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Olympus abandons U.S. biotech biz

March 10, 2014 by Brad Perriello

Japanese tech giant Olympus is shuttering its U.S. biotech business and looking to sell off the New Hampshire plant that makes the OP-1 bone growth putty it bought from Stryker in 2010, spelling layoffs for some 200 workers.

Olympus abandons U.S. biotech biz

Olympus (PINK:OCPNY) said it's shutting down its U.S. biotech business after failing to "gain the traction necessary to build a broader regenerative medicine portfolio," meaning layoffs for the unit's 200 workers.

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Charges dropped against former Stryker Biotech president Philip

February 2, 2012 by MassDevice staff

Federal prosecutors drop the charges against former Stryker Biotech president Mark Philip as new evidence crops up in a lawsuit alleging that the company illegally promoted off-label use of combination of two bone growth products and lied to the FDA.

Stryker Biotech's OP1

Federal prosecutors dropped all charges against former Stryker Biotech president Mark Philip today in a lawsuit charging him and a clutch of sales reps with illegally promoting the off-label use of 2 bone growth products and of lying to the FDA.

The feds dropped the Philip indictment after reviewing documents that had previously been withheld as privileged, assistant U.S. attorney Jeremy Sternberg said during a pretrial hearing today, according to Bloomberg.

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Stryker: Acquisitions helped boost top, bottom lines

January 25, 2012 by MassDevice staff

Stryker Corp.'s sales and earnings growth last year may have missed analysts' expectations on Wall Street, but share prices rise anyway.

Stryker logo

Although it posted healthy sales and profit growth last year, Stryker Corp. (NYSE:SYK) was a penny shy of analysts' forecasts for adjusted earnings per share, which usually sends investors into a selling spree.

But the Kalamazoo, Mich.-based device maker bucked the trend, as Wall Street sent SYK shares up 3.8%, to $54.94, in early-afternoon trading as of about 2 p.m. today.

Stryker posted $8.31 billion in sales for 2011, 13.5% more than the $7.32 billion it brought in during 2010.

MassDevice.com +7 | The top 7 med-tech stories for the week of January 16, 2012

January 21, 2012 by MassDevice staff

Deaths spur Covidien recall, J&J warned on insulin pumps, Depuy shuts down custom devices, CEOs claim emerging markets, thought-leaders huddle on Riata, more J&J execs deposed and Stryker settles for $15M this week.

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MassDevice.com +3 | The top 3 med-tech stories for January 20, 2012.

January 20, 2012 by MassDevice staff

New paths to profit, Medicare fraud arrests and the dismissal of charges against the rest of Stryker Biotech's sales reps made headlines today.

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Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com's coverage highlights our 3 biggest and most influential stories from the day's news to make sure you're up to date on the headlines that continue to shape the medical device industry.

If you read nothing else today, make sure you're still in the know with MassDevice +3.

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Stryker Biotech reps get off clean in off-label marketing suit

January 20, 2012 by MassDevice staff

Federal prosecutors drop all charges against the 2 remaining Stryker Biotech sales reps after the company pleaded guilty to charges of off-label marketing and agreed to pay a $15 million fine.

Stryker Biotech OP1

Federal prosecutors dropped all charges against the 2 remaining Stryker Biotech sales managers charged with illegal off-label promotion and of lying to the FDA.

Judge George O'Toole Jr. of the U.S. District Court for Massachusetts agreed to drop all criminal charges against Jeff Whitaker and William Heppner in a lawsuit charging Stryker Corp. (NYSE:SYK) subsidiary Stryker Biotech with illegally promoting off-label uses of its OP1 bone-growth products.

Stryker Biotech settles federal beef for $15M

January 18, 2012 by MassDevice staff

Stryker Biotech agrees to a $15 million settlement with federal prosecutors on charges that it ran an off-label promotion scheme, pleading guilty to a single misdemeanor count of distributing a mis-branded device.

MassDevice.com Legal News

Stryker Biotech agreed to cough up $15 million and and pleaded guilty to a single misdemeanor today, ending federal charges that it ran an illegal off-label promotion scheme.

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