St. Jude Medical-backed Nanostim drums up $10M | Wall Street Beat

MassDevice.com Wall Street Beat

Nanostim, the Sunnyvale, Calif.-based company that’s developing a leadless pacemaker, raised $10 million in an equity and options deal, according to a regulatory filing.

The stealthy medical device company is working on MRI-compatible, "miniaturized," pacemakers which are designed to be placed inside the heart of a cardiac patient in a percutaneous, catheter-based procedure. The devices are leadless, and therefore aren’t connected to the heart muscle via wires, a modification over previous models that the company touts as major safety improvement.

Nanostim is backed by St. Jude Medical (NYSE:STJ), which last year entered a milestone-based deal featuring an exclusive option to acquire.

Sign up to get our free newsletters delivered straight to your inbox

Nanostim is also backed by InterWest Partners, US Venture Partners, Emergent Medical Partners and Life Science Angels. Six unnamed investors participated in the most recent round, according to the filing.

"Our leadless pacemakers are designed to be less invasive, safer devices that will simplify the implantation procedure," Nanostim CEO Drew Hoffmann when the deal was announced in May 2011. "These catheter-based devices also have the potential to drive increased market penetration in developing markets because of the greater number of trained interventional cardiologists than device implanters."

 Ex-Ardian founders lead Cibiem to $10M
Cibiem, a Coridea incubator spinout that’s led by the co-founders of Ardian, raised a $10 million Series A round led by SV Life Sciences and Third Rock Ventures.

Mark Gelfand and Dr. Howard Levin co-founded Ardian, which developed the Symplicity renal denervation device to treat high blood pressure. Ardian was acquired by Medtronic (NYSE:MDT) for more than $800 million in 2010.

Now the duo have founded Cibiem to work on a similar system to treat hypertension, heart failure, diabetes and renal failure via what it calls "carotid body modulation," or ablation of nerves lining the carotid artery.
Read more

 AngioDynamics closes Vortex buyout

AngioDynamics (NSDQ:ANGO) said it closed the acquisition of Vortex Medical that could wind up being worth some $55 million.
Read more

 Given Imaging is on the auction block
Given Imaging (NSDQ:GIVN) said it’s hired Barclays to help it evaluate "a range of strategic options, including preliminary non-binding indications of interest received from a number of parties relating to a possible merger or sale," according to a regulatory filing. Elron Electronic Industries (TASE:ELRN) owns about 31% of Given, according to a separate filing.
Read more

 Study: Don’t split board chair, CEO roles
A study from the Indiana University Kelley School of Business challenges the prevailing wisdom that CEO and board chair positions should be held by different people, indicating that the roles should be split only when there’s a problem – and then only through a "demotion strategy" to keep the CEO but bring in an independent chair.

Splitting the roles is considered best practice. Fueled by the 2002 Sarbanes-Oxley Act, the number of S&P 500 companies dividing the roles rose from 25% to 43%.
Read more

 Analysts’ ups and downs

  • Abbott (NYSE:ABT): Leerink Swann maintains “market perform” rating, $65-70 price target.
  • Abiomed (NSDQ:ABMD): Northland Securities initiates coverage with "underperform" rating, $14 price target.
  • Align Technology (NSDQ:ALGN): Credit Suisse lowers price target to $30, cuts estimates, sets "neutral" rating; Jefferies lowers price target to $34, cuts estimates, sets "buy" rating.
  • Cyberonics (NSDQ:CYBX): Northland Securities assumes coverage with "underperform" rating, $40 price target.
  • (NSDQ:DXCM): Northland Securities assumes coverage with "market perform" rating, $12 price target
  • Intuitive Surgical (NSDQ:ISRG): Mizuho raises price target to $565 from $540, sets "buy" rating; Leerink Swann maintains "market perform" rating, ~$580 price target.
  • Novadaq Technologies (TSE:NDQ): Northland Securities initiates coverage with "underperform" rating, $6 price target.
  • Johnson & Johnson (NYSE:JNJ): Deutsche Bank reiterates “hold” rating, raises price target from $72 to $75; Leerink Swann maintains "outperform" rating, reiterates $76 price target.
  • St. Jude Medical (NYSE:STJ): Leerink Swann maintains “outperform” rating, $50 price target; Canaccord Genuity downgrades from "buy" to "hold" rating, reduces price target from $50 to $43; Goldman Sachs downgrades from "buy" to "neutral" rating, lowers price target from $48 to $42.
  • Stryker (NYSE:SYK): BMO lowers estimates, cuts price target to $55, sets "market perform" rating; Leerink Swann maintains "outperform" rating, lowers price target from $66 to $61, lowers estimates; Northland Securities assumes coverage with "market perform" rating, $52 price target; Oppenheimer downgrades from "outperform" to "perform" rating, lowers price target from $61 to $57.

RSS From Medical Design & Outsourcing

  • Albright Technologies expands their silicone offerings
    Albright Technologies, a rapid silicone prototyper, has added silicone injection molding tooling and services to its product lineup. Liquid silicone injection molding became a suitable product offering as Albright expanded its offerings to better serve the silicone molding market. While silicone prototypes are commonly manufactured with low volumes in mind; injection molded liquid silicone rubber parts are […]
  • Applied Silver launches SilvaClean, silver treatment for textiles
    Applied Silver, Inc, is launching SilvaClean, a state-of-the-art silver treatment for textiles, at the Association for Professionals in Infection Control and Epidemiology’s (APIC) forty-second Annual Conference taking place at the Music City Center in Nashville, from June 27 through June 29. Hospitals have invested significantly in reducing the potential of infection through products and processes designed […]
  • Two-Component technology for improved quality of life
    In the field of injection molding and mold making, toolcraft covers all processes within the added value chain–from the design and selection of materials through to the creation of finished and qualified products. Complete solutions offered include injection molding for parts in the small and extremely small component areas, e.g. for medical technology. Utilizing two-component […]
  • GDS security protects medical devices from hackers
    As data breaches become more commonplace with serious consequences to personal, corporate and national security, it is clear that there is no shortage of accomplished and effective hackers ready to steal data and trade it on the open market. Global Data Sentinel (GDS) has the ability to provide retroactive security to remove access to email […]
  • BRAEBON and SomnoMed combine products to combat sleep apnea
    BRAEBON Medical Corporation announces that the DentiTrac oral appliance compliance system has passed a regulatory hurdle and is now FDA cleared in the USA for use with the SomnoDent oral device. BRAEBON congratulates SomnoMed for being the first company to achieve this milestone. “We are pleased DentiTrac is launching in the US market. Accurate oral appliance […]
  • For advanced shielded plastic connector solution, ODU delivers with latest product
    ODU, a company which designs and manufactures connector solutions and cable assemblies, is announcing ODU MEDI-SNAP EMC, the advanced shielded plastic connector solutions, to the US market. ODU MEDI-SNAP EMC is the latest addition to ODU’s Push-Pull circular connectors. The advanced medical connector solution is lightweight, autoclavable, sterilizable and it offers a touch proofed housing and reliable […]
  • LifeVac steps towards availability on European markets
    On June 16, 2015, LifeVac Europe received confirmation from the UK Ministry of Health that LifeVac is now registered in the Medicines and Healthcare products Regulatory Agency public access data base. This is the final step towards acquiring the CE mark and making LifeVac available to the entire European market. “We are very excited to […]
  • A few ideas for improving productivity in medical processes
    Drive-based vibration and slosh control can help improve throughput in machines that assemble medical devices and products. Bipin Sen • Ed Lasch Bosch Rexroth Corporation www.boschrexroth-us.com Simply increasing the speed of a system that assembles medical devices, or packages medical products, seems like an easy way to boost throughput – until unwanted vibration (either induced […]
  • ODU announces MEDI-SNAP EMC for next generation medical applications
    ODU, announced ODU MEDI-SNAP EMC, the advanced shielded plastic connector solutions to the US market. ODU MEDI-SNAP EMC is the newest addition to ODU’s Push-Pull circular connectors. The advanced medical connector solution is lightweight, autoclavable, sterilizable and it offers a touch proofed housing and reliable EMI protection at the same time. ODU MEDI-SNAP EMC is available in […]
  • Evaluating the risk of device misconnections: Designing for medical devices with ISO 80369 in mind
    Beginning in the 1990s, concerns grew regarding the proliferation of medical devices fitted with luer connectors and the reports of patient injuries and deaths arising from misconnections. Thus began a many-years process to develop new industry standards for the small-bore connectors used in medical device applications. The much-anticipated ISO 80369 series of standards for small-bore […]
  • Custom molded filter screen assemblies limit contamination and reduce product failure
    Molded screen insert assemblies from Minnesota Rubber and Plastics are custom designed for water, beverage, off-highway and transportation applications to filter out fluid contaminants and reduce product failure. A wide range of screen options are available in many materials for difficult filtration applications allowing use with different fluids. Filter assembly orifice sizes available range from .71 […]

Leave a Reply