Symetis said yesterday that it acquired Middle Peak Medical, and the transcatheter mitral valve replacement device it’s developing, for an undisclosed amount.
Middle Peak, which counts Edwards Lifesciences (NYSE:EW) among its backers, is developing a TMVR device that’s designed to simulate the shape of the posterior leaflet to stop mitral regurgitation.
Lausanne, Switzerland-based Symetis said the buyout is its 1st venture outside the transcatheter aortic valve implant space.
“Symetis’ perspectives in TAVI look very strong with continued product adoption in Europe; a solid R&D pipeline of new and improved TAVI valves, delivery systems and accessories; and an ongoing clinical program to further support Symetis’ products performance. We also intend to continue our expansion outside Europe, including in Asia with a focus on Japan, and clear plans for the U.S. market. The acquisition of Middle Peak Medical represents a strategic opportunity to expand our presence in structural hearth therapies, synergistically leveraging the fully-fledged organization built-up over the past 10 years for our Acurate product range in the TAVI segment,” Symetis CEO Jacques Essinger said in prepared remarks.
“We are delighted to join the Symetis team and to combine expertise and resources to efficiently bring our unique mitral solution to the market. We will continue to operate from our Palo Alto operation while leveraging the established presence of Symetis in Europe,” added Middle Peak founder & CEO Alex Khairkhahan.
In October 2013, Middle Peak added $3 million from Edwards and other investors to its Series A round, taking the total raise to $11 million. For its part, Symetis put its plans for a $96 million initial public offering on hold in September 2015, citing volatile market conditions.