Medtronic Completes Purchase of QT Vascular's Chocolate PTA Balloon Catheter
January 29, 2018—QT Vascular Ltd. announced completion of the sale of the company's Chocolate percutaneous transluminal angioplasty balloon catheter to Medtronic for $28 million.
In the United States, the Chocolate PTA balloon catheter is intended for balloon dilatation of lesions in the peripheral vasculature, including the iliac, femoral, iliofemoral, popliteal, infrapopliteal, and renal arteries. It is currently commercially available from Medtronic in the United States and Europe.
In May 2017, QT Vascular announced an asset purchase option agreement with Medtronic for the acquisition of the Chocolate PTA catheter, which would be exercisable upon achievement of certain milestones. In February 2017, the company announced a definitive agreement with Medtronic for the worldwide distribution of the Chocolate PTA catheter for a 5-year period and automatically renewable for two additional 1-year periods.
QT Vascular will independently continue to develop and market its other products including the Chocolate Touch (a drug-coated version of the Chocolate PTA device), which has received investigational device exemption approval from the US Food and Drug Administration, as well as its coronary product portfolio of both drug-coated and non–drug-coated products.