St. Jude Medical Acquires Spinal Modulation, Inc.
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St. Jude Medical recently announced that it has completed the acquisition of Spinal Modulation, Inc. In June of 2013, St. Jude invested $40 million in Spinal Modulation for which it received an exclusive option (now exercised) to purchase the company for a maximum of $300 million, plus milestone payments. According to St. Jude Medical’s earlier press release, St. Jude Medical agreed to pay Spinal Modulation $175 million upon closing with milestone payments due upon FDA approval of Spinal Modulation’s Axium Neurostimulator System.
St. Jude Medical describes the Axium system (shown to the right) as a form of spinal cord stimulation (SCS) that targets a neural structure within the spine called the dorsal root ganglion (DRG). The DRG contains the primary sensory neurons that transmit pain signals from the peripheral nerves to the brain. The system uses an implantable medical device to deliver mild electrical pulses to the DRG. These pulses mask or interrupt pain signals as they travel to the brain.
According to St. Jude,
[w]ith the closing of the acquisition, St. Jude Medical has become the only medical device manufacturer in the world to offer radiofrequency ablation (RFA), spinal cord stimulation (SCS) and dorsal root ganglion (DRG) stimulation therapy solutions for the treatment of chronic pain.
According to its website, St. Jude Medical is a global medical device company, headquartered in St. Paul, Minnesota, offering a wide array of products in diverse fields.
Spinal Modulation, Inc., headquartered in Menlo Park, California, focuses on providing treatment options for patients suffering severe chronic pain.
Mitchell Hadley is an associate in our San Diego office. His practice involves all aspects of patent prosecution.
Prior to joining the firm, Mr. Hadley attended law school at the Brigham Young University, J. Reuben Clark Law School where he graduated magna cum laude and was elected to the Order of the Coif. During law school he served as Lead Note and Comment Editor of the BYU law Review. In 2010, he graduated from Brigham Young University with a B.S. in Mechanical Engineering.
Mr. Hadley joined the firm in 2014 after working as summer associate in the firm's San Diego office during the summer of 2013.
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