Acutus Medical (Nasdaq:AFIB) announced today that it achieved its second milestone under an asset purchase agreement with Medtronic (NYSE:MDT).
The milestone covers submission for CE mark of the Acutus left-heart access portfolio under EU MDR. Hitting the milestone triggered a $17 million earnout payment from Medtronic to Acutus.
Earlier this year, Acutus agreed to sell its left-heart access portfolio to Medtronic for $50 million. In June, the company completed the first two closings of its deal to sell the devices to Medtronic. In October, Acutus completed the first $20 million milestone under its asset purchase agreement with the medtech giant. Beginning Jan. 28, 2023, Acutus becomes eligible to receive four years of revenue-based earnouts under the deal.
The Acutus left-heart access portfolio includes the AcQCross line of sheath-compatible septal crossing devices. It also features the AcQGuide Mini, AcQGuide Flex and AcQGuide VUE technologies. Medtronic began distributing the devices earlier this month.
“We are very pleased to have achieved this important milestone ahead of schedule. This submission is a critical step in our partnership with Medtronic, and we are confident that Medtronic will be able to accelerate adoption and positive impact on patient care and physician practice,” said David Roman, president & CEO of Acutus Medical. “In addition to positioning the left-heart access portfolio for long-term success in Europe, achieving this key milestone bolsters our financial position and enables Acutus to continue to focus on our differentiated mapping and therapy platform.”