Naarden, the Netherlands, September 6, 2011 – Forbion Capital Partners (“Forbion”) announces that MEDRAD, Inc, a subsidiary of Bayer Healthcare, has acquired portfolio company Pathway Medical Technologies, Inc. for an undisclosed sum. With this acquisition, Forbion successfully sells another portfolio company from its Fund I (FCFI).
Pathway Medical Technologies of Kirkland, Washington, USA is a leader in mechanical atherectomy in the field of vascular intervention. The company’s products clear out blockages in the leg, also known as Peripheral Arterial Disease or PAD. Pathway’s JETSTREAM® devices, for example, allow for a minimally invasive procedure designed to restore circulation in the peripheral arteries by reducing vascular narrowing caused by plaque. With differential cutting, JETSTREAM products are designed to remove plaque without harming healthy tissue. For the more than 12 million people alone in the U.S. estimated to have some form of PAD, Pathway products offer minimally invasive treatment options to remove calcified and fibrotic plaque and restore circulation in the peripheral arteries.
“This transaction is a key step in expanding the role of Pathway’s JETSTREAM products in treating patients suffering from PAD” said Martien van Osch, Managing Partner at Forbion and non-executive board member at Pathway. “Forbion has been Pathway’s largest shareholder and has led and structured its recent financing rounds. We are pleased that MEDRAD has recognized the potential of the JETSTREAM product in combination with their portfolio of interventional products”, added Dr. Avi Molcho, Venture Partner at Forbion and non-executive board member at Pathway.
Pathway’s JETSTREAM alongside Bayer HealthCare’s offerings in this sector create a suite of products designed to assess vascular disease, to restore blood flow in diseased vessels and then to confirm treatment effectiveness, in support of MEDRAD Interventional’s overall product strategy. MEDRAD currently boasts offerings in peripheral artery disease (PAD) treatment with its AngioJet and Cotavance products. With the addition of Pathway’s JETSTREAM product, MEDRAD offers a full range of product options for treatment of PAD.
“From Pathway’s perspective, Bayer HealthCare’s broad and proven international distribution infrastructure presents an exciting platform for the more rapid expansion of Pathway’s product portfolio into attractive and largely underpenetrated international markets,” said Pathway Medical Technologies President and CEO Paul Buckman. The Cotavance catheter received CE Mark certification in Europe in 2011. MEDRAD Interventional is also moving forward with the Investigational Device Exemption (IDE) process as one of the steps in gaining FDA approval for Cotavance product in the United States.
About Forbion Capital Partners
Forbion Capital Partners is a dedicated Life Sciences venture capital firm with offices in Naarden, The Netherlands, and Munich, Germany. Forbion invests in life sciences companies in drug discovery & development as well as medical device companies addressing substantial unmet medical needs. Forbion’s investment team of nine investment professionals has built an impressive performance track record since the late nineties with successful investments in Rhein Biotech, Crucell, Neutec, Glycart, Borean, Impella, Alantos, Acorda, Fovea, PanGenetics, Argenta Discovery and Biovex. Current assets under management exceed $500M, split between three active funds and comprising some 28 promising portfolio companies. Forbion Capital Partners Fund II is supported by the European Investment Fund through its ERP and LfA facilities. Forbion co-manages Biogeneration Ventures, an early stage fund focused on (academic) spin-outs and seed investments in the Netherlands.
For more information, please visit www.forbion.com.
About Pathway Medical Technologies, Inc.
Pathway Medical Technologies, Inc. was founded to design, market and manufacture medical devices for the treatment of vascular disease. The company’s initial focus is treating peripheral arterial disease (PAD) more quickly and effectively than existing technologies. An estimated 12 million people are afflicted by PAD in the U.S. and that number is projected to grow to over 20 million during the next 10 years. The company’s JETSTREAM® device allows for a minimally invasive procedure designed to restore circulation in the peripheral arteries by removing both hard and soft diseased tissue. For further information, visit the company’s Web site at www.pathwaymedical.com .
About MEDRAD, INC.
MEDRAD, INC. develops, markets and services medical devices used to diagnose and treat disease. Its product offerings include fluid injection systems for radiology and cardiology, endovascular devices for the treatment of cardiovascular disease, magnetic resonance-compatible accessories and equipment services. MEDRAD is a two-time recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence (2003 and 2010). The company’s world headquarters is near Pittsburgh, Pennsylvania, in the United States. MEDRAD is a business of Bayer HealthCare. More company information is available at www.medrad.com .
About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subgroup of Bayer AG with annual sales of EUR 16.9 billion (2010), is one of the world’s leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Medical Care and Pharmaceuticals divisions. Bayer HealthCare’s aim is to discover and manufacture products that will improve human and animal health worldwide. Bayer HealthCare has a global workforce of 55,700 employees (Dec 31, 2010) and is represented in more than 100 countries. Find more information at www.bayerhealthcare.com
Media:
College Hill Life Sciences
Melanie Toyne-Sewell/ Anastasios Koutsos
+44 (0)20 7866 7856
forbion@collegehill.com
Forbion Capital Partners:
Martien Van Osch, Managing Partner
+31 35 699 30 16
martien.van.osch@forbion.com
