Cardio3 BioSciences buys US device company
Cardio3 BioSciences SA of Belgium has acquired the US medical device specialist, CorQuest Medical Inc, for an undisclosed amount of money in order to strengthen its heart failure franchise.
Cardio3 BioSciences SA of Belgium has acquired the US medical device specialist, CorQuest Medical Inc, for an undisclosed amount of money in order to strengthen itsheart failure franchise. Cardio3 already has an autologous stem cell treatment for heart failure in Phase 3 development.
By acquiring CorQuest, Cardio3 will gain access to technology that could potentially enable surgeons to insert instruments such as catheters directly into the left atrium of the heart. This could be important for the repair or replacement of the mitral valve. The mitral valve separates the upper left heart chamber from the lower left chamber and helps control the flow of blood through the heart. Problems can arise when there is a backflow of blood through the valve, or when the valve doesn’t open as wide as it should to allow the normal flow of blood.
Following the acquisition, Cardio3 intends to take the CorQuest device through the regulatory procedures in Europe to obtain a CE mark. Approval will be sought by the end of 2016.
Cardio3’s interest in the technology relates to its strategy for producing a variety of treatments for heart conditions, including stem cell therapies. The company’s investigational stem cell treatment for heart failure involves taking stem cells from a patient’s bone marrow and reprogramming them to become heart cells. The reprogrammed cells are then injected back into the patient’s cells through a catheter with the aim of repairing damaged tissue and improving heart function.
The company already has a proprietary catheter approved for sale in Europe. In future, this catheter could be passed through the CorQuest sheath to deliver the stem cell therapy into the myocardium. This mode of administration would be especially valuable when the traditional route via the aorta may lead to complications for patients, the company said.
Cardio3 BioSciences announced the acquisition on 5 November 2014.
-Victoria English ([email protected]).
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