Category: BioMimetic Therapeutics Inc.
The medical device tax will have an inevitably negative effect on jobs in the medtech industry, BioMimetic Therapeutics founder Sam Lynch says.
MASSDEVICE ON CALL — The 1st payments for the 2.3% medical device tax which took effect this year are due at the end of the month, and the burden of those new fees will "absolutely, directly, negatively influence job growth," BioMimetic Therapeutics founder Sam Lynch told reporters.
Orthopedic medical device maker Wright Medical's company-wide overhaul is on or ahead of schedule in most areas, and the company is looking forward to closing the $390 million buyout of BioMimetic Therapeutics.
Orthopedic giant Wright Medical (NSDQ:WMGI) is back on track, CEO Robert Palmisano told an audience at the J.P. Morgan Healthcare conference in San Francisco yesterday.
Wright Medical Group picks up about 10 million shares of BioMimetic Therapeutics, for about a 36% stake, ahead of its planned merger next year.
Orthopedic devices maker Wright Medical signs a definitive agreement to acquire BioMimetic Therapeutics for cash and stock payments valued at $190 million with another $190 million in contingent payments, sending BMTI shares soaring on Wall Street.
Italian medical device maker Sorin Group posts flat sales for 2011, but boosts profits by more than 48%; also, Dräger Medical's 2011 sales dip 2%; Sanuwave's 2011 sales rise, losses narrow; Aastrom's 2011 sales soar, losses mount; Sales tick up, profits soar for American Shared Hospital Services; Atrion's 2011 sales, profits rise; Sales rise, losses narrow for BioMimetic Therapeutics; InVivo Therapeutics' losses rise 340%; Sales, earnings up for Synergetics during Q2; Utah Medical's sales rise more than 50% in 2011; and Zynex logs 2011 profit growth of 347%.
Sorin Group (BIT:SRN) reported flat sales but strong profit growth for 2011, saying it raised earnings by 48.3% and revealing that the cardiac rhythm management slump has made its way across the pond.
The Italian medical device maker posted net income of €58.0 million (~$75.2 million) on sales of €743.4 million (~$963.4 million) for the year ended Dec. 31, 2011. That compares with profits of €39.1 million (~$50.7 million) on sales of €745.8 million (~$966.5 million) during 2010.
BioMimetic Therapeutics cuts a quarter of its workforce as it faces additional delays in obtaining FDA approval for its Augment bone graft.
MASSDEVICE ON CALL — BioMimetic Therapeutics (NSDQ:BMTI) cut 25% of its workers in hopes of saving some cash in focusing on getting FDA pre-market approval for its Augment bone graft.
The federal watchdog agency's advisory panel recommended approving the treatment in May 2011, after releasing a dim summary of the pre-market approval application that sunk BMTI shares by more than 35%.
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