Leading health care products maker Covidien (COV) has commenced the commercial launch of the HALO60 ablation catheter designed for the treatment of Barrett’s esophagus, a pre-cancerous condition of the lining of the esophagus (tube which carries food from the throat to the stomach).
Covidien said that the HALO60 Catheter is now available for sale in the U.S., Canada, Australia and select European nations with plans in place for launching the product in additional markets in late 2012.
The newly launched product is the latest addition to the HALO family of catheters which Covidien added to its portfolio through the acquisition of California-based privately held BARRX Medical for roughly $325 million.
BARRX Medical makes devices (ablation catheters/systems) for treating gastrointestinal diseases and Barrett’s esophagus syndrome. Its devices (marketed under the HALO moniker) use bipolar radiofrequency waves and provide uniform and controlled ablation that removes the diseased tissue and stimulates re-growth of normal cells.
Barrett’s esophagus syndrome affects about 1% of American adults, generally with gastroesophageal reflux disease (“GERD”). If not treated, the condition can lead to esophageal adenocarcinoma, which is associated with a five-year survival rate of below 15%.
The HALO60 catheter is geared to be used independently or in combination with the currently marketed HALO90 and HALO360+ ablation catheters. The HALO family of products is based on a proprietary technology which carefully controls the amount of energy delivered to the tissue for safe and effective removal of the diseased tissue. HALO60’s smaller footprint will help surgeons to move it easily and efficiently.
Covidien is a leading global health care products company with a rich history of developing high-quality products in a cost-effective manner. It competes with Johnson & Johnson (JNJ), Becton Dickinson (BDX) and C.R. Bard (BCR), among others.
The acquisition of BARRX Medical has reinforced Covidien’s presence in the gastrointestinal diseases therapy space. It complements the company’s energy-based product portfolio. We are currently Neutral on Covidien, backed by a short-term Zacks #3 Rank (Hold).
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