Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 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.
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Sirtex Medical saw shares jump today after revealing plans for a major restructuring as the company looks to cut its headcount and focus on its “profitable core business.”
The company said it underwent an “extensive review of the business” to identify where it could improve efficiencies. The review led to an initial $7 million reduction in R&D in February and upcoming headcount reductions. Read more
Linde AG’s business unit Lincare is paying $20 million to resolve a whistleblower suit alleging that the company fraudulently billed the US government for oxygen and respiratory care equipment.
The case, filed under the False Claims Act by former employees, was dismissed with prejudice by US District Judge Douglas Woodcock yesterday, according to court documents. Read more
Medtronic said today that it won CE Mark approval in the European Union for its SureTune3 deep-brain stimulation software, which is designed to map lead locations and indicate the level of stimulation.
The Fridley, Minn.-based Medtronic said its DBS devices are approved in the E.U. for treating Parkinson’s disease, dystonia, essential tremor, obsessive-compulsive disorder and epilepsy, claiming the portfolio as the only one to be full-body MR-conditional and able to operate during MRI scans. Read more
Titan Medical said today that it plans to float as many as 100 million shares in a public offering that could fetch as much as $11.5 million for the Sport robot-assisted surgery platform it’s developing.
The Toronto-based company said it will offer at least 46.7 million shares at 11.5¢ (C15.0¢) apiece, for minimum gross proceeds of more than $5.3 million (C$7.0 million). Each unit in the offering consists of a stock share and a 5-year warrant priced at 15.3¢ (C20.0¢) Read more
Royal Philips and Spectranetics said today that they agreed to a deal worth more than $2 billion that will see the Dutch healthcare giant take over the U.S. medical device maker.
The $38.50-per-share deal values Spectranetics at $2.16 billion (€1.9 billion), including cash and debt, and is a 27% premium on SPNC’s $30.40 closing price yesterday. The stock was up today in pre-market trading, rising 26.6% to meet Philips’ offering price exactly. Philips, which also announced a two-year, $1.71 billion (€1.5 billion) share buyback plan, saw PHG shares dip -0.1% to $36.58 before the market opened in New York. Read more