Cleveland-based Securus Medical Group has been acquired by Boston Scientific Corp.
"The acquisition of Securus further broadens our electrophysiology portfolio and fuels our mission to provide physicians with meaningful innovations that advance patient care," Joe Fitzgerald, president of Rhythm Management at Boston Scientific, said in a statement.
Boston Scientific, an investor in Securus since 2016, is paying $40 million in cash up-front, as well as up to $10 million in contingent payments based on regulatory achievements and commercial milestones for the remaining stake in Securus.
Securus benefited from the support of local funders, including JumpStart Inc. and RiverVest Venture Partners. Securus developed a thermal monitoring system for the continuous measurement of esophageal temperature. The system recently received 510(k) clearance from the U.S. Food and Drug Administration and is expected to be integrated into the Boston Scientific portfolio and commercially available in the U.S. in the first half of 2019.
