|MVP Micro Vascular Plug System--Courtesy of Reverse|
Covidien ($COV) today announced the acquisition of privately held Reverse Medical, a provider of vascular devices, for an undisclosed sum.
Irvine, CA-based Reverse manufactures vessel occlusion devices for closing blood vessels during embolization. The minimally invasive procedure is used to stop bleeding and restrict blood flow to cancerous tumors or uterine fibroids. The self-expanding MVP Micro Vascular Plug System targets the peripheral vasculature, while the UNO Neurovascular Embolization System is for intracranial use.
It also sells the ReVerse Microcatheter delivery device and Barrel Vascular Reconstruction Device for treating for treating intracranial aneurysms (a bulge in a blood vessel in the brain). All the products have CE marks, and the MVP has a 510(k) clearance from the FDA, according to the release. In addition, in 2013 the company entered into an agreement with Century Medical to distribute its products in Japan.
"Covidien is focused on technologies that deliver improved patient care through clinically relevant and economically valuable solutions," said Brett Wall, the president of Covidien's neurovascular unit. "The acquisition of Reverse Medical is complementary to our existing portfolio and will allow us to leverage existing vascular technologies to compete in the worldwide vascular embolization market, which is growing at a double digit rate."
In 2010 Reverse raised $14 million Series B private equity financing from Wexford Capital, Getz Bros., BioStar Ventures, Early Stage Partners and Emergent Medical Partners, among others.
Earlier this year, Boston Scientific ($BSX) also bulked up in the vascular devices arena, with its purchase of Bayer's devices for peripheral vascular disease for $415 million.
- read the release