NEA Medical Device Company Focused on Vascular Procedures set to join Philips to Expand Image-Guided Therapy Portfolio
Menlo Park, CA — September XX, 2020 — New Enterprise Associates, Inc. (NEA) today announced that one of its medical device portfolio companies, Intact Vascular, has been Acquired by Royal Philips (NYSE: PHG, AEX: PHIA). Intact Vascular develops medical devices for minimally invasive peripheral vascular procedures. The acquisition will allow Philips to expand their exiting image-guided therapy portfolio. NEA first invested in Intact at the Series B round in 2015.
Founded in 2011, the Wayne, PA based company is focused on developing safe, efficacious and easy-to-use products for patients with vascular disease and the physicians who treat them. The company’s FDA approved offerings target both above- and below-the-knee interventions with the Tack Endovascular System® (6F), and the Tack Endovascular System (4F). Both products have CE Mark Authorization.
“We are thrilled for Intact to become part of the Philips platform, as it will allow this important leading-edge technology to help patients globally at an accelerated pace,” said Josh Makower, M.D., General Partner and head of medical device investing at NEA and Intact Vascular board member. “Under Bruce Shook’s leadership, the company has developed, from concept to commercialization, both an above-the-knee (ATK) and below-the-knee (BTK) solution for patients with severe peripheral vascular disease.”
The acquisition comes on the heels of a milestone year for the company thus far, including:
- January 2020: U.S. Food and Drug Administration PMA approval for expansion of Above-the-Knee Tack Endovascular System
- April 2020: U.S. Food and Drug Administration approval for the Tack Endovascular System for Below-the-Knee Post Angioplasty Dissection Repair
- April 2020: First U.S. Commercial Use of the Tack Endovascular System® in Below-the-Knee Arteries
- June 2020: Positive One-Year results from Tack Optimized Balloon Angioplasty (TOBA) II BTK Clinical Trial
“Philips’ Image-Guided Therapy business is a great strategic fit for our team’s unique expertise and transformational therapy device,” said Bruce Shook, President and CEO of Intact Vascular. “We share the same vision of complete procedural solutions to improve existing procedures and expand treatment options. We are excited to work closely with the Philips team to expand therapeutic offerings for patients worldwide.”
About Intact Vascular and the Tack Endovascular System
Intact Vascular is a privately held medical device company that develops minimally- invasive peripheral vascular products. The Tack Endovascular System is designed to repair dissections following peripheral balloon angioplasty. Pre-loaded with six self-expanding nitinol devices for above-the-knee (ATK) interventions, or four for below-the-knee (BTK) interventions, the Tack Endovascular System can be deployed to treat multiple dissections using a single catheter and leaving behind significantly less metal than stents. Additionally, the Tack Endovascular System is designed to minimize vessel inflammation, promote healing, improve outcomes and preserve future treatment options for peripheral arterial disease patients. Intact Vascular recently announced FDA approval of the Tack Endovascular System (4F), the first vascular implant approved for below-the-knee post-angioplasty dissection repair. With prior FDA approval granted for the Tack Endovascular System (6F) along with CE Mark Authorization, the company plans to progress toward broader market commercialization for both above- and below-the-knee interventions.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.
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