Sam Brusco, Associate Editor08.03.23
Bridge to Life (BTL), a global supplier of organ preservation and perfusion tech, has divested assets including its EVOSS heart and lung and LifeCradle heart perfusion devices to TransMedics.
According to BTL, the company will use the proceeds from the divestiture to focus on its core preservation solutions business and pending U.S. Food and Drug Administration (FDA) submission for the VitaSmart liver machine perfusion system.
Commenting on the transaction, BTL CEO Don Webber told the press, "This transaction enables us to strengthen our financial position and adequately fund the continued expansion of our leading share in the global preservation solutions market as well as continue the development of our VitaSmart abdominal organ perfusion device. In May 2023, we announced the completion of enrollment of our pivotal HOPE trial, and we expect to submit our Premarket Approval application to the Food and Drug Administration later this year."
Piper Sandler & Co. acted as financial advisor to Bridge to Life. Canaccord Genuity LLC acted as financial advisor to TransMedics. Cooley LLP acted as legal advisor to Bridge to Life. Ropes & Gray LLP acted as legal advisor to TransMedics.
According to BTL, the company will use the proceeds from the divestiture to focus on its core preservation solutions business and pending U.S. Food and Drug Administration (FDA) submission for the VitaSmart liver machine perfusion system.
Commenting on the transaction, BTL CEO Don Webber told the press, "This transaction enables us to strengthen our financial position and adequately fund the continued expansion of our leading share in the global preservation solutions market as well as continue the development of our VitaSmart abdominal organ perfusion device. In May 2023, we announced the completion of enrollment of our pivotal HOPE trial, and we expect to submit our Premarket Approval application to the Food and Drug Administration later this year."
Piper Sandler & Co. acted as financial advisor to Bridge to Life. Canaccord Genuity LLC acted as financial advisor to TransMedics. Cooley LLP acted as legal advisor to Bridge to Life. Ropes & Gray LLP acted as legal advisor to TransMedics.