Harpoon’s former CEO also hinted at possible growth at the office, including new hires for engineering and clinical team members.
Days after Edwards Lifesciences acquired Harpoon Medical, the new owners said it will keep the 16-person office in place, Harpoon’s former chief executive officer said in an interview with a Baltimore-based tech publication.
Bill Niland told Technically Baltimore that everyone who was employed at the office on the day of the Dec. 7 deal will continue to work for Edwards Lifesciences. He added that the new owners plan to maintain a presence in the area. Additionally, Niland hinted at possible growth at the Harpoon office, including new hires for engineering and clinical team members.
Edwards acquired University of Maryland spinout Harpoon last week in a deal that could total $250 million when milestones are factored into the contract. Edwards paid $100 million in upfront monies. The additional $150 million if milestones are hit in its beating-heart repair for degenerative mitral regurgitation (DMR) program. Harpoon’s lead product is an investigational device designed to facilitate beating-heart minimally invasive echo-guided mitral valve repair. Mitral valve prolapse is a condition in which the two valve flaps of the mitral valve do not close properly. The flaps bulge into the left atrium, which causes a backflow of blood. Mitral regurgitation is the most common type of heart valve insufficiency in the United States and the second most common in Europe.
According to Harpoon data, clinical trial results of this device showed positive safety data and procedural outcomes. Additionally, data showed symptom improvement. Patients who used the device had no need to take blood thinners following the procedure, the company said.
When Edwards announced the acquisition, Bernard Zovighian, Edwards’ head of surgical heart valve therapy, said the Harpoon device was complementary to the company’s “comprehensive portfolio of treatments for structural heart disease.”
Niland and his team had been conducting clinical trials in Europe and were planning on seeking regulatory approval from the European Medicines Agency when enough data had been gathered. Harpoon believes it will soon have enough data to support seeking a CE Mark, Technically Baltimore said.
Edwards was a key funder of Harpoon’s Series B round of financing and secured an option to acquire the company.
In the interview, Niland said Edwards has a strong team that can “spread the word” about the Harpoon device when it is approved for commercialization. That marketing ability was a key to finalizing the deal, Niland said.
