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Holaira raises $10M for lung device | Wall Street Beat

February 11, 2013 by MassDevice staff

Holaira says it raised $10 million from existing investors for its lung denervation system to treat chronic obstructive pulmonary disease. Wall Street Beat

Medical device company Holaira said it drummed up $10 million, changed its name and moved its headquarters.

Formerly known as Innovative Pulmonary Solutions, Holaira said it plans to use the Series C round to develop its minimally invasive devices to treat obstructive lung disease. All of Holaira's existing backers participated, namely Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures.

Cancer: Sarif Biomedical sues Accuray over CyberKnife

February 8, 2013 by MassDevice staff

Sarif Biomedical sues medical device company Accuray for patent infringement over the latter's CyberKnife cancer treatment device.


Sarif Biomedical accused Accuray (NSDQ:ARAY) of infringing 1 of its patents with the CyberKnife radiosurgery device for cancer, which uses targeted radiation blasts to destroy tumor cells.

Tool, Texas-based Sarif's patent covers ""Computer-Assisted Microsurgery Methods and Equipment." The medical device company alleges that Accuray's device trespasses on that intellectual property, according to the lawsuit.

Stung by widening losses, Accuray plans $75M debt offering | Wall Street Beat

February 7, 2013 by MassDevice staff

On the heels of gaping losses and a more than 25% sales decline, Accuray announces plans for a $75 million debt round. Wall Street Beat

Accuray (NSDQ:ARAY) plans to issue $75 million worth of convertible senior notes as it gears up to restructure its business after a year of widening losses.

The Sunnyvale, Calif.-based medical device company said it will use the proceeds from the offering of debt due Feb. 1, 2018, to shore up its balance sheet.

Losses soar, shares plummet for Accuray

February 7, 2013 by MassDevice staff

Accuray's fiscal 2nd quarter sales plunge and its losses gape wider, sending share prices down almost 10% today.


Accuray (NSDQ:ARAY) shares lost nearly 10% today after the medical device company reported soaring losses and a nearly 27% sales slide for its fiscal 2nd quarter.

The Sunnyvale, Calif.-based company, which makes radiation oncology equipment, posted losses of $29.2 million, or 40¢ per share, on sales of $77.8 million for the 3 months ended Dec. 31, 2012. That amounts to a 180.8% increase in losses and a 26.9% top-line reduction.

Layoffs: Accuray to cut 13% of its workforce amid "strategic transformation"

January 4, 2013 by MassDevice staff

New Accuray president & CEO Joshua Levine plans to cut about 13% of the company's workers in efforts to execute a "strategic transformation" that will save the company about $40 million per year.

Accuray logo

Sunnyvale, Calif.-based radiotherapy devices maker Accuray (NSDQ:ARAY) will lay off about 13% of its global workforce, mostly in the U.S., the company reported this week.

Accuray made the announcement upon releasing its preliminary 2nd quarter 2013 financial results, in which the company noted a 45%-50% decline in product revenue.

Smith & Nephew names new CFO | Personnel Moves

November 20, 2012 by MassDevice staff

Smith & Nephew welcomes Julie Brown as CFO after former CFO Adrian Hennah stepped down from his position in September.


 Smith & Nephew names Julie Brown its new finance chief

Accuray settles patent infringement claim for $150k

November 9, 2012 by MassDevice staff

Radiotherapy devices maker Accuray settles a patent infringement claim from Radiation Stabilization Solutions for $150,000.

Radiation Stabilization Solutions patent image

A drawing from Radiation Stabilization Solutions' patent.