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Shifamed LLC, a privately held medical device incubator, announced that Apama Medical, Inc., a Shifamed Portfolio Company, was acquired by Boston Scientific Corporation (NYSE: BSX) for $175 million in cash up-front and a maximum of $125 million in contingent payments over the period of 2018-2020, based on achievements of clinical and regulatory milestones.
Apama Medical has developed the Apama Radiofrequency (RF) Balloon Catheter System, a novel ablation catheter platform designed to combine the benefits of existing ablation technology, while incorporating additional unique features that address recognized unmet needs in the rapidly growing atrial fibrillation market. The Apama RF Balloon Catheter System is currently being evaluated in clinical studies and offers the potential to improve both procedural efficiency and control of the ablation therapy delivered.
“We are excited that Apama Medical is now part of the Boston Scientific pipeline of differentiated arrhythmia solutions,” shared Amr Salahieh, Founder of Apama Medical and Founder & President of Shifamed LLC. “At the onset of the development of any Shifamed Portfolio Company, our goal is to create novel solutions that address unmet needs in the market.”
Apama Medical is the third Shifamed Portfolio Company to be acquired since Shifamed’s inception, preceded by Kalila Medical sold to Abbott in 2016 and Maya Medical sold to Covidien in 2012.
“Shifamed was formed out of my passion for engineering in the medical field and the ability to work alongside and enable others to develop innovative solutions that make a positive impact on patient lives,” stated Salahieh. “We are thrilled to collaborate with companies like Boston Scientific that excel at bringing advanced solutions to the patients and care providers we serve.”