Bridge to Life Divests Certain Assets to TransMedics

Rhea-AI Summary

Bridge to Life Ltd. divests certain assets to TransMedics, Inc. to focus on core preservation solutions business and FDA submission for VitaSmart Liver Machine Perfusion System.

Positive

• Bridge to Life strengthens financial position and expands share in global preservation solutions market
• Completion of HOPE trial enrollment and FDA submission expected later this year

Negative

• None.

NORTHBROOK, Ill., Aug. 2, 2023 /PRNewswire/ -- Bridge to Life Ltd. (BTL), a leading global supplier of organ preservation and perfusion technologies, announced today its divestiture of certain assets to TransMedics, Inc., a wholly owned subsidiary of TransMedics Group, Inc. (NASDAQ: TMDX), including its EVOSS heart and lung and LifeCradle heart perfusion assets. BTL will use the proceeds from the divestiture of these assets to focus on its core preservation solutions business and its pending Food and Drug Administration (FDA) submission for the VitaSmart™ Liver Machine Perfusion System.

Commenting on the transaction, BTL CEO Don Webber said, "This transaction enables us to strengthen our financial position and adequately fund the continued expansion of our leading share in the global preservation solutions market as well as continue the development of our VitaSmart abdominal organ perfusion device. In May 2023, we announced the completion of enrollment of our pivotal HOPE trial, and we expect to submit our Premarket Approval application to the Food and Drug Administration later this year." https://bridgetolife.com/early-closure-of-bridge-to-life-ltd-hope-liver-trial-enrollment-affirms-the-potential-of-hypothermic-oxygenated-perfusion/

Piper Sandler & Co. acted as financial advisor to Bridge to Life. Canaccord Genuity LLC acted as financial advisor to TransMedics. Cooley LLP acted as legal advisor to Bridge to Life. Ropes & Gray LLP acted as legal advisor to TransMedics.

For more than a decade, Bridge to Life Ltd. has set the standard of care by providing the transplant community with the gold standard Belzer UW® preservation solutions along with other core products including EasiSlush®. The company also recently announced promising interim pivotal study results for its VitaSmart™ Liver perfusion device and completed enrollment in the Bridge to HOPE Liver Clinical Trial well ahead of schedule. The Company is setting a new standard in hypothermic oxygenated machine perfusion with the unique HOPE protocol developed with leading international organ transplant surgeons. Through developing highly efficacious and sustainable technologies, Bridge to Life remains steadfast in its ongoing mission to alleviate organ transplant waiting lists by ensuring equitable access to these new innovative technologies for all patients.

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SOURCE Bridge to Life Ltd.

FAQ

What assets did Bridge to Life divest?

Bridge to Life divested its EVOSS heart and lung and LifeCradle heart perfusion assets to TransMedics, Inc.

What will Bridge to Life use the proceeds for?

Bridge to Life will use the proceeds to focus on its core preservation solutions business and its pending FDA submission for the VitaSmart Liver Machine Perfusion System.

What is the status of Bridge to Life's HOPE trial?

Bridge to Life completed enrollment of its pivotal HOPE trial and expects to submit its Premarket Approval application to the FDA later this year.