BTG Acquires Novate Medical
September 7, 2018—BTG plc announced that it has acquired Novate Medical Ltd., a medical device company focused on the prevention of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events.
Novate's Sentry bioconvertible inferior vena cava filter was recently granted FDA 510(k) regulatory clearance in the United States. Sentry's bioconversion feature eliminates the need for an additional interventional procedure to retrieve the device. Twelve-month clinical trial data for the device demonstrated no new symptomatic PE and no evidence of device migration, tilt, fracture, perforation, or embolization.
BTG plans to launch Sentry in the United States in the second half of fiscal year 2018/2019 and will sell the device through its existing vascular sales force.
The company paid $20 million in cash to acquire Novate, with additional cash considerations up to $130 million to be paid if certain commercial and sales-related milestones are met.