Based in Campbell of California, Lazarus Effect is involved in developing acute ischemic stroke products, which facilitate the capture and removal of clots.

Medtronic restorative therapies group neurovascular division president Brett Wall said: "With this acquisition, Medtronic reinforces its commitment to providing innovative solutions to clinicians and patients fighting stroke.

"Lazarus Effect’s ‘mesh cover’ technology complements our ischemic stroke portfolio, and further enhances our Neurovascular business’s ability to deliver next generation technologies."

The Lazarus Cover device, which received CE mark approval in November 2014, is an adjunctive device used in stent retriever procedures. Currently, it is under the US regulatory approval process.

The device is a differentiating technology that will compliment Medtronic’s Solitaire stent retriever platform.

It has been developed to address clinical needs with a novel nitinol mesh cover, which folds over a stent retriever device during clot retrieval and candy wraps the stent with the clot inside.

Lazarus Effect co-founder, president and CEO Martin Dieck said: "Medtronic has been a significant supporter of the recent clinical work showing improved outcomes of ischemic stroke patients treated with endovascular therapy."

Earlier this month, Medtronic acquired another US-based medical device firm Medina Medical for around $150m.

In August, the firm also acquired medical device firm Twelve, for around $458m, which is from the US.

Image: Medtronic operational headquarters, Minneapolis. Photo: courtesy of Medtronic, Inc.