Occlutech reports closing of $21.6M financing

Occlutech has closed a €15 million ($21.6 million) investment led by Hong Kong-based Interlink Investments. Occlutech distribution partners from Japan, Switzerland, Ireland, Austria and Turkey also participated.

The company, which was founded in 2003, specializes in developing and manufacturing cardiac occlusion devices and other vascular implants, according to its website.

The investment will help the company accelerate its R&D and bring new products to market, CEO Tor Peters said in a statement.

He added the company is due "substantial payments by AGA-St.Jude as a result of litigation initiated by AGA in 2006 and culminating in a win for Occlutech in the German Supreme Court in 2011." The court determined AGA-St. Jude had no basis to claim Occlutech's ASD and PFO occluders infringed any patents.

"The additional funding will allow us to aggressively respond to any new, similar litigation initiated in an attempt to divert our attention and resources from creating relevant products that support our customers in their quest to improving and saving patient lives," Peters concluded.

Occlutech's products are not yet available in the U.S.

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