MINNEAPOLIS, Jan. 17, 2012 /PRNewswire/ -- BridgePoint Medical®, Inc., a developer of innovative Chronic Total Occlusion interventional cardiology and peripheral vascular devices, today announced that it has signed definitive agreements to exclusively license the rights to its peripheral vascular products including BigBoss Catheter, Mantaray Catheters and the Mantaray Guidewire to Covidien. Covidien, a leading global provider of healthcare products, will also acquire certain manufacturing assets from the company. The terms of the agreement were not disclosed.
"This is a fantastic achievement for BridgePoint Medical," said Denis Harrington, Chief Executive Officer and President, BridgePoint Medical. "We are pleased with this transaction and expect that this agreement will be a positive development for all BridgePoint Shareholders."
The bulk of BridgePoint Medical's assets including the coronary Chronic Total Occlusion (CTO) products, intellectual property, its employees, and all other non-vascular applications will remain with the company.
Chad Kugler, BridgePoint's Co-Founder, Chief Operating Officer and primary inventor of BridgePoint's technology added, "This is a culmination of five years of hard work by all of BridgePoint's employees. The successful completion of these agreements further validates the significant commercial success BridgePoint has had with our coronary CTO products and leaves us in a financially strong position to build on that success. Our future is very bright."
About BridgePoint Medical
BridgePoint Medical, Inc. is a privately held company established in 2006 to design, develop and commercialize new technologies and techniques to treat challenging coronary artery disease. Investors include New Enterprise Associates, Polaris Venture Partners, Foundation Medical Partners and Michael Berman.
SOURCE BridgePoint Medical, Inc.