Japan Lifeline, the Tokyo Prime-listed medical device group (7575), plans to buy all of Cross Vascular, a California developer of transseptal puncture products, and to put fresh money into it at the same time. The board approved both steps on 29 September 2026.
What it is buying
Cross Vascular, based in Solana Beach and founded in April 2020, develops a radiofrequency system for transseptal puncture, made up of an RF needle and an RF generator. Japan Lifeline describes the puncture as an essential step in arrhythmia ablation. The company says the products already hold US FDA 510(k) clearance and that Cross Vascular has a US intellectual property portfolio including four patents issued by the US Patent and Trademark Office.
The financials are those of an unfinished business. Cross Vascular reported no revenue for 2023, 2024 or 2025. Its net loss was $585,000 in 2023, $77,000 in 2024 and $2,000 in 2025. Net assets were negative $3.09mn at the end of 2025 against total assets of $113,000.
The price and the earn-out
The acquisition cost is $4.734mn, which Japan Lifeline converts at ¥157 to the dollar to about ¥743mn. Of that, $734,000 goes to shareholders and up to $4mn is an earn-out. The notice does not state the earn-out's conditions. Advisory and other costs add about ¥234mn, for an approximate total of ¥977mn.
The seller is not named: the notice says the counterparty's profile is withheld at its request, and it also withholds Cross Vascular's major shareholders. It reports no capital, personnel or trading ties between Japan Lifeline and the seller.
The separate capital injection
JLL Med USA, Japan Lifeline's wholly owned US subsidiary set up on 25 August 2026, is to buy the shares and also to subscribe to a capital increase of $7.265mn in Cross Vascular. Its stated purpose is paying debts and funding business operations. That lifts Cross Vascular's capital to $7.274mn and makes it a specified subsidiary, meaning one whose capital is at least one-tenth of the parent's. The notice presents the injection separately from the acquisition cost.
Timing and strategy
The share purchase agreement and the share transfer are both scheduled for 30 September 2026. Japan Lifeline's chief executive said the deal is meant to speed up the group's US business by adding FDA-cleared products to its global portfolio, with JLL Med USA leading US sales. Japan Lifeline calls itself a domestic leader in EP and ablation.
The company says the effect on its results is minor. The notice offers no sales targets for Cross Vascular, which reported no revenue for 2023 to 2025.