St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced it has completed the acquisition of Spinal Modulation, Inc., developer of the Axium™ Neurostimulator System. The acquisition was completed on May 1, 2015.
With 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.
Commenting on the acquisition, St. Jude Medical’s chief operating officer Michael T. Rousseau said: “Completing the acquisition of Spinal Modulation, Inc. is another important step forward in building momentum and accelerating sales growth across our neuromodulation product portfolio. We’re confident the Axium system will further support our goal of providing physicians multiple options to tailor treatment for patients with chronic pain.”
The Axium system has CE Mark in the European Union for the management of chronic intractable pain and TGA approval in Australia for the management of chronic, intractable pain of the trunk and/or limbs. In December 2014, Spinal Modulation announced that enrollment in its ACCURATE U.S. IDE trial had been completed and subsequently submitted its PMA application to the FDA in support of marketing approval in the United States. The full results from the ACCURATE Study will be presented at the 12th annual International Neuromodulation Society (INS) Congress, to be held in Montreal, Quebec, Canada from June 6-11, 2015.
