Single-use medical device maker Vygon said today that it has acquired a 20% stake in OxyNov, a Canadian startup specializing in oxygen therapy and respiratory assistance medical devices. The financial terms of the transaction, in which Desjardins-Innovatech and other private investors in Quebec also participated, were not disclosed.
Founded in 2009, OxyNov (Quebec) launched FreeO2, a medical device CE marked in May 2017. FreeO2 automatically and continuously adjusts the flow of oxygen delivered to the patient based on a clinician-defined target for oxygen saturation and patient needs.
The French group decided to invest in OxyNov to take advantage of the booming
oxygen therapy sector, Vygon said in a prepared statement. A lack of automation in oxygen therapy products makes it difficult for patients to reach recommended daily oxygen input, which can lead to complications such as hyperoxia (excess oxygen supply) and hypoxemia (a decrease in the amount of oxygen in the blood), the company said.
Vygon (Ecouen, France) and OxyNov also signed a distribution agreement for FreeO2 to complement Vygon’s CPAP device and other respiratory products. FreeO2 will be distributed under the OxyNov name in Scandinavia, Belgium, the Netherlands, Luxembourg, Italy, and other European countries as well as in some Asian countries and in Africa.
“We are delighted with this participation in OxyNov, which is part of our international development strategy,” said Stéphane Regnault, chairman of Vygon’s board, in the statement. “The FreeO2 solution complements Vygon’s offering in the respiratory range and will enable us to remain at the forefront of technological developments in this field.”
“We are very proud to have entered into this strategic partnership with Vygon,” added OxyNov CEO Jean-Luc Balzer. “It gives OxyNov the means to open new markets for FreeO2, including the U.S. in 2019, and to continue the development of a range of other very innovative products which complement it.”
Vygon distributes more than 205 million products a year in more than 120 countries through its network of 27 subsidiaries and 331 distributors.
