LimFlow Announces Agreement to Be Acquired by Inari Medical
LimFlow SA, a pioneer in the development of minimally-invasive technology for the treatment of chronic limb-threatening ischemia (CLTI), a severe form of peripheral artery disease (PAD), announced today that it has entered into a definitive agreement to be acquired by Inari Medical (NASDAQ:NARI), a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases.
Under the terms of the agreement, LimFlow will receive $250 million in cash at closing and be eligible to receive up to $165 million in additional payments based on certain commercial and reimbursement milestones, for a total potential transaction value of up to $415 million. The transaction is expected to close in the fourth quarter of 2023.
LimFlow's acquisition by Inari Medical is expected to increase patient access to its LimFlow System for Transcatheter Arterialization of the Deep Veins (TADV), which is designed to reestablish blood flow in deep veins for "no-option" CLTI patients who have no other suitable endovascular or surgical treatment options and are facing major amputation.
FDA approval for the LimFlow System was received in September 2023 based on successful outcomes seen in the PROMISE II pivotal trial, recently published in The New England Journal of Medicine, and from positive clinical results seen in earlier studies. In the PROMISE II study, 76% of no-option CLTI patients were able to keep their leg and experienced progressive wound healing, with many having significant pain relief during the time following LimFlow treatment. The LimFlow System is the first and only FDA-approved device for TADV and previously received Breakthrough Device Designation from the FDA.
"We are thrilled to join forces with Inari Medical, expanding the reach of our remarkable technology to bring renewed hope to patients who are currently suffering," said LimFlow CEO Dan Rose. "Our heartfelt gratitude goes out to the exceptional LimFlow team, our dedicated clinical partners, and our investors who believed in our mission. Together, we eagerly anticipate advancing our shared vision of addressing crucial unmet needs in the realm of vascular disease."
LimFlow investors include Sofinnova Partners (through its Crossover Strategy), Bpifrance, Balestier (an affiliate of M&L Healthcare Investments), Longitude Capital, Soleus Capital and Inari Medical. LimFlow was incubated by MD Start and co-founded by Martin Rothman, MD and Tim Lenihan.
"The acquisition of LimFlow is closely aligned with our mission to address significant unmet patient needs and adds another highly differentiated growth platform into our portfolio," said Drew Hykes, CEO of Inari. "We see the CLTI market as poised for durable growth, driven by compelling technology, outstanding clinical results, and multiple opportunities for expansion. As a minority investor and board observer in LimFlow since early 2022, we have seen firsthand the life-changing impact this technology has on patients, as well as how complementary our two businesses are."
About LimFlow and the LimFlow System
LimFlow is a private, venture-backed medical device company transforming the treatment of CLTI, a severe condition, for which there is a growing clinical need in light of high mortality rates. The minimally-invasive LimFlow System is designed to bypass blocked arteries in the leg and deliver oxygenated blood back into the foot via the veins in CLTI patients who are facing major amputation and have exhausted all other therapeutic options. The LimFlow System received the CE Mark in October 2016 and FDA PMA approval in September 2023. For more information, visit www.limflow.com.
About Inari Medical, Inc.
Patients first. No small plans. Take care of each other. These are the guiding principles that form the ethos of Inari Medical. We are committed to improving lives in extraordinary ways by creating innovative solutions for both unmet and underrecognized health needs. In addition to our purpose-built products, we leverage our capabilities in education, clinical research, and program development to improve patient outcomes. We are passionate about our mission to establish our treatments as the standard of care for venous thromboembolism and beyond. We are just getting started.
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