Sunnyvale, Calif.-based Nanostim and St. Jude inked a financing deal in 2011 that included milestone payments and an exclusive buyout option.
The Nanostim pacemaker is designed to be placed inside the heart of a cardiac patient in a percutaneous, catheter-based procedure. The devices are leadless, and therefore aren’t connected to the heart muscle via wires, a modification over previous models that the company touts as major safety improvement.
St. Jude said it plans to have the device "available soon in select European markets." A pivotal clinical trial in the U.S. is being planned after the FDA granted conditional approval for an investigational device exemption, according to a press release.
"The Nanostim leadless pacemaker represents one of the most important advances in the history of pacing technology, and builds on St. Jude Medical’s strong history of pacing innovation – beginning with the first implantable pacemaker in 1958 through the introduction of quadripolar cardiac resynchronization therapy pacing," Dr. Eric Fain, president of St. Jude’s implantable electronic systems division, said in prepared remarks. "We look forward to welcoming Nanostim employees to St. Jude Medical and to continuing our legacy of transforming the treatment of cardiac rhythm disorders with pioneering technology."
News of the deal sent STJ shares up 1.6% to a $56.03 close yesterday. The stock was trading at $55.93 per share as of about 10:40 a.m. today, down 0.2%.