Boston Scientific, CryoCor to Seal Atrial Fibrillation Co-Development Deal
July 3, 2007 - CryoCor, Inc. and Boston Scientific Corporation announced on June 28 a strategic collaboration in the field of cryoablation for treating cardiac arrhythmias, in which they will co-develop therapeutic solutions for atrial fibrillation, or Afib.
The collaboration involves the co-development of a console intended to deliver cryo energy to Boston Scientific’s proprietary cryo balloon catheter for the treatment of Afib. CryoCor will be responsible for the development, and possible manufacture, of a cryoablation console for use with Boston Scientific’s internally developed cryo-therapy balloon, which may incorporate some of CryoCor’s catheter technologies.
Boston Scientific will make certain payments to CryoCor, including royalties on the sale by Boston Scientific of the products developed under the collaboration. In another deal, Boston Scientific purchased shares of CryoCor common stock for an aggregate purchase price of $2.5 million, and will acquire an additional $2.5 million of common stock upon successful achievement of certain development milestones.
Boston Scientific intends to market its cryo-therapy balloon for the treatment of Afib, subject to regulatory approvals. Boston Scientific’s cryo balloon is being developed to attempt to provide a safe, standardized, and broadly applicable method to isolate the electrical activity originating from the pulmonary veins, which are believed to be a source for the initiation and propagation of Afib.
For more information: www.bostonscientific.com and www.cryocor.com