Sorin Group Invests in HighLife, a Development-Stage Company Focused on Percutaneous Mitral Valve Replacement
MILAN--(BUSINESS WIRE)--Nov 26, 2012--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 with option-to-buy in HighLife SAS, an early-stage company focused on the development of a unique transcatheter mitral valve replacement system to treat patients with mitral regurgitation.
HighLife, located in Paris, was co-founded in 2010 by Georg Börtlein. Börtlein was a co-founder and Chief Operating Officer at CoreValve Inc., one of the pioneers in the development of the transcatheter aortic valve replacement products.
Sorin’s €4.2 million initial investment will finance on-going product development and clinical testing of the technology. Under the terms of the agreement, Sorin has also acquired an exclusive option to acquire the company in the future. This investment represents an ideal complement to the recently announced investment in Cardiosolutions, which is developing an innovative percutaneous mitral repair system.
“The HighLife investment is an important step forward in our long-term plan to build a significant new growth platform in percutaneous mitral valve therapies,” said André-Michel Ballester, CEO of Sorin Group, “This is consistent with Sorin’s Strategic Plan to accelerate top-line growth through investments in innovation.” “We are delighted to have Sorin Group, a leading European medical device company, as our strategic partner, given our complementary expertise and shared commitment to mitral valve technology. Together, we look forward to developing a unique and less invasive solution for patients suffering from mitral regurgitation,” said Georg Börtlein, President and CEO of HighLife.
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 3,750 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 HighLife HighLife SAS, based in Paris, France, is an early-stage company focused on the development of a novel transcatheter replacement system for treating mitral regurgitation. One of the co-founders of HighLife is Georg Börtlein, a successful entrepreneur and med-tech inventor which has been a co-founder and Chief Operating Officer at CoreValve Inc., the developer of the transcatheter, transfemoral aortic valve replacement device and founder of other cardiovascular medtech start-ups.
For more information, please visit: www.sorin.comCONTACT: Martine Konorski Director, Corporate Communications Sorin Group Tel: +33 (0)1 46 01 33 78 Mobile: +33 (0)6 76 12 67 73 e-mail:firstname.lastname@example.org or Francesca Rambaudi Director, Investor Relations Sorin Group Tel: +39 02 69969716 e-mail:email@example.com KEYWORD: EUROPE FRANCE ITALY INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY HEALTH BIOTECHNOLOGY MEDICAL DEVICES OTHER HEALTH SOURCE: Sorin Group Copyright Business Wire 2012 PUB: 11/26/2012 08:45 AM/DISC: 11/26/2012 08:45 AM http://www.businesswire.com/news/home/20121126005548/