Bayer Healthcare to acquire Pathway Medical Technologies
5 September 2011
Bayer HealthCare affiliate, MEDRAD, Inc. has acquired Pathway
Medical Technologies, Inc., of Kirkland, Wash. Financial terms of the
agreement were not disclosed. With this acquisition, Bayer HealthCare is
strengthening its MEDRAD Interventional business by expanding its
presence in the field of vascular intervention technologies.
Pathway Medical Technologies produces products for mechanical
atherectomy in the field of vascular intervention. The company’s
products clear out blockages in the leg, also known as peripheral
arterial disease or PAD. Pathway’s Jetstream devices, for example,
allow for a minimally invasive procedure designed to restore
circulation in the peripheral arteries by reducing vascular
narrowing caused by plaque. With differential cutting, Jetstream
products are designed to remove plaque without harming healthy
tissue.
For the more than 12 million people alone in the US estimated to
have some form of PAD, Pathway products offer minimally invasive
treatment options to remove calcified and fibrotic plaque and
restore circulation in the peripheral arteries.
"The combination of MEDRAD and Pathway Medical Technologies
underscores our strategic commitment to the treatment of patients in
the growing interventional field," said Dr. Jörg Reinhardt, Chairman
of the Board of Management of Bayer HealthCare. "Pathway’s products
complement MEDRAD Interventional’s current and future portfolio
including our injectors, thrombectomy devices and the Cotavance
paclitaxel coated balloon catheter with Paccocath technology and
will enable us to extend value to customers and patients through
broader product options to diagnose and treat PAD."
"From Pathway’s perspective, Bayer HealthCare’s broad and
proven international distribution infrastructure presents an
exciting platform for the more rapid expansion of Pathway’s product
portfolio into attractive and largely underpenetrated international
markets," said Pathway Medical Technologies President and CEO Paul
Buckman.
The Cotavance catheter received CE Mark certification in Europe
in 2011. MEDRAD Interventional is also moving forward with the
Investigational Device Exemption (IDE) process as one of the steps
in gaining FDA approval for Cotavance product in the United States.
Source: Bayer Healthcare