Catheter Precision, listed under the ticker (VTAK, Financial), has entered into a definitive agreement to acquire significant assets from Cardionomic, Inc. This acquisition will be carried out through Cardionomix, Inc., a newly established subsidiary in which Catheter Precision holds an 82% stake.
The key assets involved in this transaction pertain to the Cardiac Pulmonary Nerve Stimulation (CPNS) system. This technology has its roots in a collaborative development between the Cleveland Clinic, Abbott Labs, and NEA, and has garnered positive feedback for its therapeutic efficacy. The Cleveland Clinic Foundation approached Catheter Precision to take the helm in guiding this project towards FDA approval and eventual commercialization.
The CPNS system boasts promising results, underscored by the issuance of 49 patents and 46 patent applications pending. There is already an established pathway for reimbursement, and discussions with the FDA have paved the way for a pivotal trial. The potential market for this technology is substantial, marking a significant opportunity for Catheter Precision in the cardiac technology sector.
