Occlutech Announces Closing of 15 Million Euro Financing
August 25, 2011 – Transcatheter structural heart occluder maker Occlutech said this week it closed a 15 million Euro investment in the company to accelerate its device development and bring it to market. The European company develops medical implants to treat structural heart disease such as atrial septal defects and patent foramen ovale (ASD and PFO) and left atrial appendage (LAA) occluders.
The funding follows a May 2011 German Supreme Court (BGH) decision to throw out a patent case against Occlutech filed by competitor AGA/St. Jude. AGA also filed claims in several other European countries, all of which have so far been favorable for Occlutech. The company said it intends to initiate litigation for substantial damages against AGA/St. Jude.
In 2011 and 2012, Occlutech expects to launch additional occluders for indications such as patent ductus artery (PDA) and ventricular septal defect (VSD) in addition to second-generation ASD and PFO occluders. Also, an innovative left atrial appendage (LAA) occluder and a new generation of stent grafts and cardiac valve intervention technologies are being developed.
The new funding came from an investment lead by Hong Kong-based Interlink Investments Ltd. and subscribed by investors as well as Occlutech distribution partners from Japan, Switzerland, Ireland, Austria and Turkey.
“This investment will allow us to accelerate our R&D and bring new, relevant products to the market in the near future,” said Tor Peters, Occlutech CEO. “In addition we expect substantial payments by AGA-St. Jude as a result of litigation initiated by AGA in 2006 and culminating in a win for Occlutech in the German Supreme Court in 2011. The additional funding will allow us to aggressively respond to any new, similar litigation initiated in an attempt to divert our attention and resources from creating relevant products that support our customers in their quest to improve and save patient lives."
For more information: www.occlutech.com
More like this
- Occlutech Wins Swedish Court Ruling Against AGA-St. Jude Medical
- Occlutech Wins German Supreme Court Ruling Against AGA/St. Jude Medical
- Occlutech Wins European Supreme Court Ruling on Cardiac Occluder Technology
- St. Jude to Purchase AGA, Expand Structural Heart Device Offerings
- AGA Denied Permission to Appeal U.K. Patent Decision