NURO Percutaneous Tibial Nerve Stimulation System to Enhance Neuromodulation Product Offerings for Treatment of Bladder Control Issues
DUBLIN - Feb. 23, 2015 - Medtronic plc (NYSE: MDT) today announced that it has acquired Advanced Uro-Solutions, a privately-held developer of neurostimulation products for the treatment of bladder control issues based in Elizabethton, Tennessee. Terms of the acquisition agreement, which closed in December 2014, were not disclosed.
Advanced Uro-Solutions develops and manufactures the NURO(TM) percutaneous tibial nerve stimulation system, which consists of a small external stimulator and a single, reusable lead to provide temporary stimulation to the tibial nerve. This therapy is 510(k) cleared by the FDA to treat patients with overactive bladder (OAB) and associated symptoms of urinary urgency, urinary frequency and urge incontinence. Medtronic is preparing to launch the NURO system in the U.S. within the next 12 months.
More than 37 million adults in the United States - one in six - suffer from OAB.1,2 By 2018, it is estimated that 546 million people worldwide will be affected by OAB.3
"The acquisition of Advanced Uro-Solutions expands Medtronic's portfolio of treatment options for those suffering from chronic symptoms of overactive bladder," said Linnea Burman, vice president and general manager, gastro/urology therapies at Medtronic. "Medtronic continues to invest in fully-implantable bladder control and bowel control therapies, and the addition of the NURO system to our existing portfolio of products will introduce more people suffering from bladder control issues to the benefits of neuromodulation."
Since 2009, Advanced Uro-Solutions has been led by two founders, Dr. Brent Laing and Dr. John Green.
"Studies show that roughly 80 percent of patients prescribed oral medications to treat their OAB symptoms have stopped taking them at 12 months, and Medtronic shares our commitment to advancing neuromodulation and increasing patient access to advanced solutions intended to treat their symptoms," said Dr. John Green, former chairman and CEO of Advanced Uro-Solutions. "We are excited to take this step toward making this important therapy available to patients around the world."
Medtronic developed and leads the field of neuromodulation, the targeted and regulated delivery of electrical pulses and pharmaceuticals to specific sites in the nervous system. The company's Neuromodulation division includes implantable neurostimulation and targeted drug delivery systems for the management of chronic pain, common movement disorders, spasticity and urologic and gastrointestinal disorders.
Medtronic will include revenue from the Advanced Uro-Solutions product line as part of the Neuromodulation division within the Restorative Therapies Group segment. The transaction is expected to meet Medtronic's long-term financial metrics, and the annualized earnings impact of this acquisition is not expected to be material.
About Medtronic
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements include Medtronic's intended business strategy and expectations regarding benefits to Medtronic's operations as a result of the closing of the Advanced Uro-Solutions acquisition. The statements in this release are based upon current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including risks related to the integration of Advanced Uro-Solutions' operations into Medtronic's, delays or obstacles in realizing the anticipated future benefits (including cost savings and other synergies) resulting from the acquisition of Advanced Uro-Solutions, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products and services, government regulation, general economic conditions and other risks and uncertainties set forth in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward- looking statements.
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References:
1. Stewart WF, et al. Prevalence and burden of overactive bladder in the United States. World J Urol. 2003:20:327-336.
2. United Nations, Department of Economic and Social Affairs, Population Division (2011). World Population Prospects: The 2010 Revision, CD-ROM Edition.
3. Irwin DE, Kopp ZS, Agatep B, Milsom I, Abrams P. Worldwide prevalence estimates of lower urinary tract symptoms, overactive bladder, urinary incontinence and bladder outlet obstruction. BJU Int. 2011;108:1132-1138.
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Jeff Warren
Investor Relations
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Source: Medtronic plc via Globenewswire
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