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News Release - June 14, 2022
Cordis-X Makes Strategic Investment in Adient Medical, Developer of First Fully Absorbable Inferior Vena Cava (IVC) FilterSignals continued investment in accelerated cardiovascular technology development
MENLO PARK, Calif., June 14, 2022 -- (Healthcare Sales & Marketing Network) -- Cordis-X today announced an $11.5 million Series F investment in Adient Medical, maker of a next-generation absorbable inferior vena cava (IVC) filter that provides protection against pulmonary embolisms (PE).
The device is designed to avoid well-documented risks of perforation, migration, fracture, and thrombosis currently associated with IVC filters. Such safety issues have been the focus of the FDA-mandated PRESERVE (Predicting the Safety and Effectiveness of Inferior Vena Cava Filters) Study of IVC filters from six manufacturers.
In 2012, Dr. Jeremy Durack, Chief Clinical Officer of Cordis-X, authored a seminal paper exposing the safety concerns with metal filters. He has since served as a member of Adient's Scientific Advisory Board and will now join Adient as the Chief Clinical Officer. Dr. Durack will work collaboratively with Adient CMO Dr. Joseph Steele and Dr. Matthew Johnson (Principal Investigator of PRESERVE as well as Adient's upcoming pivotal study) on clinical validation of Adient's innovative technology.
"The Adient fully absorbable filter solution creates a new paradigm to protect patients from pulmonary embolus," Dr. Durack shared. "I am thrilled to be part of the collaborative team of Adient, Cordis, and Cordis-X and to see this groundbreaking approach come to fruition."
Dr. Steele added, "Bringing the first fully absorbable IVC filter to market during a time when both absorbable implants and IVC filters have faced significant challenges has been a tough but rewarding endeavor. We didn't set out to do something easy. We set out to do something revolutionary."
Cordis-X's investment in Adient reinforces a unique business model that identifies and advances differentiated technologies with the potential to expand the Cordis portfolio with innovative and clinically compelling solutions that respond to unmet needs in cardiovascular health.
Adient has obtained investigational device exemption (IDE) approval for both a 510(k) study for therapeutic indication and a Premarket Approval (PMA) application for the first-ever prophylactic indication, potentially multiplying the addressable market size and establishing a new standard of care for patients with short-term PE risk from immobilizing surgery, trauma, or other medical procedures.
According to Cordis CEO Shar Matin, "The Adient collaboration is a great example of the innovative approach we are taking with Cordis and Cordis-X. In this setting, the relevant business experts, scientists, and physicians can come together to solve a problem like pulmonary embolisms. This is just the beginning for where Cordis and Cordis-X can go."
Adient was founded in 2012 in Houston, Texas by engineer and inventor Mitch Eggers, CEO and President of Adient. The Cordis-X philosophy and bias toward aggressive innovation held particular appeal for Mitch. "So many companies are just caught up in developing the next incremental product. So, for somebody to stand up, be bold and put money behind next-generation ideas that really make a difference is fantastic."
"For too long we have placed metal devices into patients when an absorbable product can cover the greatest risk window of a few weeks and fully dissolve within 6 months," Eggers continued. "With the help of Cordis-X and Cordis, we may finally begin to see a material reduction in PE rates if we can apply this product more prophylactically to a wider population of patients at risk of PE."
According to Cordis Executive Chairman and Cordis-X CEO Duke Rohlen, "Effective IVC filtering remains one of the toughest problems in the cardiovascular space. If left in the body, metal filters can create safety risks that increase dramatically over time. Retrievable filters partially address these concerns, but retrieval procedures are costly, complex, and frequently delayed. Adient addresses the root cause of these issues through a filter that serves its purpose, then simply vanishes without the need for additional intervention."
Cordis is a worldwide leader in the development and manufacturing of interventional cardiovascular technologies with a more than 60-year history of pioneering breakthrough therapies to treat millions of patients. With a reputation for clinical acumen, training, and service, Cordis has a legacy of innovation in high-quality and minimally invasive cardiovascular products, building a strong global footprint with operations in more than 70 countries around the world.
Cordis-X, an independent innovation accelerator based in Menlo Park, California, provides a streamlined model of medical device innovation built for speed, agility, and value maximization. Through its relationships with Ajax Health and Cordis, Cordis-X is able to quickly identify, evaluate, develop, and invest in emerging technologies that can expand the depth, breadth, and impact of the Cordis product portfolio.
About Adient Medical
Adient Medical is a developer of absorbable medical devices founded in Houston, Texas in 2012. The company was built on the premise that IVC filters should be safe and effective during their useful lifetime, then vanish without intervention, alleviating costly removal procedures and downstream complications. Adient developed a deep patent portfolio and compiled extensive bench, animal, and human data prior to obtaining IDE approval.
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