Medtronic has announced it will acquire Avenu Medical, a privately held medical device company based in San Juan Capistrano, California.
Avenu is focussed on the endovascular creation of arteriovenous (AV) fistulae for patients with end-stage renal disease (ESRD) undergoing dialysis. Terms of the transaction were not disclosed.
AV fistulae are created by connecting a vein and artery in the arm to facilitate dialysis therapy. Historically, they have been created using an open surgical approach. In contrast, Avenu Medical's Ellipsys Vascular Access System is a single-catheter, ultrasound-guided device that inserts a catheter percutaneously (through the skin) into the arm to create a durable AV fistula. The procedure can be performed in the hospital outpatient department, ambulatory surgery centre (ASC), or physician's office.
Jeffrey Hull, director of the Richmond Vascular Center and co-founder of Avenu Medical, said: "AV fistulae are like lifelines to patients undergoing dialysis. Until recently, the only option to create a fistula was through invasive surgery, which is associated with high failure rates. The Ellipsys system has shown durable outcomes out to two-years and has the ability to shorten procedure times and potentially reduce costs. Unlike open surgery, sutures are not required after the procedure and the patient leaves with just an adhesive bandage."
The Ellipsys Vascular Access System bears the CE mark and is cleared by the FDA. It is indicated in both geographies for the creation of a proximal radial artery to perforating vein anastomosis for percutaneous creation of an AV fistula.
Mark Ritchart, president and chief executive officer of Avenu Medical sadi: "Medtronic's acquisition of Avenu aligns directly with our vision of bringing less invasive, endovascular solutions to patients requiring durable vascular access. With Medtronic's extensive market presence, clinical leadership, and market development expertise, coupled with Avenu's customer-focussed team and innovative technology, we are confident that together, we can drive awareness and adoption of this technology globally.”
The acquisition is expected to close in October- subject to the satisfaction of certain customary closing conditions. The acquisition of Avenu Medical is the sixth in a series of tuck in acquisitions that Medtronic has made in 2020.
Mark Pacyna, vice president and general manager of the Peripheral Vascular business at Medtronic, said: "Within the last year, we've seen significant momentum with the launch of the IN.PACT AV drug coated balloon (DCB) in the United States and primary endpoint results of the IN.PACT AV Access study being published in The New England Journal of Medicine. Now with the acquisition of Avenu Medical, we can support procedures across the vascular access care continuum, while continuing to provide innovative endovascular therapies that will ultimately reach even more patients with ESRD around the world."
