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Medtronic to close Israeli operations of Ventor Technologies and lay off 55

March 22, 2012 1:59 pm by | 1 Comments

Roughly three years after acquiring Ventor Technologies for $325 million, Medtronic (NYSE:MDT) is closing the Israeli operation and laying off 55 employees, according to an Israeli publication.

Ventor Technologies brought transcatheter aortic valve technologies to Medtronic.

A Medtronic spokesman confirmed Thursday that Ventor’s operations will cease in Israel, noting that the move is part of the company’s plan to consolidate the heart valve R&D programs.

Medtronic CEO Omar Ishrak has promised to deliver operational efficiency at the company.

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Chris Garland, the spokesman, added that further product development of Ventor’s Engager aortic valve will be undertaken at the company’s Galway location in Ireland, while its manufacturing will move to Santa Ana, California. Medtronic also plans to complete the pivotal trial to win European regulatory approval for the Engager valve, said Chris Garland, the spokesman. That trial began in September.

However, Garland said the company has not made a decision on where to continue Ventor’s transcatheter mitral replacement program. He noted that Ventor’s chief executive — Guy Ezekiel — will remain with the company during the two-month transition period.

Procedures involving transcatheter aortic valves remove the need for open heart surgery, thereby providing an alternative to people who have severe stenosis but who are incapable of undergoing an open heart surgery due to poor health.

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Arundhati Parmar

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
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1 comments
Rina
Rina

This is an example of why I hate Medtronic. They do nothing but cannabilize small companies, often selling them off in small pieces to make the bottom line look good. Not necessarily better for the consumer or the supply chain, but that's what they do.