Chinese trans-catheter heart valve company Venus Medtech (Hangzhou) Inc., has announced it has signed an agreement to acquire Israeli company Keystone Heart. The Caesarea-based privately-held medical device company has developed TriGUARD 3™, a cerebral embolic protection device designed to provide complete coverage to all brain regions for patients undergoing cardiac procedures.
No financial details were disclosed but sources close to thec deal estimate that the acquisition is for nearly $100 million. The company raised $14 million in a Series B financing round in 2014.
Keystone Heart president and CEO Chris Richardson said, "We are excited to be joining a truly entrepreneurial company like Venus. Providing brain protection for every TAVR patient will differentiate Venus Medtech and position them as a leader in structural heart therapies - underscoring its dedication to excellence, determination to provide a total solution for patients undergoing TAVR procedures and focus on patient safety. This partnership provides us the unique opportunity to improve the lives of patients undergoing structural heart procedures with cerebral embolic protection and the ability of bringing new cutting-edge therapies into the US & EMEA."
Keystone Heart is focused on protecting the brain from emboli to reduce the risk of brain infarcts during TAVR, surgical valve replacement, atrial fibrillation ablation and other structural heart procedures. The company is currently enrolling patients in the REFLECT trial in the US to evaluate TriGUARD 3, anticipating enrollment completion in the early part of the first quarter of 2019 and FDA review in the first half of 2019. CE mark approval for Europe is anticipated by the end of this year.
"It is of utmost importance to us that our devices improve the quality life of the patients whom receive them," said Eric Zi, co-founder and CEO of Venus Medtech. "Our trans-catheter heart valve systems offer patients life-saving support - acquiring Keystone Heart allows us the opportunity not only to reduce the risk of brain injury during cardiac procedures but establishes our presence in the US and EMEA through which we can introduce our entire portfolio of products."
The merger is expected to close in the fourth quarter of 2018, subject to customary closing conditions.
Published by Globes [online], Israel business news - www.globes-online.com - on September 26, 2018
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