Say hello to MassDevice +3, a bite-sized view of the top three medtech 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.
3. Nevro closes $145m IPO
Nevro Corp. today closed its initial public offering, saying it raised $144.9 million by offering 8.05 million shares at $18 apiece.
The IPO’s underwriters exercised a 1.05 million-share over-allotment, Nevro said. The Menlo Park, Calif.-based company’s stock began trading Nov. 6 under the NVRO ticker symbol. Read more
2. Baxano Surgical files for bankruptcy, CFO steps down
Baxano said that it’s filed for Chapter 11 bankruptcy protection amid plans to sell of its minimally invasive line of spine surgery devices, as CFO Timothy Shannon and 2 board members resign from the Raleigh, N.C.-based company.
“We believe this is the best course of action for the company at this point in time and is in the best interests of all of our stakeholders,” CEO Ken Reali, President and CEO of Baxano Surgical. “As we move through this transaction process we will continue to focus on supporting our commercial business and the surgeons and hospitals that use our products.” Read more
1. Capricor buys Medtronic peptide patent rights
Capricor Therapeutics said it acquired Medtronic’s patent rights for the formulation and delivery of natriuretic peptides.
Capricor said it plans to use the patents for its clinical program to develop the natriuretic peptide Cenderitide as a treatment for post-acute heart failure. Some of the patents had been co-owned by Medtronic and Capricor. Read more