Owners
CathWorks is a medical technology company that specializes in applying its advanced computational science platform to optimize ischemic heart disease therapy.
History
2022: $75m Investment Investment from Medtronic
On July 12, 2022, Medtronic announced a strategic partnership with coronary artery disease (CAD) technology developer CathWorks.
CathWorks, located in Kefar Sawa, Israel, developed its FFRangio system combining artificial intelligence and advanced computational technology to quickly and reliably obtain fractional blood flow reserve values (FGFs or FFRs - a diagnostic method to assess the physiological impact of coronary artery transcript) based on conventional angiograms (X-rays), eliminating the need for drug stimulation and invasive pinch wire.
Under the terms of the agreement, Medtronic will invest up to $75 million and will immediately begin joint promotion of CathWorks' FFRangio system in Europe, the United States and Japan, where it is already available for sale. A separate agreement offers Medtronic an option to acquire CathWorks after reaching certain undisclosed benchmarks.
CathWorks also has the power to force Medtronic to acquire the company if Medtronic does not exercise the option, which expires in July 2027 with an estimated value of up to $585 million and potential undisclosed post-acquisition payments, according to a press release.
Medtronic has owned a minority investment in CathWorks since 2018. The Company expects the joint promotion agreement to be neutral to its GAAP for fiscal 2023 and adjusted earnings per share and to be neutral or accretive in subsequent years.
{{quote 'CathWorks has long been looking for a suitable partner to help us expand the scope of the FFRangio system worldwide, "CathWorks President and CEO Ramin Mousavi said in a release. Medtronic will bring to CathWorks not only the strength of its commercial team, but also the reputation of a company that invests in and identifies new opportunities for a revolution in treatment. I am excited about the opportunities ahead as we partner with Medtronic to expand the use of our technology in the US, Japan and Europe[1] }}
Notes
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