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Sorin Group Closes Further Investment in Enopace Biomedical

Sorin Group announced today its additional minority investment and an option-to-buy in Enopace Biomedical, an early-stage company focused on the development of a neuromodulation system to treat patients with Heart Failure.

Wed Mar 06 2013By Sorin Group

 

Sorin Group, a global medical device company and a leader in the treatment of cardiovascular diseases, announced today its additional minority investment and an option-to-buy in Enopace Biomedical, an early-stage company focused on the development of a neuromodulation system to treat patients with Heart Failure.
 
Enopace’s unique technology consists of an endovascular micro-stimulator that increases cardiac efficiency by reducing left ventricular workload in heart failure patients. Heart failure is the largest unmet clinical need with the highest associated healthcare costs in the cardiovascular world today. Neuromodulation systems represent a significant opportunity to expand the clinical indications for device-based heart failure therapy.
 
Following the initial investment executed in October 2011, Sorin Group is currently investing $5 million in Enopace and will make additional investments upon achievement of development milestones. This investment will finance the on-going development and testing of the technology. Under the terms of the new agreement, Sorin Group is granted an exclusive option to acquire the company in the future. In addition, Sorin Group is investing $5 million in Rainbow Medical, the leading Israeli medical device innovation house and owner of Enopace.
 
“The Enopace investment is another important step forward in creating a significant long term growth platform in heart failure therapies,” said André-Michel Ballester, CEO of Sorin Group, “This deal is consistent with Sorin’s Strategic Plan to accelerate top-line growth through investments in innovation.”

“We have enjoyed our relationship with Sorin Group and believe this additional investment in Enopace is a vote of confidence in our technology and our team.  We remain committed to bringing this technology to market,” said Efi Cohen Arazi, CEO of Rainbow Medical and Chairman of the Board of Enopace Biomedical.

 

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