Millipede has secured $90m from Boston Scientific, which also gained the right to acquire the mitral regurgitation treatment device maker.
Medical device maker Boston Scientific has invested $90m in US-based mitral regurgitation (MR) system developer Millipede through a primary and secondary share deal.
Founded in 2012, Millipede has created a transcatheter annuloplasty ring to treat serious cases of MR, a condition where blood leaks backward through the heart’s mitral valve.
The transaction also grants Boston Scientific the right to acquire the company if it completes a first in human clinical study for its device that meets specific undisclosed parameters by the end of 2019.
The deal will involve Boston Scientific paying $325m for Millipede up front and up to $125m more once a certain commercial milestone is reached.
Millipede was initially funded by venture capital firm and majority investor Santé Ventures before raising $6.2m from seven unnamed backers in August 2016 according to a securities filing.
