Boston Millennia Partners is pleased to announce that St. Jude Medical (NYSE: STJ) is acquiring the remaining 81 percent of CardioMEMS, Inc. it does not own for $375 million dollars.
Dana Callow, Managing General Partner at Boston Millennia Partners, said, “We congratulate the management team of CardioMEMS for the recent FDA approval of the company’s remote heart monitoring device. We agree with the belief of many cardiology experts that the CardioMEMS HF System represents the most significant advancement in the treatment of congestive heart failure in the past twenty years. With the subsequently announced acquisition of CardioMEMS by St. Jude Medical, this device will receive broad distribution and improve the lives of patients worldwide.
The CardioMEMS HF System uses a miniaturized, wireless monitoring sensor that is implanted in the pulmonary artery (PA) during a minimally invasive procedure to directly measure PA pressure. Directly measuring PA pressure via a procedure called a right-heart catheterization is a standard-of-care practice for managing worsening HF in patients who have been hospitalized. The CardioMEMS HF System allows patients to transmit the same information from their homes to their health care providers, allowing for personalized and proactive management to reduce the likelihood of hospitalization.
“The approval of the CHAMPION Heart Failure Monitoring System is a significant event for both patients and for those who pay for healthcare. Avoiding unnecessary hospitalizations and reducing the risk of acute decompensation in patients with this chronic disease benefits everyone”, said Pat Fortune, Venture Partner at Boston Millennia Partners.
Headquartered in Atlanta, CardioMEMS is a medical device company that has developed a proprietary wireless sensing and communication technology for the human body. The company’s technology platform is designed to improve the management of severe chronic cardiovascular diseases such as heart failure, aneurysms, and hypertension. The sensors can be permanently implanted into the heart and blood vessels due to their small size, durability and lack of wires and batteries. CardioMEMS developed this technology based on the belief that frequent, on-demand, real-time monitoring of vital information enables proactive patient management leading to fewer hospitalizations, improved patient quality of life, and more efficient and cost-effective health care.
CardioMEMS was founded by Jay Yadav, M.D., an interventional cardiologist and entrepreneur. Lead investors in CardioMEMS include Arcapita Ventures, Boston Millennia Partners and Foundation Medical Partners. For more information, please visit www.cardiomems.com.
About St. Jude Medical
St. Jude Medical is a global medical device manufacturer dedicated to transforming the treatment of some of the world’s most expensive, epidemic diseases. The company does this by developing cost-effective medical technologies that save and improve lives of patients around the world. Headquartered in St. Paul, Minn., St. Jude Medical has four major clinical focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com.