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CHARLEVOIX, Mich.--(BUSINESS WIRE)--BioStar Capital, a venture capital firm focused on transformative medical technologies, has announced a landmark pre-FDA exit ofAmplitude Vascular Systems, Inc.(AVS), a medical technology company that created a next-generation hydraulic intravascular lithotripsy (IVL) platform to treat calcified peripheral arterial disease. Upon acquiring AVS for up to $835 million,Stryker (NYSE:SYK), a global leader in medical technologies, called the deal a milestone in the expansion of its peripheral vascular portfolio.
All three companies have close ties to Michigan. BioStar Capital, with offices in Michigan and Ohio, was founded by Dr. Louis Cannon, a physician who first encountered the idea for hydraulic lithotripsy while serving on the University of Michigan’s Coulter Committee. Robert Chisena, Ph.D, co-founded AVS while completing his doctorate at the university, building prototypes in an Ann Arbor garage. He developed the technology in partnership with Hitinder S. Gurm, an interventional cardiologist and interim Chief Medical Officer of the U of M Health System. Stryker is headquartered in Portage, in southwest Michigan.
About 1 in 20 U.S. adults, aged 20 and older, have calcified arteries, the treatment of which costs approximately $100 billion in aggregate annually. AVS’s Pulse System is a much-needed alternative to the current interventions that use electric wired balloons and lasers. AVS’s technology, which delivers CO₂-generated pressure waves through a balloon catheter, optimizes arterial diameter while potentially minimizing damage and increasing catheter deliverability, treatment speed, and therapeutic efficacy.
BioStar Capital served as an early strategic growth partner of AVS, licensing the IP, providing initial startup capital, and guiding the startup through several phases of development and approvals, including clinical studies and first-in-human trial design.
“We are doctors first and investors second, which means we look for emerging technologies that solve the needs of physicians and patients, then work to make the product better and scalable,” said Cannon, BioStar’s Senior Managing Director. “The data shows that this device is uniquely safe and effective.”
“Its potential for tremendous impact on patients’ lives has only increased with the benefit of Stryker’s resources and reach,” Cannon added.
This acquisition is the latest in a long history of successful exits for BioStar Capital. Among others, the firm previously invested in Corindus Vascular Robotics (NYSE: CVRS), a leader in robotic-assisted vascular interventions that was acquired by Siemens Healthineers for $1.1 billion; V-Wave, a company addressing heart failure that was acquired by Johnson & Johnson for up to $1.7 billion; and CathWorks, developer of an AI-powered imaging platform for coronary artery disease that was acquired by Medtronic in a deal valuing up to $585 million.
About BioStar Capital
BioStar Capital invests in and nurtures transformative medical technologies. The team consists of renowned healthcare clinicians, medical thought leaders, and financial professionals who bring unique insight to every investment opportunity. By leveraging a rare combination of domain expertise, industry connections, and access to medical facilities and innovators, BioStar Capital has consistently produced life-changing outcomes for patients and rewarding returns for investors.