Investment will fund on-going clinical testing of the remede® System for patients with central sleep apnea, a significant co-morbidity in heart failure. Commercial launch of the product by Sorin in selected European countries to start beginning 2015
Milan, Italy, October 21, 2014 – Sorin Group (Reuters Code: SORN.MI), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today a $20 million minority investment in Respicardia, a developer of implantable therapies to improve Respiratory Rhythm Management™. Under the terms of the transaction, Sorin also acquired the exclusive right to distribute the remede® System for the next five years in selected countries in Europe and an exclusive option to acquire Respicardia in the future. Respicardia is based in Minneapolis, Minnesota (USA).
Respicardia has developed the first fully implantable device for the treatment of central sleep apnea (CSA). The remede® System is a pacemaker-like device that delivers electrical pulses via an implantable transvenous lead to the phrenic nerve which restores a more natural, less disrupted breathing pattern. The remede® System received CE Mark approval in 2010 and is currently being evaluated in an FDA approved randomized, controlled IDE pivotal trial.
Sorin’s $20 million initial investment in Respicardia will finance on-going clinical testing of the technology. This investment represents an ideal complement to Sorin’s innovative therapeutic solutions for heart failure patients.
Central sleep apnea (CSA) is a type of sleep-disordered breathing that disturbs the normal breathing pattern during sleep and adversely affects patients’ overall cardiovascular health. CSA is an undertreated condition and affects over five million patients worldwide. Over one third of heart failure patients suffer from CSA with many patients experiencing a worsening of heart failure symptoms and an increased risk of death. Today there is a significant unmet clinical need for more effective therapeutic solutions to better manage patients with CSA.
“Sorin Group is excited to support, through this partnership with Respicardia, the development and commercialization of an innovative technology that has the potential to revolutionize the treatment of patients with central sleep apnea,” said Andre-Michel Ballester, CEO, Sorin Group, “Together with our CRM devices and our neuromodulation platform under development, this investment further demonstrates our commitment to developing innovative solutions for heart failure patients.”
“We are delighted to have Sorin Group, a leading European cardiovascular medical device company, as our strategic partner, given our complementary expertise and shared commitment to treating central sleep apnea, a significant co-morbidity for heart failure patients. Together, we look forward to providing patients with the unique and innovative remede® System,” said Bonnie Labosky, President and CEO of Respicardia.
About Sorin Group:
Sorin Group (www.sorin.com). is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With over 3,500 employees worldwide, the Company focuses on two major therapeutic areas: Cardiac Surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and Cardiac Rhythm Management (pacemakers, defibrillators, cardiac resynchronization devices). Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
For more information, please refer to www.sorin.com or contact:
Director, Corporate Communications
Tel: +39 02 69969785
Mobile: +39 348 9792201
Director, Investor Relations
Tel: +39 02 69969716
Founded in late 2006 and headquartered near Minneapolis, Minnesota, Respicardia is developing implantable therapies designed to improve respiratory and cardiovascular health. The company’s initial product, the remedē System, is an implantable stimulation device designed to restore a more regular breathing pattern during sleep for central sleep apnea patients.
For more information please visit www.respicardia.com.
SPRIG Consulting LLC