Hatch Medical, L.L.C., a medical device incubator and technology brokerage firm announced today that Merit Medical Systems, Inc. has acquired the EN Snare® foreign body retrieval device assets for $21 million dollars in cash. The purchase price consists of an initial payment of $14 million with an additional payment of $7 million upon the completion of certain milestones.
The EN Snare® foreign body retrieval device, developed in conjunction with Phase One Medical, incorporates proprietary technology and design elements that improve upon the overall utility, accuracy and simplicity of foreign body retrieval. EN Snare® has successfully addressed the needs of physicians performing complex endovascular procedures in the peripheral vascular system and hollow viscous since its introduction in 2002.
John Kaufman, M.D., the Frederick S. Keller Professor of Interventional Radiology at the Dotter Interventional Institute, Oregon Health Sciences University, who performed the initial studies on EN Snare®, commented, "The EN Snare® has been one of the most important new foreign body retrieval devices in over a decade. During our clinical usage, the device has continued to demonstrate great utility in a variety of endovascular applications. The unique forward-looking multi-loop design provides secure engagement in both routine and challenging procedures."
Paul Gianneschi, Managing Principal and Founder of Hatch Medical, L.L.C. added, "We are very pleased to be working with Merit Medical through this transition, and believe they are ideally positioned to advance this technology in the market and maximize its potential."
Founded in 2000, Hatch Medical jointly develops and brokers minimally invasive medical devices for the diagnosis and treatment of vascular and oncological disease through its network of risk-sharing partners.