Micrus Endovascular has acquired VascularFX, a privately held medical device company focused on the development of catheters and guidewires for the interventional neurology, interventional cardiology and interventional radiology markets. The $4 million transaction includes an initial payment of $1.5 million, future milestone payments and an undisclosed royalty on potential future products sales.
John Kilcoyne, Micrus Endovascular president and CEO said the acquisition of VascularFX supports the company's strategy to deliver a complete product solution for the neuro endovascular market. In particular, Micrus believe that gaining rights to important intellectual property owned by VascularFX furthers its ability to develop and commercialize products such as steerable catheters and guidewires that provide faster and more distal access through the tortuous vasculature of the brain. Currently, no steerable catheters are available for use in the neuro endovascular market.
The company claims such technological proprietary steering capability will provide interventionalists with unmatched speed and access to aneurysms. Additionally, the ability to reposition catheters after reaching the aneurysm may enable physicians to more thoroughly fill aneurysms. This will make VascularFX the catheter of choice for the approximately 50,000 coiling procedures performed worldwide. In addition, the company plans to investigate the opportunity of licensing the technology for applications outside of the neuro endovascular market.
Micrus Endovascular develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases. Its products are used by interventional neuroradiologists and neurosurgeons primarily to treat cerebral aneurysms. The Micrus product line enables physicians to gain access to the brain in a minimally invasive manner through the vessels of the circulatory system. Micrus' proprietary, three-dimensional microcoils are unique in that they automatically deploy within the aneurysm, forming a scaffold that conforms to a wide diversity of aneurysm shapes and sizes. Micrus also sells accessory devices and products used in conjunction with its microcoils.
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