St Jude Medical agrees investment deal with Nanostim

St Jude Medical has agreed a new deal that will see it provide investment for Nanostim, a developer of innovative leadless pacemakers.

The agreement involves a staged financing arrangement, under which St Jude will offer Nanostim funding based on the achievement of certain developmental and clinical milestones.

It will also provide St Jude with an exclusive option to purchase the company if it chooses.

Nanostim's miniaturised pacemakers offer advantages over traditional devices in that they are placed directly into the heart without the need for leads or surgical pockets, while they are also inherently MRI-compatible.

Drew Hoffmann, chief executive officer of Nanostim, said: "We are excited to have the support of St. Jude Medical, [which has] the capabilities and expertise to help us expand into existing and new markets."

Last year, St Jude expanded its interest in the cardiovascular health sector through the acquisition of AGA Medical in a deal valued at $1.3 billion (791.63 million pounds).