Medtronic (NYSE:MDT) is shutting down heart valve maker Ventor Technologies, which it acquired in 2009, and moving its R&D efforts to other site, according to an Israeli business journal.
Netanya, Israel-based Ventor is developing an aortic replacement valve called the Engager. Medtronic bought the company for $325 million 3 years ago.
The med-tech titan said it’s closing Ventor down because it’s finished the research phase and has recruited patients for a clinical trial ahead of applying for CE Mark approval in the European Union, according to the Globes newspaper.
All 55 Ventor employees will be laid off over the next 2 months, after which Medtronic will shutter the facility, according to the newspaper.
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