Medical Device Industry News

NxStage locks in $15 million credit line from Silicon Valley Bank

March 12, 2010 by MassDevice staff

Lawrence, Mass.-based portable dialysis maker NxStage Medical Inc. says the deal gives it some flexibility to "seize future opportunities when they arise" and amends some of the terms of a loan from Japanese distributor Asahi.

NxStage Medical Inc. (NSDQ:NXTM) took advantage of favorable interest rates to lock up some more working capital, possibly for future acquisitions.

The Lawrence, Mass.-based portable dialysis maker said it has secured a two-year revolving line of credit for $15 million with Silicon Valley Bank at an interest rate of about 6 percent annually.

NxStage said it would use the debt to "finance working capital needs as the business continues to grow and to seize future opportunities, when they arise," CFO Robert Brown, said in prepared remarks.

Breeden's Robert Fields quietly steps down from Steris board

March 11, 2010 by MedCity News

Robert Fields, partner and managing director at Breeden Capital Management and Breeden Partners, quietly resigned from Steris Corp.'s board for personal reasons March 5.

By Mary Vanac

Robert Fields, a partner and managing director at Breeden Capital Management and Breeden Partners, quietly resigned from the Steris Corp. (NYSE:STE) board for personal reasons March 5.

Normally, the resignation of a director causes few questions. However, Fields and Richard Breeden, the former Securities and Exchange Commission chief who has since become an investment manager and shareholder activist, are a special case.

NMT names eight to advisory board

March 11, 2010 by MassDevice staff

Boston, Mass.-based NMT Medical beefs up its science chops as it prepares for Closure 1 trial data analysis.

NMT Medical Inc. (NSDQ:NMTI) named a group of physicians and scientists from leading hospitals and research institutions to shore up its scientific advisory board in anticipation of the data analysis portion of a clinical trial of the company's StarFlex implant.

The Boston, Mass.-based device company, which is developing implants to treat structural heart disease through catheter-based procedures, named eight to the board, which it says will advise executives on issues related to its ongoing Closure 1 clinical trial.

Harvard Bioscience jumps into the regenerative medicine market

March 11, 2010 by MassDevice staff

Holliston, Mass.-based scientific instrument maker Harvard Bioscience launches a bioreactor as it looks to enter the regenerative medicine market.

When surgeons in Spain successfully replaced a young woman's trachea in 2008, using a tissue-engineered windpipe researchers had grown out of her own stem cells, the world took notice.

David Green, the president of Harvard Bioscience Inc. (NSDQ:HBIO), a Holliston, Mass.-based lab instruments maker, also noticed. Green picked up the phone to call Italy shortly after the news hit the wires; this week the company launched a commercial version of the bioreactor researchers used to grow the bronchus, the ORGANIZER Series Model 100 "In Breath" bioreactor.

Fluidnet raises $9 million in equity sale

March 11, 2010 by MassDevice staff

Portsmouth, N.H.-based IV infusion pump maker Fluidnet Corp. drums up $9 million in an equity sale.

Fluidnet Corp. drummed up $9.1 million of what it hopes will be a nearly $10 million funding round.

The Portsmouth, N.H.-based company is developing an intravenous infusion pump system it hopes will hit the market this year, according to its website.

The funding round came from the sale of equity to 12 un-named investors, according to a regulatory filing. Cardinal Partners, of Princeton, N.J., and Rockport Venture Partners of Beverly, Mass., are previous Fluidnet backers.

Covidien wins isotope clearance in U.S., Canada

March 11, 2010 by MassDevice staff

The Food & Drug Administration and Health Canada both cleared a Polish reactor to supply Covidien with scarce molybdenum 99, which the Mansfield, Mass.-based company will use to make the radiological isotope technetium 99.

Covidien (NYSE:COV) won clearance from the Food & Drug Administration and its counterpart north of the border, Health Canada, to begin using a Polish nuclear reactor to supply a scarce medical isotope.

The Mansfield, Mass.-based medical products conglomerate can start using molybdenum 99 from the Polish Institute of Atomic Energy's Maria reactor to make technetium 99, which is used in imaging procedures.

Boston Scientific wins expanded indication from FDA for iliac nerve stent

March 11, 2010 by MassDevice staff

Boston Scientific Corp. wins Food & Drug Administration clearance for its Express LD Iliac stent, a potential boon for its sagging peripheral interventions business.

Boston Scientific Corp. (NYSE:BSX) won pre-market approval from the Food & Drug Administration to use its Express LD Premounted stent in iliac arteries.

The expanded indication, which the company had expected during the first quarter, should help the Natick, Mass.-based device maker's sagging peripheral interventions business, which makes stents, balloon catheters, sheaths, wires and vena cava filters used to treat peripheral vascular disease.

The segment posted a 3 percent sales decrease last year, at $661 million compared to $684 million in 2008.

"We definitely see [the new indication clearance] as a boost," Boston Scientific spokesman Paul Donovan told MassDevice.

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Medical Device Industry News

NxStage locks in $15 million credit line from Silicon Valley Bank

March 12, 2010 by MassDevice staff

Breeden's Robert Fields quietly steps down from Steris board

March 11, 2010 by MedCity News

NMT names eight to advisory board

March 11, 2010 by MassDevice staff

Harvard Bioscience jumps into the regenerative medicine market

March 11, 2010 by MassDevice staff

Fluidnet raises $9 million in equity sale

March 11, 2010 by MassDevice staff

Covidien wins isotope clearance in U.S., Canada

March 11, 2010 by MassDevice staff

Boston Scientific wins expanded indication from FDA for iliac nerve stent

March 11, 2010 by MassDevice staff

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