ReCor Medical Announces New Lead Investor and Upcoming Hypertension Trial
PALO ALTO, California, April 10, 2015 /PRNewswire/ -- ReCor Medical, Inc., a Palo Alto- and Amsterdam-based medical device firm, announced today a Series D investment of approximately $15M led by Otsuka Holdings Co., Ltd., the parent company of Otsuka Pharmaceutical and the Otsuka group of healthcare companies. Otsuka Holdings, one of the leading healthcare groups in Japan, joined Sofinnova Partners in the Series D round. In addition, ReCor has met with the US FDA regarding a new randomized controlled trial of its Paradise Renal Denervation ("RDN") System in hypertensive patients to demonstrate its effect on blood pressure in conjunction with, and in the absence of, hypertensive drug therapy. The Company is planning to conduct the new study at 20 – 25 sites in the US and EU.
"The Series D investment led by Otsuka Holdings shows renewed interest in the renal denervation field and confidence in our ultrasound-based Paradise System," commented Andrew M. Weiss, President and CEO of ReCor. "We are pleased to have attracted investment from one of Japan's premier healthcare groups. This new relationship will support our upcoming US clinical studies and open new potential for our technology in Japan and greater Asia. We are pleased to be positioned alongside Boston Scientific and Medtronic, who have also recently announced new clinical trials in renal denervation for the treatment of hypertension."
"ReCor believes that our Paradise technology may have a distinct advantage over competitive RF-based RDN systems by providing active vessel protection and 360 degree energy delivery. We believe that we can demonstrate an important clinical effect in hypertension patients with the Paradise system," added Mano Iyer, ReCor COO and co-founder, "We are working with leading hypertension experts and interventionalists to finalize our clinical study design, and plan to begin enrollment in the second half of 2015."
ReCor is a Palo Alto- and Amsterdam-based clinical-stage medical device company with a proprietary ultrasound system for renal denervation called the Paradise System. Paradise, which has CE mark, uses 6Fr or 5Fr catheters for intravascular denervation of the renal nerves by combining water-based cooling of the renal artery and high intensity ultrasound energy for circumferential renal nerve ablation. The Paradise System has been studied in 3 clinical trials, and has been used in over 200 patients. For additional information see: www.recormedical.com.
Otsuka Holdings Co., Ltd. is the holding company of the Otsuka group, a global healthcare group headquartered in Tokyo, Japan. With operations in pharmaceuticals, nutraceuticals, medical devices and other health-related businesses, the group generated worldwide sales of approximately JPY1,224 billion in the fiscal year ended December 2014. Under its corporate philosophy, "Otsuka – people creating new products for better health worldwide", the Otsuka Group conducts research, development, manufacturing and marketing of innovative products that are uniquely positioned to provide advanced therapy, improve quality of life and support a healthy lifestyle. The Otsuka Group consists of 119 companies worldwide with 29,482 employees. Additional information can be found on http://www.otsuka.com/en/
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