Date: 2014-11-05
Type of information: Company acquisition
Acquired company: CorQuest Medical (USA - Fl)
Acquiring company: Cardio3 BioSciences (Belgium)
Amount: undisclosed
Terms: * On November 5, 2014, Cardio3 BioSciences, a leader in the discovery and development of regenerative, protective and reconstructive therapies, announced that it has acquired U.S.-based CorQuest Medical Inc. CorQuest Medical specializes in the development of innovative devices and technologies for cardiac surgery. The acquisition of CorQuest and the development of these technologies will not significantly affect the Company’s burn rate over the two coming years. However, the acquisition of an extra medical device with a potential to market by 2016, as well as other therapeutic applications, will enable the Company to create multiple short term value creation milestones for its shareholders. Dr. Didier De Cannière, founder of CorQuest Medical Inc. and technology inventor, will continue to bring his expertise to the project and is incentivized based on Cardio3 BioSciences successes in this new field.
Details: CorQuest’s technology is designed to enable cardiologists to take a unique access route directly to the patient’s left atrium and therefore has the potential to become a major breakthrough innovation for therapeutic indications such as mitral valve disorders and structural heart disease, conditions often linked to heart failure. Specifically, CorQuest’s novel heart access technology comprises a number of instruments which allows for quick, user friendly and easy trans-thoracic access to the heart, directly into the left atrium, ensuring a minimally invasive approach to deliver numerous existing therapeutic devices. As the heart access sheath is an open technology, the market potential of this new route to the heart and its accompanying line of medical devices and implants could be significant in a global market of cardiac medical devices which is expected to total $65.6 billion in 2015, with an annual growth rate of 9.8%.
When CE-marked, the insertion of the heart access sheath into a patient’s left atrium will allow the deployment of catheters or other necessary instruments for use in the treatment of various indications such as mitral valve occlusion defects. As such, the market potential could be very significant as this new open access route could be used in many existing medical device applications.
Currently in the advanced pre-clinical development phase, Cardio3 BioSciences intends to progress the device through the appropriate clinical and regulatory approval processes, with the aim of obtaining CE mark approval by the end of 2016, which would allow commercialisation in Europe. The first indication to be targeted with the CorQuest technology is expected to be the repair or replacement of the mitral valve.
The CorQuest technology platform is fully complementary with Cardio3 BioSciences’ C-Cathez® and C-Cure® programs. The C-Cathez® catheter could be passed through CorQuest’s sheath to deliver C-Cure® into the myocardium when the traditional route via the aorta may lead to complications for the patient.
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