Weight loss: ReShape Medical forms up $16M | Wall Street Beat

MassDevice.com Wall Street Beat

ReShape Medical reeled in $15.8 million of a hoped-for $21.5 million funding round from a group of 7 unnamed investors, according to a regulatory filing.

The San Clemente, Calif.-based medical device company is developing a non-surgical weight loss device, the ReShape Duo, to treat obese patients. The device is a dual balloon designed to take up space in the stomach to reduce its capacity for food. 

In June, ReShape landed $1.5 million in a debt round, according to a separate filing.

ReShape launched a Phase I U.S. investigational device exemption trial of the Duo device in March 2010, announcing in June 2011 that 21 patients in the 30-subject study "achieved an average of 32% excess weight loss and maintained much of this weight loss 6 months after the device was removed."

 Medtronic lands DoD deal
Medtronic (NYSE:MDT) won a fixed-price, $63 million contract for radiology imaging systems from the U.S. Defense Dept.
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 Baxter offers buyouts to 16k pensioners
Baxter (NYSE:BAX) offered lump-sum payments to 16,000 vested former employees, a spokeswoman told Pensions & Investments magazine, for any vested worker who left before July 1, 2011. BAX had $3.67 billion in pension assets and $4.94 billion in liabilities for a funded status of 74.3% as of Dec. 31, 2011, according to the magazine.
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 Varian, Siemens expand partnership
Siemens (NYSE:SI) and Varian Medical (NYSE:VAR) are expanding their radiosurgery collaboration to jointly pursue diagnostic and therapeutics solutions in image-guided radiosurgery and radiotherapy. The medical device companies plan to extend the partnership into North America as of Oct. 26 for "the mutual marketing and representation of products for imaging and treatment in radiation oncology" including "the development of software interfaces between Siemens and Varian treatment systems."

"This partnership will make it possible for us to accelerate innovation and provide more efficient and effective end-to-end imaging and treatment solutions that draw on the strengths of each company," Karla Donohoe, senior director of strategic planning and business integration at Varian, said in prepared remarks.
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 Chinese consortium forms Broncus Medical

Medtronic-backed (NYSE:MDT) LifeTech Scientific (HK:8122) a Chinese venture capital shop and a Hong Kong-based private equity fund formed Broncus Medical, "a global strategic partnership to develop and commercialize innovative medical devices for the diagnosis and treatment of lung cancer."

Last week, Medtronic announced a $66.2 million investment in LifeTech Scientific that brought it a 26% stake in the Chinese company.
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 Analysts’ ups and downs

  • Amgen (NSDQ:AMGN): Deutsche Bank raises upgrades from "hold" to "buy" rating, increases price target from $84 to $108.
  • Dentsply International (NSDQ:XRAY): UBS downgrades to "sell" from "neutral" rating, sets $35 price target.
  • Edwards Lifesciences (NYSE:EW): Citigroup downgrades from "buy" to "neutral" rating, lowers price target from $101 to $95; Credit Suisse lowers price target to $96, cuts estimates, sets "neutral" rating; Goldman Sachs Group reiterates "buy" rating, raises price target from $107 to $109; J.P. Morgan & Co. reiterates "neutral" rating, $87.00 price target; Jefferies & Co. reiterates "buy" rating, lowers price target from $125 to $100; Leerink Swann maintains "outperform" rating, lowers price target from $118-$121 to $100, ups estimates.
  • Intuitive Surgical (NSDQ:ISRG): JPMorgan Chase upgrades from "neutral" to "overweight" rating, raises price target to $625 from $610.
  • Medtronic (NYSE:MDT): Lazard reaffirms "buy" rating, sets $48 price target.
  • Opko (NYSE:OPK): Barrington Research initiates coverage with "outperform" rating, $6 price target.
  • Smith & Nephew (FTSE:SN, NYSE:SNN): Barclays Capital reaffirms “equal weight” rating, $10.64 (£6.65) price target.
  • Syneron Medical Ltd. (NSDQ:ELOS): TheStreet Ratings downgrades from "hold" to "sell" rating.
  • Volcano (NSDQ:VOLC): Leerink Swann reiterates "outperform" rating, $32 price target.

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