Vygon Group acquires 20% stake of Canadian MedTech startup, OxyNov

French medical devices major invests in start-up specialized in oxygen therapy and respiratory assistance


New Delhi: Vygon, a group specializing in single-use medical devices has acquired a 20 percent stake in OxyNov, a young Canadian company specializing in innovative oxygen therapy and respiratory assistance medical devices.

The French group decided to invest in this promising company due to the rapid growth of the oxygen therapy sector. Oxygen therapy products have hardly evolved since their first appearance 100 years ago. The lack of automatization makes it difficult to keep to a recommended daily O2 allowance and carries risks related to complications such as hyperoxia (excess oxygen supply) and hypoxemia (decrease in the amount of O2 in the blood).

The financial terms of the transaction, in which Desjardins-Innovatech and other private investors in Quebec also participated, were not disclosed.

Founded in 2009, Oxynov launched FreeO2, a medical device CE marked in May 2017. It allows automated oxygen titration and weaning. FreeO2 automatically and continuously adjusts the flow of oxygen delivered to the patient based on a clinician-defined target for oxygen saturation (SpO2) and patient needs.

In addition to the investment, Vygon and OxyNov also signed a distribution agreement for FreeO2. The Canadian company’s flagship product will complement Vygon’s respiratory range, in particular the CPAP device. FreeO2 will be distributed under OxyNov’s brand name in a number of European countries (Scandinavia, Benelux, Italy), selected Asian countries and Africa.

“We are delighted with this investment in OxyNov, which is part of our international development strategy”, said Stéphane Regnault, chairman of the executive board of Vygon. “The FreeO2 solution complements Vygon’s offering in the respiratory range and will enable us to remain at the forefront of technological developments in this field.”

“We are very proud to have entered into this strategic partnership with Vygon,” said Jean-Luc Balzer, chief executive officer of OxyNov. “It gives OxyNov the means to open new markets for FreeO2, including the US in 2019, and to continue the development of a range of other very innovative products which complement it.