The U.S. Securities & Exchange Commission said this week that it settled the case against the final five defendants in an insider trading scheme involving involving large corporate mergers. In August 2017, U.S. authorities accused seven individuals of reaping more than $5 million in illicit profits based on tips from Daniel Rivas, whose work at Bank […]
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Edwards Lifesciences to put $100m into Costa Rica expansion
Edwards Lifesciences (NYSE:EW) is slated to add a $100 million expansion and 500 new jobs by the end of 2020 in an effort to expand its operations in Costa Rica, according to the Costa Rican Investment Promotion Agency. The Irvine, Calif.-based company established cardiac device manufacturing facilities in Cartago in 2016, announcing a plan to add […]
Myra Medical raises $3m seed round, lures ex-MVRx chief Chang as new CEO
Newly formed Shifamed spinout Myra Medical said today that it closed a seed financing round worth $3.2 million and announced the appointment of Robert Chang as CEO. Campbell, Calif.-based Myra Medical was founded to produce surgical devices designed to enable maximum intraocular pressure reduction while reducing the risk of hypotony in patients with glaucoma. Proceeds […]
Philips plunges as Q3 prelims disappoint
Shares in Dutch healthcare giant Royal Philips (NYSE:PHG) took a hit today after the company’s preliminary third-quarter sales missed the consensus forecast due to blowback from the trade war between the U.S. and China. Amsterdam-based Philips said it expects group sales to reach nearly €4.7 billion ($5.2 billion), for comparable sales growth of about 6% compared […]
BD to shutter Minnesota Lutonix plant, layoffs ahead for 53
Becton Dickinson (NYSE:BDX) is planning to close a Minnesota plant that makes its Lutonix drug-coated balloon next year, as the company looks to consolidate its peripheral intervention business. The decision means layoffs for 53 of the New Hope, Minn., site’s 85 workers; the remaining 32 employees will either move to roles at BD’s Tempe, Ariz., location […]
Medtronic puts $50m into Puerto Rico operations
Medtronic (NYSE:MDT) is reportedly planning to put $50 million into its operations in Puerto Rico, expanding capacity and adding new equipment for the cardiovascular and orthopedic products it makes there. Medtronic makes up more than 45% of industrial jobs in the Isla Encantada’s biosciences sector, which accounts for 34% of the island’s gross domestic product. The […]
Study: Nearly $1 trillion wasted in U.S. healthcare annually
About 25% of U.S. healthcare spending — between $760 billion and $935 billion annually — is wasted, according to a new report published today. Researchers from Humana (NYSE:HUM) and the University of Pittsburgh School of Medicine searched medical literature from January 2012 to May 2019, looking for waste and savings opportunities in six domains of […]
Baxter shifts $2B in pension obligations to insurer
Baxter (NYSE:BAX) this month moved to shift more than $2 billion in pension obligations to some 17,000 retired and former employees off of its books by inking an annuity plan with Prudential Insurance. The Chicago-area healthcare giant said it plans to use assets from the ex-workers’ plan, which it split last year from the existing pension […]
After 20 years at Boston Scientific, here’s what this medtech R&D leader has learned
David Knapp, VP of corporate research at Boston Scientific, has spent 20 years developing devices that cut across divisions at the medtech giant. At DeviceTalks Minnesota 2019, he gave attendees an insider’s view of what he’s learned about device development and healthcare. Want to see these interviews live? Join us at DeviceTalks West – Dec. […]
OcuMedic, Gelest ink drug-delivering contact lens deal
OcuMedic said today that it entered into an exclusive supply agreement and picked up a strategic investment from Gelest for its proprietary drug-eluting soft contact lens of an undisclosed amount. Under the terms of the agreement, Morrisville, Pa.-based Gelest is set to manufacture and supply OcuMedic’s key chemistry components used in the controlled release of […]
Mynosys Cellular Devices raises $25m for Zepto cataract device, names new CEO
Mynosys Cellular Devices said today that it raised $25 million for its Zepto cataract device and named ex-Tear Film Innovations chief Rob Thornhill to be its new CEO. Fremont, Calif.-based Mynosys said the new funding round, led by Decheng Capital, is earmarked for growing its U.S. commercial footprint, R&D, manufacturing and commercial organization. Decheng’s Dr. […]