Boston Scientific Corporation, a publicly traded company which develops and manufactures medical equipment has signed agreements to acquire startup Bridgepoint Medical for an undisclosed sum.
Bridgepoint Medical, founded in 2007 in Minneapolis ,develops technology and techniques used to treat coronary artery disease. The firm currently produces a catheter-based system to treat chronic total occlusions (CTOs) that would normally require surgery. Boston Scientific hopes its acquisition will expand and strengthen its cardiology portfolio.
Earlier this year Bridgepoint Medical licensed its peripheral vascular products exclusively to healthcare company Covidien. Covidien had also backed Bridgepoint Medical, according to news provider Fortune.
Bridgepoint Medical enjoys financial backing from Bridgepoint’s chairman of the board Michael Berman, and life science venture companies New Enterprise Associates, Foundation Medical Partners and Polaris Venture Partners. Together, they and other investors invested $10m in Bridgepoint in a series b round in 2007 and $9.1m last year in a series C round.
Speaking with regards to their latest acquisition Kevin Ballinger, president of the interventional cardiology division at Boston Scientific said: “The BridgePoint Medical CTO system is a compelling addition to our industry-leading suite of cardiology products,” said: “This acquisition strengthens our portfolio and demonstrates the Boston Scientific commitment to continued leadership in interventional cardiology.”