Italy-based medical device producer Sorin Group has invested $20m for a minority stake in Respicardia, a US-based developer of implantable therapies to help breathing.
Sorin also acquired the exclusive rights to distribute Respicardia’s Remede System for the next five years in selected countries in Europe and an exclusive option to acquire the company in the future.
Respicardia, which was formerly known as Cardiac Concepts, has raised a reported $73m in total over five rounds and developed a device for the treatment of central sleep apnea that is awaiting US regulatory approval.
Andre-Michel Ballester, CEO of Sorin, said: “Together with our CRM [cardiac rhythm management] devices and our neuromodulation platform under development, this investment further demonstrates our commitment to developing innovative solutions for heart failure patients.”
In August 2012, debt provider Ares Capital lent $6m to Respicardia.