Boston Scientific (NYSE: BSX) is to acquire Augmenix, Inc., a Bedford, MA-based company which has developed and commercialized the SpaceOAR® System, a therapy used to reduce common and debilitating side effects that men may experience after receiving prostate cancer radiotherapy.
The transaction consists of an upfront cash payment of $500m, and up to $100m for reaching sales-based milestones.
The acquisition will expand Boston Scientific’s portfolio of men’s health in-office procedures with adjunctive therapy for prostate cancer patients.
CE Marked, cleared by the FDA and used in more than 30,000 patients worldwide, the SpaceOAR hydrogel is injected prior to radiation therapy to create additional space between the rectum and prostate during treatment, thereby reducing rectal radiation dose and associated side effects.
A single injection of the SpaceOAR hydrogel is designed to maintain the space between the rectum and prostate for three months – within the duration of a standard radiation treatment schedule. The absorbable hydrogel is gradually reabsorbed by the body within six months of injection.
Founded in 2008 based on technology from Incept LLC, and led by chief executive officer John Pedersen, Augmenix has approximately 140 employees.