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|Medtronic announces financial investment in Arsenal AAA, LLC|
DUBLIN -- June 17, 2015 -- Medtronic plc (NYSE:MDT) today announced a financial investment in Arsenal AAA, LLC ("Arsenal AAA"), a wholly owned subsidiary of Arsenal Medical, Inc. ("Arsenal Medical"). In return, Medtronic received an option to acquire Arsenal AAA after the company achieves certain milestones. Financial terms of the investment were not disclosed.
Arsenal AAA is developing a proprietary foam and delivery mechanism designed to fill the aneurysmal sac around an endograft, thus stabilizing the aneurysm and reducing the likelihood of endoleaks. This is especially important in Type II endoleaks, where the anatomy of the branch vessels can lead to persistent arterial flow within the aneurysmal sac, even when treated with an endograft. Arsenal AAA's foam delivery catheter is intended to be used in conjunction with any commercially available endograft and allows for the prophylactic treatment of endoleaks.
"The investment will allow Arsenal AAA to utilize its expertise in foam technologies to address persistent endoleaks that can occur after endovascular aneurysm repair (EVAR) procedures," said Daveen Chopra, vice president and general manager of the Aortic division, within the Cardiac and Vascular Group (CVG) at Medtronic. "This investment is in line with Medtronic's Aortic strategy of continuing to innovate in the core AAA markets and complements our organic investments in next-generation stent graft programs."
"Medtronic's strategic investment in Arsenal AAA validates our breakthrough in situ forming foam platform," said Dr. Maria Palasis, CEO of Arsenal Medical. "Medtronic's leading market position and expertise in this field will help accelerate the introduction of this novel technology to the broader AAA community and we are looking forward to working with such a dynamic company."
In collaboration with leading clinicians, researchers, and scientists, Medtronic offers the broadest range of innovative medical technology for the interventional and surgical treatment of cardiovascular diseases and cardiac arrhythmias. The company strives to offer products and services that deliver clinical and economic value to healthcare consumers and providers worldwide.
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is the global leader in medical technology -- alleviating pain, restoring health and extending life for millions of people around the world.
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements include Medtronic's intended business strategy and expectations regarding benefits to Medtronic as a result of the Arsenal AAA investment. The statements in this release are based upon current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including risks related to the future performance of Arsenal AAA, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products and services, government regulation, general economic conditions and other risks and uncertainties set forth in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward- looking statements.
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