Boston Scientific(NYSE:BSX) announced Wednesday that it is acquiring Minneapolis-based BridgePoint Medical, which has developed minimally invasive technologies to treat complete blockage of the coronary artery or coronary chronic total occlusions.
The terms of the transaction, expected to close in the fourth quarter, were not disclosed.
BridgePoint Medical’sCoronary Total Occlusion (CTO) system comprises the CrossBoss CTO Crossing Catheter and the Stingray CTO Re-Entry System. The system is designed to navigate totally blocked coronary arteries so that blood flow can be restored. This removes the need for invasive, coronary bypass surgeries.
The system has both U.S. Food and Drug Administration clearance and the CE Mark in Europe. It is currently the only crossing and reentry system that has regulatory clearance to be used in coronary CTOs nationwide.
“The BridgePoint Medical CTO system is a compelling addition to our industry-leading suite of cardiology products,” said Kevin Ballinger, president of the Interventional Cardiology Division at Boston Scientific, in a news release. ”This acquisition strengthens our portfolio and demonstrates the Boston Scientific commitment to continued leadership in interventional cardiology.”
The transaction will not have a material impact on Boston Scientific’s 2012 adjusted earnings and will be modestly accretive in the future, the statement noted.
BridgePoint Medical is led by Denis Harrington, who was a Boston Scientific veteran for 18 years, leading sales at its cardiovascular and CRM business before becoming CEO at BridgePoint in March last year.
[Photo Credit: freedigitalphotos user renjith krishnan]
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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.More posts by Author
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