Medtronic Inc. (NYSE:MDT) agreed to pay $268 million to settle multiple lawsuits stemming from the recall of its Sprint Fidelis defibrillator leads without admitting any liability.
Business/Financial News
Wall Street Beat | Earnings Reports | Funding Roundup | Mergers & Acquisitions | Initial Public Offerings | Legal News
LifeServe founders tapped for BusinessWeek’s Top 25 under 25
The founders of medical device startup LifeServe Innovations have been recognized by BusinessWeek magazine as finalists in its annual list of the nation’s top 25 entrepreneurs under the age of 25.
3M closes $810 million Arizant buyout
3M Corp. (NYSE:MMM) closed its $810 million purchase of Eden Prairie, Minn.-based Arizant Inc., a maker of products that help keep patients warm in hospitals, especially during surgeries.
Endotronix co-founder Rowland mum on fundraising amount
Burrill & Co., Infinity Group to partner up in China
Burrill & Co. and the Infinity Group are joining forces to pursue investments in Chinese life science companies.
San Francisco-based Burrill, a venture capital/private equity player, and Israel- and Chine-based Infinity will co-invest in U.S. dollars and Chinese renminbi as equal partners, according to a press release.
GeaCom looks to overcome patient-caregiver language barriers
Chances are, a migraine in Somalia resembles a migraine in South Carolina. But describing those symptoms to a doctor who can’t speak your language can cause its own special brand of headache.
GeaCom Inc., a startup based in Duluth, Minn., is developing an interactive, hand-held device that can provide instant translation between doctor and patient, monitor vital signs and store data in an electronic medical record.
Cell Biosciences to pay $12 million for Convergent Bioscience
Cell Biosciences Inc. agreed to pay $12 million for Toronto-based Convergent Bioscience Ltd. in a deal expected to close by the end of the month.
Convergent Bioscience, which employs 45 people, makes imaging capillary electrophoresis equipment for protein charge heterogeneity characterization, a quality control measurement used during protein biologics production. The company is expected to pull in nearly $8 million in sales this year, according to a press release.
FDA warns Perma Pure on quality assurance systems
Perma Pure LLC is in dutch with the Food & Drug Administration again.
The Toms River, N.J.-based company, which makes equipment to analyze gas streams, first made the watchdog agency’s list after inspections in 2006 revealed problems with its quality assurance systems and procedures.
Natus snatches baby device maker
Natus Medical Inc. (NSDQ:BABY) bought out newborn baby care device maker Medix.
The San Carlos, Calif.-based children’s medical products maker paid $14 million in cash for the company, but the price could rise if certain revenue milestones are met in 2011 and 2012.
Weekly Wireless Roundup: Track your medical devices with an iPhone
Track your medical devices with your iPhone: Tracking medical devices from manufacturer, through distribution and on to end users is an inventory nightmare. Enter Jacksonville, Fla.-based Medical Tracking Solutions and its iTraycer app. The patented, mobile, medical pinning and tracking solution provides real-time tracking of medical trays, devices and biologics, including part and lot numbers, from manufacturer to patient. The app lets you locate, search and pin tray, device or biologic using the iPhone’s GPS capability. The app also provides real-time inventory and recall information and comes with a customizable back-office web suite for medical organizations and authorized field reps.
House reps to FDA: Regulatory changes for devices must be more transparent
Twelve members of Congress sent a letter to Food & Drug Administration head Dr. Margaret Hamburg asking for more transparency from the watchdog agency as it makes changes to its 510(k) medical device clearance program.
Six Democrats and six Republicans from the U.S. House Energy and Commerce and Health, Education, Labor and Pensions committees signed the letter, writing that at least five of the FDA’s proposed changes are "controversial."