate symptoms. All these patients could benefit from a less invasive solution.
Sorin’s $8 million investment in Cardiosolutions will finance on-going product development and clinical testing of the technology. Under the terms of the agreement, Sorin has also an option to acquire the company in the future. Sorin Group joins STD Med and BioVentures Investors as an investor in Cardiosolutions.
“Mitral valve disease is significantly undertreated in the world today and patients are looking for less invasive therapies to address this condition. The investment in Cardiosolutions confirms Sorin’s commitment to continuously introduce innovation in the two areas we have prioritized, heart valves therapies and heart failure, and it represents an important step forward in our long-term growth initiatives,” said André-Michel Ballester, CEO of Sorin Group.
“We are very pleased to have Sorin Group, a leading European medical device company, as our strategic partner. They are bringing valuable industry experience, strong competencies in regulatory affairs and clinical studies, as well as a solid marketing and distribution platform as we continue to make advances with our Mitra-Spacer technology,” said Steve Tallarida, President and CEO of Cardiosolutions.
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.
Cardiosolutions, Inc. (www.cardiosolutionsinc.com),based in West Bridgewater, Massachusetts, is an early-stage company focused on the development of the Mitra-Spacer™,a novel percutaneous implant for treating mitral regurgitation. The company has also developed theDexterity™ Steerable Introducer System which is intended to be used for the advancement and delivery of cardiovascular catheters into the heart. Together these products are designed to address the unmet clinical need for a minimally invasive solution for patients diagnosed with moderate to severe mitral regurgitation who currently forgo treatment because they cannot tolerate a highly invasive procedure. Cardiosolutions is another novel medical device technology incubated within and spun out of STD Med, Inc. (Stoughton MA.) in 2006, partnering with BioVentures Investors, a leading Medtech venture firm.
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