CardioMEMS, a Boston Millenia Partners portfolio company, has accepted a $60 million investment from and granted a $375 million purchase option to St. Jude Medical, Inc. CarioMEMS is an Atlanta-based medical device company. Boston Millenia is a PE firm.
Boston Millennia Partners is pleased to announce that its portfolio company, CardioMEMS, Inc., an Atlanta based medical device company, has accepted a $60 million investment from and granted a $375 million purchase option to St. Jude Medical, Inc.
Boston Millennia Partners is a lead investor in CardioMEMS and has worked with the Company since its first institutional round of financing to build and commercialize a world leading, implantable, wireless sensor platform. The Company recently completed a pivotal PMA directed trial in Congestive Heart Failure (CHF), producing results that are expected to be highly meaningful both for improving clinical outcomes and for reducing cost.
“The CardioMEMS CHAMPION (‘CardioMEMS Heart Sensor Allows Monitoring of Pressure to Improve Outcomes in NYHA Class III Patients’) Heart Failure System has demonstrated superb clinical, quality of life and cost reduction potential for CHF patients. St. Jude Medical is an excellent partner with whom this technology can be brought to market promptly, improving clinical prospects for patients and cost of care for payers,” says Patrick Fortune, Ph.D., a partner at Boston Millennia Partners and member of the CardioMEMS Board of Directors.
The CardioMEMS CHAMPION Heart Failure System is a wireless heart failure sensor that is implanted into the patient’s pulmonary artery using a simple, catheter-based technique. This allows a cardiologist to assess cardiac performance via measurement of pulmonary artery pressure (PAP). The implant procedure is fast, simple and can be performed by any physician who does right-heart catheterizations. With CardioMEMS’ technology, doctors can obtain this critical information without the need for a cardiac catheterization. Following the procedure, patients perform wireless measurements of their pulmonary artery pressure from home. The pressure data is immediately transmitted to a secure database and is available for review by the patient’s physician or nurse on the CardioMEMS Champion website.
About CardioMEMS, Inc.
CardioMEMS is a medical device company that has developed and is commercializing proprietary wireless sensing and communication technology for the human body. Its technology platform is designed to improve the management of severe chronic cardiovascular diseases such as aneurysms, heart failure and hypertension. CardioMEMS miniature wireless sensors can be implanted using minimally-invasive techniques and transmit cardiac output, blood pressure and heart rate data which are critical to the management of patients. The sensors can be permanently implanted into the heart and blood vessels due to their small size, durability and lack of wires and batteries. Using radiofrequency (RF) energy, the sensors transmit real-time data to external electronic readers, which then communicate this information to the patient’s physician. More information about CardioMEMS is located at www.cardiomems.com.
About Boston Millennia Partners
Boston Millennia Partners is a private equity firm which has managed investment partnerships with more than $700 million in capital. From its offices in Boston, Millennia invests in high-growth business in healthcare, life sciences, and business services industries. Typical investments range from $5 to $20 million. The managers at Millennia have funded over 120 companies in the U.S. private equity market since 1980. For more information, please visit http://www.bmpvc.com/.