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The London-based company said it has acquired Novate Medical for about $20 million in cash with an additional $130 million in milestones.
September 10, 2018
1 Min Read
BTG is busy on the M&A trail today. The London-based company has acquired Novate Medical, a firm focused on the prevention of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events, for $20 million in cash with an additional $130 million in milestones.
Novate Medical has developed Sentry, a bioconvertible inferior vena cava (IVC) filter, which has recently been granted 510(k) regulatory clearance.
Sentry’s 12-month clinical trial data demonstrated no new symptomatic PE and no evidence of device migration, tilt, fracture, perforation or embolization, complications which have been associated with some other IVC filters. Novate Medical said bioconversion feature eliminates the need for an additional interventional procedure to retrieve the device.
“This bolt-on acquisition further enhances BTG’s strength in the vascular space,” Louise Makin, BTG’s CEO, said in a release. “Novate’s unique IVC filter offers our existing customers a highly complementary product in the management of PE.”
The acquisition follows an FDA advisory panel voting against the approval of BTG's Elevair endobronchial coil system for the treatment of people with severe emphysema. The company said it plans to work with the agency to address the specific concerns the advisory panel raised. The Elevair system is called the PneumRx coils in Europe.
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