Cardio3 BioSciences acquires CorQuest Medical Inc.
Posted: 6 November 2014 | Cardio3 BioSciences
Cardio3 BioSciences, a leader in the discovery and development of regenerative, protective and reconstructive therapies, announces that it has acquired U.S.-based CorQuest Medical Inc. CorQuest Medical specializes in the development of innovative devices and technologies for cardiac surgery…
Cardio3 BioSciences (C3BS) (Euronext Brussels and Paris: CARD), a leader in the discovery and development of regenerative, protective and reconstructive therapies, announces today that it has acquired U.S.-based CorQuest Medical Inc. CorQuest Medical specializes in the development of innovative devices and technologies for cardiac surgery.
CorQuest’s revolutionary technology is designed to enable cardiologists to take a unique access route directly to the patient’s left atrium and therefore has the potential to become a major breakthrough innovation for therapeutic indications such as mitral valve disorders and structural heart disease, conditions often linked to heart failure. Specifically, CorQuest’s novel heart access technology comprises a number of instruments which allows for quick, user friendly and easy trans-thoracic access to the heart, directly into the left atrium, ensuring a minimally invasive approach to deliver numerous existing therapeutic devices.
When CE-marked, the insertion of the heart access sheath into a patient’s left atrium will allow the deployment of catheters or other necessary instruments for use in the treatment of various indications such as mitral valve occlusion defects. As such, the market potential could be very significant as this new open access route could be used in many existing medical device applications.
Currently in the advanced pre-clinical development phase, Cardio3 BioSciences intends to progress the device through the appropriate clinical and regulatory approval processes, with the aim of obtaining CE mark approval by the end of 2016, which would allow commercialisation in Europe. The first indication to be targeted with the CorQuest technology is expected to be the repair or replacement of the mitral valve.
The CorQuest technology platform is fully complementary with Cardio3 BioSciences’ C-Cathez® and
C-Cure® programs. The C-Cathez® catheter could be passed through CorQuest’s sheath to deliver
C-Cure® into the myocardium when the traditional route via the aorta may lead to complications for the patient.
The acquisition of CorQuest and the development of these technologies will not significantly affect the Company’s burn rate over the two coming years. However, the acquisition of an extra medical device with a potential to market by 2016, as well as other therapeutic applications, will enable the Company to create multiple short term value creation milestones for its shareholders.
Dr Christian Homsy, CEO of Cardio3 BioSciences, comments: “As part of our business strategy of building further on our cardiovascular diseases expertise, we have been actively seeking to acquire technologies that complement our existing medical devices for treating severe heart conditions. This invention is truly novel and may solve one of the very significant issues in mitral valve repair for example. Indeed, today, mitral valve repair procedures require a convoluted access to the valve. This revolutionary technology allows a direct access to the valve, from above, without perforation of the inter-atrial wall or the apex of the heart. The development of this technology will enable Cardio3 BioSciences to build on its leadership position in innovative therapies and devices for cardiovascular diseases.”
In addition to the heart access technology, Cardio3 Biosciences’ acquisition of CorQuest includes a line of medical devices and implants targeted at various structural heart diseases including atrial fibrillation and mitral valve diseases, which will further expand Cardio3 BioSciences’ cardiovascular therapeutic applications’ portfolio.
As the heart access sheath is an open technology, the market potential of this new route to the heart and its accompanying line of medical devices and implants could be significant in a global market of cardiac medical devices which is expected to total $65.6 billion in 2015, with an annual growth rate of 9.8%.
Georges Rawadi, VP Business Development at Cardio3 BioSciences comments: “Over 20 million invasive cardiac procedures, involving devices, are performed worldwide on an annual basis. This potential new access route to the heart could be used in a substantial proportion of those.”
Dr. Didier De Cannière, founder of CorQuest Medical Inc. and technology inventor, further adds:
“Existing techniques have proven their efficacy, but also their limits in some specific cases where going through the vessels is not an option or carries high risk for the patient. The left atrium is a valid alternative; it is an easy target, readily and quickly reachable with short and steerable tools, ensuring safety and precision. With their track record in device and therapeutic development, I am confident that Cardio3 BioSciences will successfully bring CorQuest’s technology to physicians and, ultimately to patients.”
Serving as an expert consultant to Cardio3 BioSciences on the development of the CorQuest technologies, Dr. Didier De Cannière will continue to bring his expertise to the project and is incentivized based on Cardio3 BioSciences successes in this new field.