Boston Scientific (BSX) Acquires LumenR's LumenR Tissue Retractor System
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Boston Scientific (NYSE: BSX) announced the acquisition of the LumenR Tissue Retractor System from LumenR LLC, a privately held Newark, California based company. The LumenR Tissue Retractor System is currently in development for use during endoscopic resection of lesions in the colon, esophagus or stomach.
The LumenR system is designed to improve endoscopic sub-mucosal dissection (ESD) and endoscopic mucosal resection (EMR) procedures which are less invasive alternatives to conventional surgery for the removal of precancerous lesions and malignant tumors in the gastrointestinal tract. The system will enable enhanced visualization of lesions and create a stable working environment to support tissue retraction and resection during these procedures.
"We are excited about the potential of the LumenR system to improve visibility and control during ESD and EMR procedures and improve quality of life for patients," said Art Butcher, senior vice president and president, endoscopy. "Every year, patients around the world undergo open gastrointestinal surgery that has a profound impact on their lives. By bringing this innovative technology forward, we have an opportunity for more physicians to treat patients successfully through less invasive endoscopic procedures."
ESD and EMR are frequently performed as part of endoscopic treatments for colorectal, gastric and esophageal cancers, which are the third, fifth and eighth most common cancers globally.1 More than 137,000 men and women in the United States will be diagnosed with colorectal cancer this year. Increased screening rates and removal of polyps and cancerous lesions, through procedures such as ESD, have been significant contributors to an overall 30 percent reduction in colon cancer related deaths in the past 10 years. ESD and EMR have been shown to be effective alternatives to surgery, reducing the costs of inpatient stays and adverse events associated with traditional surgery.2
"We have seen promising outcomes in reducing both procedure times3 and patient complications4 during our evaluation of the LumenR system," said Dr. Gregory Piskun, founder and chief executive officer, LumenR, LLC. "We are excited by this investment by Boston Scientific to acquire the LumenR system and bring it to market."
Boston Scientific will integrate the LumenR system into its endoscopy development program, and conduct additional development and evaluation of the system prior to commercialization.
The acquisition of LumenR is immaterial to earnings per share (EPS) in 2016 and 2017 on an adjusted and GAAP basis. Specific terms of the transaction were not disclosed.
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