St. Jude Medical has announced that it has exercised the companys exclusive option to acquire Spinal Modulation, Inc., developer of the Axium Neurostimulator System. After making an investment of US$ 40 million in June 13, the Minnesota device maker is paying US$ 175 million up front with a possibility of additional payments to acquire the company based in Menlo Park, California.
Once complete, the acquisition of Spinal Modulation, Inc. will further support St. Jude Medicals mission to help physicians tailor treatment to a patients chronic pain condition to achieve superior outcomes. Stimulation of the dorsal root ganglion (DRG) with the Axium system has been shown to provide meaningful relief for patients battling chronic pain, and is especially useful for treating focal pain areas often challenging to treat using traditional spinal cord stimulation (SCS), according to a company news release.
Physicians need a range of options to effectively treat chronic pain, and our acquisition of Spinal Modulation is part of our ongoing commitment to providing physicians new and innovative therapy options, said Michael T. Rousseau, Chief Operating Officer of St. Jude Medical. Dorsal root ganglion stimulation with the Axium system is highly complementary to our current chronic pain product portfolio, and acquiring this technology will further our ability to partner with physicians to reduce the burden of chronic pain.
St. Jude Medical has a legacy of bringing new, innovative therapy options to patients suffering from chronic pain, and we believe adding DRG stimulation to their chronic pain portfolio will have a number of benefits to patients worldwide, said David Wood, President and Chief utive Officer of Spinal Modulation. Were proud of what the Spinal Modulation team has built over the past 10 years, and see great potential for St. Jude Medical to continue expanding access to DRG stimulation therapy for patients who may benefit from additional therapeutic options.