Sofinnova Partners Announces the Sale of ReCor Medical to Otsuka Holdings
Sofinnova Partners, a leading venture capital firm specialized in Life Sciences, today announced that Otsuka Holdings is acquiring its portfolio company ReCor Medical, a medical device company specialized in the treatment of hypertension. The terms of the acquisition are being withheld due to non-disclosure obligations.
ReCor Medical was created in 2009 by Sofinnova Partners, Mano Iyer – who was then entrepreneur-in-residence at Sofinnova Partners and now Chief Operating Officer of ReCor – and Professor Jacques Seguin, MD, who became a large private investor in ReCor. Prof. Seguin was previously founder and CEO of CoreValve, a past Sofinnova portfolio company and a leader in the transcatheter valve replacement space, which was sold to Medtronic. Sofinnova Partners was the sole venture capital investor in ReCor Medical and remained its largest shareholder until the sale to Otsuka.
ReCor Medical is an innovative medical device company that developed the Paradise® System, a proprietary ultrasound ablation system for renal denervation (RDN). RDN is a new potential therapeutic approach for the treatment of hypertension, one of the most prevalent medical conditions. ReCor recently announced positive results of its landmark RADIANCE-HTN SOLO hypertension study at EuroPCR 2018.
Antoine Papiernik, Managing Partner at Sofinnova Partners and ReCor Board Member, said: “ReCor perfectly illustrates our investment strategy: we worked hand-in-hand with Mano Iyer to create the business vision and plan for ReCor. We then founded and funded the company, and opened our network of experts, key opinion leaders and board members to help grow it. We brought trusted entrepreneurs Jay Watkins as Chairman and Andy Weiss as CEO to help guide and operate the company through to a corporate transaction to our partner Otsuka.”
Jay Watkins, Chairman of ReCor Medical said: “Sofinnova Partners remains one of few VCs willing to fund early-stage med-tech ventures targeting large and important new markets. The firm played a critical role throughout ReCor’s life, and has proven to be a reliable, value-added partner for the company. The field of renal denervation has been a complex one over the last few years with periods of euphoria and periods of doubt. Sofinnova Partners’ support remained constant throughout, helping to build a strong partnership with Otsuka and then navigate through the challenges to a very successful trade sale.”
Mano Iyer, Founder and COO of ReCor Medical added: “ReCor is a success story because Sofinnova Partners, consistent with its philosophy, saw the value of an opportunity which did not yet exist. It had the vision to create and fund the company, not only in the very beginning, but also during the critical early years. Despite the dramatic swings in the field, Sofinnova Partners’ confidence in me and in the management team was essential to keep us motivated when others lost hope. This great exit is therefore particularly sweet.”
Andrew M. Weiss, CEO of ReCor Medical adds: “I came to ReCor thanks to Antoine Papiernik’s introduction to the company. With his help, our team developed the partnership with Otsuka and was able to remain focused on value creation. The recent announcement of our positive RADIANCE-HTN SOLO study results and now the merger with Otsuka demonstrate that our teamwork with Sofinnova Partners was successful. We now have an opportunity to transform the treatment of hypertension and benefit millions of potential patients while providing a solid return for our investors. I look forward to continuing to work to make this technology a possible standard of care in hypertension treatment”.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, the firm brings together a team of professionals from all over Europe, the US and China. The firm focuses on paradigm shifting technologies alongside visionary entrepreneurs. Sofinnova Partners seeks to invest as a lead or cornerstone investor in seed, start-ups, corporate spin-offs and late stage companies. It has backed nearly 500 companies over more than 45 years, creating market leaders around the globe. Today, Sofinnova Partners has over €1.9 billion under management. For more information: www.sofinnova.fr
About ReCor Medical, Inc.
ReCor Medical is a medical device company that designs and manufactures the Paradise System, a proprietary ultrasound ablation system for renal denervation (RDN). RDN is a new potential therapeutic approach for the treatment of hypertension, one of the most prevalent medical conditions. The Paradise System is approved for sale in the EU and bears a CE mark, but is not approved for sale in the United States. The System's intravascular catheters denervate renal nerves by combining the protection of water-based cooling of the renal artery with high intensity ultrasound energy for circumferential renal nerve ablation. The Paradise System has been studied in clinical trials of approximately 300 patients to date. Following the positive outcomes of the RADIANCE-HTN SOLO trial, ReCor will continue its evaluations of Paradise in RADIANCE-HTN TRIO (a feasibility study of patients with resistant hypertension) and REQUIRE (a pivotal study of patients with resistant hypertension in Japan and Korea), and launch the RADIANCE II pivotal study (a study of patients with moderate hypertension) in the United States and Europe.
About Otsuka Holdings Co., Ltd. and Otsuka Medical Devices Co.,
Otsuka Holdings Co., Ltd. is the holding company of the Otsuka group, a global healthcare group headquartered in Tokyo, Japan. With operations in pharmaceuticals, nutraceuticals, medical devices and other health-related businesses, the group generated worldwide sales of JPY1,240 billion in the fiscal year ended December 2017.
Established in 2011, Otsuka Medical Devices Co., Ltd. is a
fully-owned subsidiary of Otsuka Holdings and one of its core operating
subsidiaries. Otsuka Medical Devices focuses on the development and
commercialization of endovascular devices that provide new therapeutic
options in areas where patient needs cannot be met through
pharmaceutical or other conventional treatment.
Otsuka Medical Devices conducts the REQUIRE trial for renal denervation in hypertensive patients (n=140), who are uncontrolled on 3 or more medications including a diuretic, in Japan and Korea through its subsidiary JIMRO Co., Ltd.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
NanoSteel Launches ‘Formetrix, Inc.,’ to Commercialize Additive Manufacturing Metals19.9.2018 12:15 | Tiedote
NanoSteel®, the leader in nanostructured steel materials, today announced the spinout of its Additive Manufacturing (AM) business unit into a new corporation named, ‘Formetrix™.’ Led by an industrial leader in Additive Manufacturing and including other investors Cycad Group and SPDG, Formetrix closed its Series A capital raise to accelerate the commercialization of Formetrix’s steel alloys for 3D printing processes. Over the last four years, the team developed novel alloys with exceptional material properties that current 3D printable or metal injection molded alloys do not offer. Leveraging NanoSteel’s decade long expertise in patented steel alloy design, Formetrix’s metal powder portfolio provides an attractive combination of benefits such as higher hardness, higher ductility and higher wear resistance compared to existing alternatives. The company’s initial industry focus is on materials for hot and cold forming tool and dies (i.e. molding, casting and stamping) within the automotiv
Alibaba Cloud and OBS Unveil Innovative Cloud Solutions for the Olympic Games19.9.2018 11:00 | Tiedote
Olympic Broadcasting Services (OBS) and Alibaba Cloud, the cloud computing arm of Alibaba Group, announced today the launch of OBS Cloud, an innovative broadcasting solution that operates entirely on the cloud, to help transform the media industry for the digital era. Set to be in place for Tokyo 2020, the OBS Cloud aims to offer all the necessary cloud components, in specialized configurations, that can support the extremely demanding content production and delivery workflows of the broadcasting of the Olympic Games. Tokyo 2020 will be a game-changer for broadcasters as it showcases new possibilities for the industry by presenting solutions on the cloud. The use of cloud technologies has been gradually adopted for content creation and distribution purposes in broadcasting, however the extremely demanding requirements for volume, speed and latency that are inherent in live sports broadcasting of major events have kept the use of the cloud at a very low level, despite its multiple advan
TRIPLE-1 Has Been Successful in the 50% Curtailment Compared to the Electricity Consumption of the Conventional Mining Machine19.9.2018 11:00 | Tiedote
TRIPLE-1, Inc. (Representative director: Takuya Yamaguchi) is publicizing the numerical performance evaluation of the mining machine, “KAMIKAZE”equipped with the 7nm ASIC chip this day, 19 th September 2018. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180919005227/en/ Chip (Photo: Business Wire) -- The numerical performance evaluation of the mining machine, “KAMIKAZE” equipped with the 7nm ASIC chip will be publicized. This time, in the test of the performance evaluation of the mining machine, “KAMIKAZE” equipped with the 7nm ASIC chip, we have confirmed the result as follows. • “KAMIKAZE” Performance: Energy saving performance Hashrate : 14.5 TH / s ± 5% (* at the normal state) Power Consumption : 750 W ± 5% Power Efficiency : 0.052 W / GH ± 5% • “KAMIKAZE” Official Movie https://youtu.be/Fp_K4bV639Y The mining machine, ”KAMIKAZE” equipped with the world’s most advanced 7nm ASIC chip has the same Hashrate as the main min
Alibaba Cloud to Work with Kenyan Ministry to Protect Wildlife19.9.2018 10:42 | Tiedote
Alibaba Cloud, the cloud-computing arm of Alibaba Group, and the Ministry of Tourism and Wildlife of the Republic of Kenya today agreed to explore a strategic collaboration to deploy Alibaba Cloud’s technology to support the Kenya Wildlife Protection Project. The first project under the collaboration in discussion will take place at a designated area inside the Tsavo East and West National Parks, one of Kenya’s oldest and largest protected area with over 13,500 square kilometres. Leveraging Alibaba Cloud’s powerful computing, artificial intelligence (AI) and Internet of Things (IoT) capabilities; the project will work to protect the park’s endangered elephants, rhinoceroses and lions. “It is our great honour to support the Kenyan government and make a contribution to the country’s wildlife conservation efforts. The collaboration underscores the positive impact that technology, including cloud computing, AI and IoT, can have on the planet and on wildlife protection,” said Simon Hu, Seni
GE Transportation locomotives approved for operation by Indian Railways19.9.2018 09:00 | Tiedote
GE Transportation (NYSE:GE) announced today at InnoTrans 2018 that Indian Railways has confirmed its acceptance of GE’s 4,500-horsepower diesel-electric Evolution Series prototype locomotive. This critical milestone was achieved following the successful completion of rigorous testing on Indian Railways’ tracks following the locomotive handover in February 2018. “The acceptance of these locomotives is a testament to GE’s engineering depth and understanding of the customer requirements,” said Nalin Jain, President and CEO-APAC, GE Transportation. “This is a major step towards fulfilling our contract with Indian Railways. Together we will help modernize Indian Railways' fleet, significantly upgrade India's rail infrastructure and provide critical support for India's growing economy.” A standard practice, the acceptance of the 4500hp locomotives came after months of reviewing key design aspects, documentation and a thorough validation around various parameters in the U.S. and India. The lo
Toshiba Memory and Western Digital Celebrate the Opening of Fab 6 and Memory R&D Center at Yokkaichi, Japan19.9.2018 07:00 | Tiedote
Toshiba Memory Corporation and Western Digital Corporation (NASDAQ:WDC) today celebrated the opening of a new state-of-the-art semiconductor fabrication facility, Fab 6, and the Memory R&D Center, at Yokkaichi operations in Mie Prefecture, Japan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180918006193/en/ Fab 6 and Memory R&D Center, Yokkaichi Operations (Photo: Business Wire) Toshiba Memory started construction of Fab 6, a dedicated 3D flash memory fabrication facility, in February 2017. Toshiba Memory and Western Digital have installed cutting-edge manufacturing equipment for key production processes including deposition and etching. Mass production of 96-layer 3D flash memory utilizing the new fab began earlier this month. Demand for 3D flash memory is growing for enterprise servers, data centers and smartphones, and is expected to continue to expand in the years ahead. Further investments to expand its production wil
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme