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Nanostim Signs Investment Agreement with St. Jude Medical (STJ) Including Exclusive Option to Purchase



5/3/2011 6:28:06 AM

MILPITAS, Calif.--(BUSINESS WIRE)-- Nanostim, Inc., a privately-owned developer of miniaturized, leadless pacemakers, today announced that they have reached an agreement under which St. Jude Medical, Inc. (NYSE:STJ - News) has committed to a staged financing of Nanostim, subject to the company achieving certain development and clinical milestones. The agreement also gives St. Jude Medical the exclusive option to acquire the company.

Leadless pacemakers have the potential to be an important product category in the multi-billion dollar global pacemaker market. Nanostim’s leadless pacemakers are implanted via a percutaneous, catheter-based procedure. The devices are placed directly into the heart and are designed without the requirement for a lead or surgical pocket. They are also inherently MRI-compatible.

“Our leadless pacemakers are designed to be less invasive, safer devices that will simplify the implantation procedure and can improve the lives of patients. These catheter-based devices also have the potential to drive increased market penetration in developing markets because of the greater number of trained interventional cardiologists than device implanters. This technology represents a solution for an unmet need in the Cardiac Rhythm Management (CRM) category,” said Drew Hoffmann, Chief Executive Officer of Nanostim. “As we move forward with the completion of our next set of milestones, we are excited to have the support of St. Jude Medical, a proven global leader in the care of CRM patients, with the capabilities and expertise to help us expand into existing and new markets.”

About Nanostim

Nanostim, an early-stage medical device start-up company based in Milpitas, Calif., is also backed by InterWest Partners, US Venture Partners, Emergent Medical Partners and Life Science Angels.

Contact:

Nanostim, Inc. Drew Hoffmann, CEO, 408-719-0700


Read at BioSpace.com


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