Arsenal AAA is developing the foam and a delivery system that are designed to reduce the chance of endoleaks after the placement of a stent graft to treat an abdominal aortic aneurysm.
Financial terms of the investment were not disclosed, but Medtronic said the deal includes an option to acquire Arsenal “after the company achieves certain milestones.”
Earlier this month, Arsenal Medical and sister company480 Biomedical raised a collective $26 million from a syndicate of backers that included “a long-term strategic investor.” 480 Biomedical, which spun off from Arsenal in 2011, is developing a bioresorbable stent for treating occlusive disease in the superficial femoral artery.
Medtronic’s aortic division general manager, Daveen Chopra, said his company’s investment in Arsenal AAA is part of its plan to invest in core AAA markets “and complements our organic investments in next-generation stent graft programs.”
“The investment will allow Arsenal AAA to utilize its expertise in foam technologies to address persistent endoleaks that can occur after endovascular aneurysm repair (EVAR) procedures,” Chopra said in prepared remarks.
“Medtronic’s strategic investment in Arsenal AAA validates our breakthrough in situ forming foam platform,” added Arsenal president & CEO Maria Palasis, who joined the company in 2008 and was named CEO in January. “Medtronic’s leading market position and expertise in this field will help accelerate the introduction of this novel technology to the broader AAA community and we are looking forward to working with such a dynamic company.”
*Correction, June 19, 2015: This article originally said that Medtronic took a stake in Arsenal Medical. Return to the corrected sentence.