Following an FDA Approval of Device, St. Jude Completes Acquisition of Atlanta Based CardioMEMS
Following news the Food and Drug Administration has approved CardioMEMS's wireless heart monitoring device, St. Jude Medical Inc. said on Wednesday, May 28th, that it plans complete its acqusition of shares of the biotech company CardioMEMS it does not already own for $375 million.
The FDA approved CardioMEMS implantable device is intended for the treatment of patients with chronic pulmonary disease. The miniature device records and transmits pulmonary artery pressure for the remote monitoring of patients by physicians.
CardioMEMS was founded in 2001 by cardiologist Jay Yadav and Mark Allen, a Georgia Tech nanotechnology professor. Yadav predicts a growth in Atlanta hiring due to the acquisition as the company's headquarters is expected to stay in the area.
Last revised August 1, 2017