Medtronic to acquire Avenu Medical

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Medtronic to acquire Avenu Medical

Gus Iversen, Editor in Chief | October 02, 2020
Business Affairs Cardiology
Medtronic has announced the planned acquisition of Avenu Medical, a privately held medical device company based in San Juan Capistrano, California focused on the endovascular creation of arteriovenous (AV) fistulae for patients with end-stage renal disease (ESRD) undergoing dialysis.

AV fistulae are created by connecting a vein and artery in the arm to facilitate dialysis therapy. Historically, they have been created using an open surgical approach. In contrast, Avenu Medical's Ellipsys Vascular Access System is a single-catheter, ultrasound-guided device that inserts a catheter percutaneously (through the skin) into the arm to create a durable AV fistula. The procedure can be performed in the hospital outpatient department, ambulatory surgery center (ASC), or physician's office.

"AV fistulae are like lifelines to patients undergoing dialysis. Until recently, the only option to create a fistula was through invasive surgery, which is associated with high failure rates," said Dr. Jeffrey Hull, director of the Richmond Vascular Center and co-founder of Avenu Medical. "The Ellipsys system has shown durable outcomes out to two-years and has the ability to shorten procedure times and potentially reduce costs. Unlike open surgery, sutures are not required after the procedure and the patient leaves with just an adhesive bandage."

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The Ellipsys Vascular Access System has FDA approval and CE Mark for the creation of a proximal radial artery to perforating vein anastomosis for percutaneous creation of an AV fistula.

"Medtronic's acquisition of Avenu aligns directly with our vision of bringing less invasive, endovascular solutions to patients requiring durable vascular access," said Mark Ritchart, president and chief executive officer of Avenu Medical. "With Medtronic's extensive market presence, clinical leadership, and market development expertise, coupled with Avenu's customer-focused team and innovative technology, we are confident that together, we can drive awareness and adoption of this technology globally."

The acquisition is expected to close in October, subject to the satisfaction of certain customary closing conditions. The acquisition of Avenu Medical is the sixth in a series of tuck-in acquisitions that Medtronic has made in 2020.

Terms of the transaction were not disclosed.

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