EdRIP to make 10x on Vessix sale

The acquirer has paid an initial $125m, with the remaining payments being conditioned to the achievement of clinical and commercial milestones. This is the second exit for BioDiscovery 3, a 2008-vintage fund managed by EdRIP.

EdRIP injected $10m for a significant stake in Vessix barely 18 months ago, as part of a wider $25m series-B round of funding for the business. The fresh capital was used to develop Vessix's V2 Renal Denervation System from prototype to CE mark in less than a year, and to start a 120 patient post-CE mark clinical trial.

Based in Laguna Hills, California, Vessix is a medical technology company founded in 2003. It has developed a percutaneous radio frequency balloon-catheter for renal denervation used in the treatment of uncontrolled hypertension.

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