March 9, 2012 – ST. LOUIS , MO– RiverVest Venture Partners today announced that Boston Scientific Corporation has exercised its option to acquire RiverVest portfolio company Cameron Health, Inc., a medical device innovator based in San Clemente, California.
This is RiverVest’s 4th exit in its Fund II portfolio.
Cameron Health has developed a next-generation implantable defibrillator that is easier to implant and does not require leads that attach to the heart, as is necessitated by other defibrillators.
Cameron Health’s device is the world’s first and only commercially available subcutaneous implantable cardioverter defibrillator, called the S-ICD® System. Unlike conventional implantable cardioverter defibrillators (ICDs), which require thin, insulated wires (leads) to pass through the venous system and into the heart, the entire S-ICD System sits just below the skin and leaves the heart and blood vessels untouched. This one-of-a-kind technology has the potential to expand the reach of ICD therapy, offering physicians and appropriate patients a new alternative to traditional ICDs, while strengthening Boston Scientific’s arrhythmia management portfolio.
The agreement calls for an upfront payment of $150 million, payable upon transaction closing, an additional potential $150 million payment upon FDA approval of the S-ICD System, plus up to an additional $1.050 billion of potential payments upon achievement of specified revenue-based milestones over a six-year period following FDA approval.
To view Boston Scientific’s release, please visit http://bostonscientific.mediaroom.com/index.php?s=24889&item=124076
About RiverVest Venture Partners®
RiverVest Venture Partners is a venture capital firm focused on identifying and shaping early-stage life science companies throughout the U.S. to create significant shareholder value. With hands-on, high-level expertise and financial resources, RiverVest supports entrepreneurs by helping them achieve near-term objectives that position their companies for exit.
Since its inception in September 2000, RiverVest has raised two investment funds, with total committed capital of $164 million, and supported more than 25 innovative life science companies. For more information, please visit https://www.rivervest.com.
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