Exclusive: Medtronic to acquire Corventis for at least $150M

By Brian Dolan
09:30 am

NUVANT-PiiXMedical device giant Medtronic is in the final stages of acquiring peel-and-stick medical sensor company Corventis for north of $150 million, MobiHealthNews has learned. While neither company has publicly commented on the deal, it is expected to be officially announced some time in the next few weeks. (Update: I've heard conflicting reports from sources on the price of the deal since publishing this story. Others say the pricepoint was actually under $150 million. We'll update if the actual price becomes public.)

While the companies were not known to have a prior relationship, last year they did squabble over trademarks for Corventis' Novant device and Medtronic's Novent device.

Corventis has been mostly quiet in the US market for the past few years. The last we heard from the company was back in January 2010 when it secured FDA clearance for its Nuvant offering, a mobile cardiac telemetry system that competes with systems from companies like LifeWatch and BioTelemetry (formerly CardioNet). 

Corventis secured FDA clearance for its peel-and-stick PiiX sensor in early 2009. PiiX can measure a range of vital signs including fluid status, heart rate, HRV, respiratory rate, activity, posture, and more.

Corventis was the first company shepherded by the West Health Institute. The second, Sense4Baby, was acquired earlier this year by AirStrip Technologies.

In 2010 Corventis also secured approval from the Centers for Medicaid and Medicare (CMS) for its monitoring facility and could bill for services provided to patients with Medicare. ECGs collected by the device were transmitted to the Corventis Monitoring Center via the company’s wireless-enabled zLink. The data is then reviewed and a response is assessed by trained cardiographic technicians.

Corventis explored markets outside of the US in an attempt to gain traction too: According to one of its most recent press releases, the company introduced Nuvant to the Indian market in 2012.

The company's impressive roster of investors included Kleiner Perkins Caufield Buyer, Mohr Davidow Ventures, DAG Ventures, and PTV Sciences.

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(Image: "1 US Bank Note"/geralt via Pixabay, licensed under Creative Commons Zero)



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