• 8 November 2012
    NeoMed announces the successful sale of Vessix Vascular to Boston Scientific for up to $425M

    NeoMed Management is pleased to announce that Vessix Vascular, Inc., an emerging medical technology company in which NeoMed has been the lead investor since 2007, has agreed to be acquired by Boston Scientific Corp., a leading US headquartered medical device company, for up to $425M. The agreement calls for an upfront payment of $125M on closing and up to $300M in clinical and sales related payments.

    Vessix Vascular (Laguna Hills, CA, USA) has developed a novel percutaneous radiofrequency balloon catheter technology for the treatment of hypertension. The Vessix V2 Renal Denervation System received marketing approval in Europe and Australia earlier this year and is currently in a 120 patient post-market approval clinical surveillance study, the REDUCE-HTN study, which is expected to be completed in mid-2013.

    NeoMed Innovation IV L.P. is the largest shareholder in Vessix Vascular, following its investment in a Series A financing in 2007 and in subsequent financings. NeoMed has served on Vessix’ Board of Directors and has been closely involved with the company and its strategic development.

    The sale of Vessix Vascular is the fourth successful realization in NeoMed Innovation IV L.P., a 2005 venture capital fund with total committed capital of €104M, exclusively investing in innovative medical companies. The transaction potentially returns up to 74% of the fund’s total committed capital. Previous realizations include Novexel (France), PregLem (Switzerland) and EUSA Pharma (UK). In total, subject to reaching certain clinical and sales results, these realizations have the potential to return up to 152% of the fund’s total committed capital.

    Most of the six remaining innovative medical companies in the portfolio of NeoMed Innovation IV L.P. are developing according to expectations and have successfully advanced into a commercial stage of growth.

    “The strong development of Vessix Vascular, this transaction as well as our previous exits, validate NeoMed’s specialist and highly selective investment approach. We seek to invest in promising emerging medical companies that develop innovative therapies, influence the strategic development of a business so as to maximize the profitable returns for its shareholders and our funds”, said Dr. Erik Amble, Managing Partner in NeoMed Management and Board Director of Vessix Vascular.