Sorin Group Invests in Enopace Biomedical, Early Stage Company Focused on Innovative Solution for Heart Failure Patients
Investment will drive development of a unique interventional technology for the largest unmet clinical need in the cardiovascular field
MILAN-- October 17, 2011 (BUSINESS WIRE)-- Sorin Group (Reuters Code: SORN.MI) (MIL:SRN), a global medical device company and a leader in the treatment of cardiovascular diseases, announced today a minority investment in Enopace Biomedical, an early-stage company focused on the development of a neuromodulation system to treat patients with congestive heart failure.
Enopace’s technology consists of a minimally invasive, implantable neurostimulator for heart failure patients that increases cardiac efficiency by reducing left ventricular workload. Sorin’s $7 million investment will finance the initial clinical studies of this technology as well as ongoing product development. Sorin Group joins Rainbow Medical as an investor in Enopace.
Heart failure is the largest unmet clinical need, with the highest associated healthcare costs, in the cardiovascular world today. In Europe and in the United States around 15 million patients suffer from chronic heart failure. The United States healthcare system spends over $40 billion to treat these patients. CRT (cardiac resynchronization therapy) devices currently address part of the systolic heart failure population, but no approved therapies exist for diastolic patients. Neuromodulation systems represent a significant opportunity to expand the clinical indications for device-based heart failure therapy and, moreover, enhance the treatment for congestive heart failure patients.
“Through Enopace Biomedical, Sorin Group will support the development of a unique medical device solution for today’s most urgent, unmet clinical need. This segment represents one of the largest and fast-growing market opportunities in the medical device field” said André-Michel Ballester, CEO of Sorin Group.
“Together with our CRT devices and the recent launch of Sorin’s SonR technology for optimizing cardiac resynchronization therapy, this investment continues our commitment to innovation in the hemodynamic management of heart failure patients” added Stefano Di Lullo, President of the Sorin Group CRM business unit.
“We are very pleased to have Sorin Group, the leading European medical device company, as our strategic partner in Enopace. We are confident that Sorin Group will contribute to our mission of developing this new breakthrough technology to expand the treatment options for heart failure patients” said Efi Cohen Arazi, CEO of Rainbow Medical and chairman of the board of Enopace Biomedical.
About Sorin Group
Sorin Group (www.sorin.com) is a global, medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures, and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,700 employees worldwide, Sorin Group focuses on three major therapeutic areas: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management, and heart valve repair and replacement. Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
About Enopace Biomedical
Enopace Biomedical is a start-up company developing an implantable, miniature neurostimulation device for congestive heart failure patients. The company is led by Chief Executive Officer Amir Dagan, and based in Caesarea, Israel. Enopace Biomedical was founded in 2008 by the leading Israeli med-tech operational investment group Rainbow Medical. (www.rainbowmd.com). Rainbow Medical has seeded and grown over ten companies based on breakthrough technology developed by Yossi Gross, one of the world’s most successful entrepreneurs and med-tech inventors, in a diverse range of medical fields.