St Jude Medical agrees Spinal Modulation equity investment

St Jude Medical has entered into a series of agreements to make a $40 million (25.61 million pounds) equity investment in Spinal Modulation, a medical technology firm based in California.

Under the terms of the agreement, St Jude Medical will gain an exclusive option to distribute the Axium Neurostimulator System, developed and manufactured by Spinal Modulation, in international markets.

This device delivers a form of spinal cord stimulation targeting the dorsal root ganglion, addressing chronic pain conditions that are currently underserved by traditional SCS technologies and techniques.

St Jude Medical will also have the exclusive option to acquire the company for up to $300 million, plus certain revenue-based milestones.

Dr Eric Fain, president of the St Jude Medical implantable electronic systems division, said: "St Jude Medical is excited to partner with Spinal Modulation and add the unique and complementary Axium Neurostimulator System to our existing neuromodulation portfolio."

Earlier this month, the firm commenced the first US clinical study of the EnligHTN Multi-Electrode Renal Denervation System, evaluating the system as a means of treating drug-resistant high blood pressure.