News Column

Arcapita completes sale of medical device firm

July 1, 2014



MANAMA: Arcapita, a global investment management firm headquartered in Bahrain, yesterday announced its Arcapita Ventures I fund has completed the sale of portfolio company, CardioMEMS.

CardioMEMS has been acquired by St Jude Medical, a global medical device company headquartered in Minnesota, US.

St Jude Medical had previously invested $60 million for a 19 per cent shareholding of CardioMEMS and has now exercised its exclusive option to purchase the remaining 81pc of the company, in a transaction valued in excess of $450m.

Headquartered in Atlanta, Georgia, CardioMEMS is a leading medical device company that develops implantable wireless sensors which gather and transmit pressure information from inside the human body.

Recently, CardioMEMS has received US FDA (Food and Drug Administration) approval for its heart failure management system.

"We have supported CardioMEMS as a venture partner for several years and are pleased that the technology developed by the company is proving effective in the provision of higher standards of care for heart patients," Arcapita chief executive Atif Abdulmalik said.

"We are also delighted with the very positive returns we have generated from our investment in the business, benefiting investors in the Arcapita Ventures I fund," he said.

CardioMEMS technology platform is designed to improve the management of severe chronic cardiovascular diseases such as aneurysms, heart failure and hypertension.

"Jay Yadav, founder and chief executive of CardioMEMS and his team, not only came up with an innovative and revolutionary approach to treating heart failure but have spent the past 12 years making this a reality - it was my pleasure to work with a great team of people who constantly pushed the boundaries of medical innovation," Arcapita Ventures head and CardioMEMS chairman John Huntz said.

"Arcapita is proud to have been the lead investor in this ground-breaking technology which will provide invaluable support to millions of heart failure patients and reduce hospital treatment rates in the US and around the world."

CardioMEMS' miniature wireless sensors can be implanted using minimally-invasive techniques and transmit cardiac output, blood pressure and heart rate data which are critical to the management of patients. Other major investors in CardioMEMS include Boston Millennia Partners, Johnson & Johnson and Foundation Medical Partners.


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Source: Gulf Daily News (Bahrain)


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