Cambridge Heart prepares to shutter operations

February 13, 2014 By Arezu Sarvestani Leave a Comment

Cambridge Heart winds down, prepares to close

Shares of troubled Cambridge Heart (NSDQ:CAMH) continued to spiral as the company announced that it’s winding down its business operations.

CAMH shares have been below 1¢ apiece since February 12, and were down to 0.5¢ as of yesterday’s close.

The company has already auctioned off its assets, raising about $4 million in secured notes issued to Cambridge Heart’s creditors.

"A collateral agent for the Secured Creditors held a public auction … for the sale of all of the company’s assets, which secured approximately $4.03 million in notes issued to the Secured Creditors," according to a Cambridge Heart SEC filing. "The Secured Creditors made a credit bid of $1.5 million and, at the conclusion of the public auction, were deemed the highest bidder for the assets."

The creditors agreed to cancel Cambridge Heart’s $1.5 million outstanding debt, assigning the assets to newly formed Cambridge Cardiac Technologies. The creditors further agreed to fund some of the Cambridge Heart’s last act and to pay all debts incurred since the start of the year.

Cambridge Heart has had a tough road, posting declining sales and persistent losses in recent quarters. The company attempted a turnaround last year, restructuring its operations to reduce its cash burn, including reductions in personnel and overhead costs, and restructured managerial compensation, but couldn’t keep the ship afloat. The company determined late last year that its existing resources weren’t enough to fund operations and that it wouldn’t be able to raise enough cash to keep going.

The company developed non-invasive diagnostics for identifying patients at risk of sudden cardiac arrest, including its Microvolt T-Wave Alternans system and Analytic Spectral Method.

Protolabs’ healthcare grant spurs 2 feeding tube inventions
Digital manufacturer Protolabs (NYSE:PRLB) announced today that MedStar Health (Columbia, Md.) and Cleveland Clinic Innovations are joint winners of the company’s Cool Idea Award: Healthcare Grant. These grants provide in-kind manufacturing services to the support development of medical products to spur innovation in the field. MedStar Health’s gravity-feed syringe holder simplifies the feeding of newborns… […]
Nihon Kohden launches new patient monitor
Nihon Kohden (TYO:6849) announced the U.S. launch of its Life Scope SVM-7200 series vital signs monitor for outpatient facilities and beds that aren’t continuously monitored. The Life Scope SVM-7200 is designed to provide customizable early warning scoring to help clinicians identify patients who are deteriorating or at risk of deterioration. It combines vital signs data with… […]
Senate confirms Dr. Stephen Hahn to lead FDA
The U.S. Senate has confirmed Dr. Stephen Hahn as the next commissioner of the FDA. The vote was 72 to 18, according to a report in the New York Times. Hahn will be the first permanent commissioner of the agency since Dr. Scott Gottlieb resigned in April. President Trump nominated Hahn, the chief medical officer at Houston’s… […]
3M to sell drug-delivery biz to Altaris Capital Partners for $650m
3M (NYSE:MMM) announced today that it entered into an agreement to sell most of its drug-delivery business to an affiliate of Altaris Capital Partners for approximately $650 million. St. Paul, Minn.-based 3M will retain its transdermal drug delivery components business, according to a news release. The business being divested has annual global sales reaching approximately… […]
Lawsuit endangers Sterigenics consent order in Georgia
A consent order that Sterigenics entered into with the state of Georgia to reduce ethylene oxide (EtO) emissions at its Atlanta medtech sterilization plant may be in jeopardy. A hearing is scheduled today on a lawsuit that accuses the Georgia Environmental Protection Division (EPD) of failing to take public comment before entering the Aug. 7… […]
Trelleborg acquires Tritec Seal
Trelleborg Sealing Solutions said today it has closed on its acquisition of rotary seal manufacturer Tritec Seal, which produces engineered polytetrafluoroethylene (PTFE) sealing solutions. Trelleborg said the acquisition strengthens its product portfolio while giving the business area access to increased manufacturing capacity. Headquartered in Fenton, Mich., with additional manufacturing in Giddings, Texas, Tritec Seal generated… […]
RSNA 2019: 7 radiology innovations you need to know
Nearly 53,000 people attended the 2019 Radiological Society of North America annual meeting in Chicago last week. And they heard the same acronym over and over again: AI. Exhibitors at the conference touted their artificial-intelligence-enhanced technology at every turn, claiming to make images clearer, sharper, easier to use and powerful enough to help clinicians make… […]
Employees say Intuitive Surgical, J&J, Stryker best places to work in 2020
Intuitive Surgical (NSDQ:ISRG), Johnson & Johnson (NYSE:JNJ) and Stryker (NYSE:SYK) were recently named as Glassdoor’s employees’s choice of Best Places to Work in 2020. Each year, Glassdoor uses feedback that employees have shared on the website over the past year to compile a list of the best places to work in 2020. Employee reviews provide Glassdoor with insights into job and… […]
Biolase lands 510(k) for dental hygiene laser
Biolase (NSDQ:BIOL) this week announced it has received FDA 510(k) clearance for its Epic Hygiene dental laser. The laser system allows dental hygienists to manage non-surgical periodontitis and increase clinical production. It offers a step-by-step clinical protocol with pocket therapy and perio debridement for easy implementation. Get the full story on our sister site, MassDevice. The […]
Mayo Clinic, W.L. Gore team up on stem cell therapy treatments
Mayo Clinic and W. L. Gore & Associates have announced a partnership to develop implantable cell therapies to treat debilitating conditions with no cure. The for-profit company, Avobis Bio, will combine a patient’s own stem cells with bioabsorbable scaffolds to stimulate the healing of perianal fistulas, painful tunneling wounds that affect patients with Crohn’s disease.… […]
Toray Industries touts polymer optical fiber
Toray Industries said today that its Raytela polymer optical fiber provides for high-quality imaging in the minimally invasive medical device market. Raytela can negotiate tight 9mm radius bends, making it useful for devices used in endoscopy, uretroscopy, ophthalmic surgery and other procedures that require smaller devices that can navigate more tortuous paths than previously available,… […]