KALAMAZOO, Mich.–(BUSINESS
WIRE)–Ostial Solutions, LLC, a
privately-held company (the “Company”), today announced that it has sold
substantially all of its assets to Merit Medical Systems, Inc. Terms of the
transaction were not disclosed.
Based in Kalamazoo,
Michigan, Ostial Solutions
developed the Ostial Pro Stent Positioning System™ to facilitate precise stent
implantation in coronary and renal aorto-ostial lesions, eliminating the
guesswork when deploying a stent at the “true” ostium of the vessel. Ostial
Solutions was founded in 2003 by R. Kevin Plemmons and Dr. Tim A. Fischell, Dr.
David R. Fischell and Dr. Robert E. Fischell for the sole purpose of
manufacturing and marketing a medical grade catheter that is used to facilitate
precise stent implantation in coronary and peripheral arteries.
Family patriarch Dr. Robert Fischell and his sons Dr. Tim
Fischell and Dr. David Fischell have launched over 16 private companies that licensed
their patents on medical devices. These companies include Pacesetter Systems,
Inc. (now called St. Jude Medical), IsoStent, Inc., NeuroPace, Inc., eNeura
Therapeutics, Inc., Ablative Solutions, Inc., MagneMark, LLC, Guardian Helmets,
LLC., Ostial Solutions, LLC, GlucoTec, Inc., Angel Medical Systems, Inc., and
Svelte Medical Systems, Inc.
Dr. Robert Fischell, Dr. David Fischell and Dr. Tim Fischell
are prolific inventors with over 300 issued U.S. and foreign patents, many of
which have been the basis for new medical device companies.
The Ostial Pro Stent Positioning System™ has received 510(k)
clearance from the U.S. Food and Drug Administration, and Merit has commenced
shipments of the product from Merits facilities. The product has a hospital
price of approximately $800, with margins above Merits corporate average.
“We believe this is the right product at the right time to
complement many of Merits existing products, as well as anticipated future
products, such as the Concierge® guiding catheter, which Merit plans to
introduce later this year,” said Fred P. Lampropoulos, Merits Chairman and
Chief Executive Officer. “We believe this tool will help both patients and
physicians, by improving the accuracy of stent placement, thereby reducing the potential
cost and risk of additional stents, contrast media and x-ray exposure.”
Ostial Solutions was funded by a diverse group of angel
investors. “The sale of Ostial Solutions to Merit allows our investors to
realize the return on their investments,” said R. Kevin Plemmons, CEO &
President of Ostial Solutions. “With Ostial Solutions, our investors have
helped launch and grow a medical-device company that has now grown to a point
at which it is attractive enough to be acquired by a larger company who can capitalize
on the opportunity to scale Ostial Solutions product in the marketplace. That
means that all Ostial Solutions’ investors on this project are going to realize
a return on their original investment. They will also have the satisfaction of
seeing a company move on to the next level, which is an added benefit of angel
investing.”
About Ostial Solutions, LLC
Ostial Solutions, LLC is a Kalamazoo, Michigan-based medical-device development
company focusing on the treatment of coronary and peripheral aorto-ostial
disease, developing unique, innovative products to address this clinically,
critical subset of the patient population.
Honigman Miller Schwartz and Cohn LLP served as legal
advisor to Ostial Solutions, for the transaction.
About Merit Medical Systems, Inc.
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development,
manufacture and distribution of proprietary disposable medical devices used in
interventional and diagnostic procedures, particularly in cardiology, radiology
and endoscopy. Merit serves client hospitals worldwide with a domestic and
international sales force totaling approximately 130 individuals. Merit employs
approximately 2,400 people worldwide with facilities in Salt
Lake City and South Jordan, Utah; Angleton, Texas; Richmond, Virginia; Maastricht and Venlo, The
Netherlands; Paris, France;
Galway, Ireland;
Beijing, China;
Copenhagen, Denmark;
and Rockland, Massachusetts.
Posted by Sean Fenske, Editor-in-Chief, MDT
