IRVINE, Calif., Dec. 6, 2017 /PRNewswire/ -- Edwards Lifesciences
Corporation (NYSE: EW), the global leader in patient-focused
innovations for structural heart disease and critical care
monitoring, today announced the acquisition of Harpoon Medical,
Inc., a privately held medical technology company pioneering
beating-heart repair for degenerative mitral regurgitation
(DMR). Edwards announced a structured upfront investment in
Harpoon in 2015, with an exclusive option to acquire the
company.
Under the terms of the merger agreement, Edwards paid
$100 million in cash for Harpoon at
closing on Dec. 1. In addition, there is the potential for up
to $150 million in pre-specified
milestone-driven payments over the next 10 years.
"We believe the addition of Harpoon Medical's technology and
talented team will enable even more opportunities to help patients
with degenerative mitral regurgitation," said Bernard Zovighian, Edwards' corporate vice
president, surgical heart valve therapy. "The unique
beating-heart repair procedure for mitral valve patients
complements Edwards' comprehensive portfolio of treatments for
structural heart disease, and reinforces our commitment to
innovation in cardiac surgery."
The HARPOON system is designed to facilitate echo-guided repair
of mitral valve regurgitation, by stabilizing the prolapsed mitral
valve leaflet to restore proper coaptation and valve
function. The HARPOON device is currently investigational and
not available for commercial use. It is expected to receive CE Mark
approval soon.
"There are a significant number of patients currently undergoing
mitral valve surgery that we believe can benefit from Harpoon's
therapy during a minimally invasive, beating-heart procedure," said
device inventor James S. Gammie,
M.D., chairman of the company's scientific advisory board and
professor and chief of cardiac surgery at the University of Maryland School of Medicine. "This
therapy offers the potential for earlier treatment of degenerative
mitral valve disease with faster recovery and less morbidity, while
also providing the opportunity for more consistent procedures and
outcomes for patients."
Edwards will discuss the HARPOON technology further at its
annual Investor Conference on Dec.
7.
Dr. Gammie had an equity interest in Harpoon Medical, and
will serve as a consultant to Edwards Lifesciences.
About Edwards Lifesciences
Edwards Lifesciences, based in Irvine, Calif., is the
global leader in patient-focused medical innovations for structural
heart disease, as well as critical care and surgical monitoring.
Driven by a passion to help patients, the company collaborates with
the world's leading clinicians and researchers to address unmet
healthcare needs, working to improve patient outcomes and enhance
lives. For more information, visit www.Edwards.com and
follow us on Twitter @EdwardsLifesci.
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements include, but are not limited to, statements by Mr.
Zovighian and Dr. Gammie and statements regarding expected product
benefits, future procedural outcomes and timing of CE Mark.
Forward-looking statements are based on estimates and assumptions
made by management of the company and are believed to be
reasonable, though they are inherently uncertain and difficult to
predict. Our forward-looking statements speak only as of the date
on which they are made and we do not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of the statement.
Forward-looking statements involve risks and uncertainties that
could cause the roll-out and benefits of the technology to differ
materially from those expressed or implied by the forward-looking
statements based on a number of factors including but not limited
to unexpected outcomes after longer-term clinical experience, or
unexpected changes or delays related to regulatory clearance,
reimbursement, product manufacturing or clinical practice. These
factors are detailed in the company's filings with the Securities
and Exchange Commission including its Annual Report on Form 10-K
for the year ended December 31, 2016. Our filings, along with
important product safety information, are available
at www.Edwards.com.
Edwards, Edwards Lifesciences, the stylized E logo, HARPOON,
Harpoon Medical, and Harpoon Medical & logo are trademarks of
Edwards Lifesciences Corporation or its affiliates. All other
trademarks are the property of their respective owners.
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SOURCE Edwards Lifesciences Corporation