(CARY, NC – September 24, 2020) – Harbright Ventures, a Raleigh-Durham based early stage investment fund, today announced the exit and future distribution of $15 million to investors related to the portfolio investment in Ascyrus Medical. Ascyrus Medical was recently acquired by CryoLife, Inc. (“CryoLife”; NYSE: CRY) for $200 million.
CryoLife is a leading cardiac and vascular surgery company focused on aortic disease and completed the acquisition Sept. 2, 2020. Ascyrus Medical is a Florida-based, privately-held developer of the Ascyrus Medical Dissection Stent (AMDSTM), the world’s first aortic arch remodeling device used for the treatment of acute Type A aortic dissections. Aortic dissection is a very serious, life-threatening condition that occurs when the inner wall of the aorta begins to tear and separate. The condition caused the death of actor John Ritter in 2003 and the emergency heart surgery of JP Morgan CEO Jamie Dimon earlier this year. Type A aortic dissections have a 50 percent mortality rate in the first 48 hours, and studies have shown the 30-day mortality for Type A aortic dissections is between 18-27%. In trials of the Ascyrus AMDS device, the 30-day mortality was reduced to 6.5%.
John Michael Harlow, the Managing Director of Harbright Ventures commented: “The Ascyrus AMDS is a game-changer. To date, hundreds of lives have been saved and, in the hands of Cryolife, the product will be expanded to many more markets, potentially saving tens of thousands of lives a year. Harbright investors can be proud of the return on their investment and, more importantly, the impact their investment made in propelling Ascyrus into the standard of care for Type A Aortic Dissections.”
Terms of the Agreements
Under terms of the agreements, CryoLife acquired Ascyrus Medical for up to $200 million, consisting of:
- $80 million upfront payment, consisting of $60 million in cash and $20 million in CryoLife common stock
- Up to $120 million in milestone payments, consisting of:
- $20 million upon U.S. IDE approval, consisting of $10 million in cash and $10 million in CryoLife common stock
- $25 million upon U.S. PMA
- $10 million upon Japan approval on or before June 30, 2027
- $10 million upon China approval on or before June 30, 2027
- Up to $55 million (or up to $65M-$75M if Japanese or Chinese approval are not secured on or before June 30, 2027) based on certain incremental sales
Harbright investors may receive up to $15 million from the acquisition considering all milestone payments outlined.
Editor’s Note: Interviews can be made with a Harbright Ventures executive team member.
About Harbright Ventures
Harbright Ventures is a Raleigh-Durham based, member-driven, private equity firm that provides capital and guidance to early and growth-stage opportunities. For more information, please visit harbrightventures.com.
Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of medical devices and implantable tissues used in cardiac and vascular surgical procedures focused on aortic repair. CryoLife markets and sells products in more than 100 countries worldwide. For additional information about CryoLife, visit our website, www.cryolife.com.
About Ascyrus Medical
Ascyrus Medical, headquartered in Florida, has developed the AMDS, the world’s first aortic arch remodeling device for use in the repair of acute Type A aortic dissections. It is used as a complement to, and in conjunction with, hemi-arch replacement which is the current standard of care. Ascyrus received CE-Mark to commercialize in Europe the AMDS, and received Health Canada approval allowing for distribution in Canada. For additional information about Ascyrus, visit their website, www.ascyrus.com.