MEMPHIS, TENN.– December 18, 2009 – Medtronic, Inc. (NYSE: MDT) today announced the U.S. launch of the SOVEREIGN™ Spinal System.
InVivo Therapeutics Corp. added George Nolen, the former president and CEO of Siemens Corp., to its board of directors.
Nolen ran Siemens Corp., the U.S division of Siemens AG, from 2004 to August, 2009, when the 53-year-old retired after a 26-year stint. He currently sits on the board of the U.S. Chamber of Commerce and was named chair of the policy board at the Virginia Bioinformatics Institute.
InVivo CEO Frank Reynolds called Nolen a “mentor” from his own tenure at Siemens Corp., according to a press release.
Nolen was equally generous in his praise.
DePuy Orthopaedics Inc. acquired Leatherhead, U.K.-based hip implant maker Finsbury Orthopaedics Ltd. for an undisclosed amount.
Warsaw, Ind.-based DePuy Orthopaedics is a division of DePuy Inc., which houses three of its divisions in Massachusetts and is a subsidiary of Johnson & Johnson (NYSE:JNJ).
Finsbury will provide DePuy with several product lines, including both ceramic and metal hip systems, a total ankle replacement and several small joint reconstructive implant lines, according to press release (PDF). Finsbury, which was founded in 1978, employs about 250 people.
The spinal implant business, dominated by five giants that command nearly 80 percent of the global market, is seeing increased competition from smaller companies driving the development of innovative new products, according to a market analysis report from Millennium Research Group.
Stryker Corp. (NYSE:SYK) said its board of directors authorized it to buy back up to $750 million worth of its own stock and released its first quarterly dividend.
The Kalamazoo, Mich.-based medical device maker said it had 397.7 million shares of common stock outstanding as of Oct. 31. As for the 15-cent dividend, payable Jan. 29, 2010, to shareholders of record on Dec. 30, Stryker said its the company’s first quarterly payout to stockholders since it moved from an annual dividend structure in October.
There will be no more monkey business for InVivo Therapeutics Inc., which says it’s ready for human trials on its implantable treatment for acute spinal cord injury.
The Cambridge, Mass.-based firm, which is developing a treatment using implantable polymers developed at the Langer Lab at MIT, said it applied for an investigational device exemption from the Food & Drug Administration to move from primate testing to human trials.
Smith & Nephew’s (SNN) orthopedics division and the U.S. Dept. of Defense inked a deal that will see the British medical device conglomerate’s Memphis-based ortho segment develop a cutting-edge putty to help treat battlefield fractures.
The company will work with the Defense Advanced Research Projects Agency, the Defense Dept.’s secretive R&D arm, to develop a “fracture putty” to improve the treatment of traumatic battlefield injuries suffered from improvised explosive devices.
What would Thomas James Smith think of his old cod-liver oil company now?
Smith & Nephew, the British medical device conglomerate and the brainchild of that 19th century fish-oil salesman, can now claim an advertising award among its list of achievements.
CLIOs are given out yearly to recognize excellence in commercial advertising. Smith and Nephew, which houses its Endoscopy unit in Andover, Mass., took home a bronze medal for the “Driven to Perform” campaign for its line of joint replacement products.
Doctors Research Group Inc. won 510(k) clearance from the Food & Drug Administration for its Kryptonite bone cement in cranioplasty procedures.
Stryker Corp. (SYK) plans to skip the smörgåsbord when it comes to mergers and acquisitions, despite having nearly $3 billion in cash on hand and favorable market conditions.
In an interview with the Dow Jones news service, CEO Stephen MacMillan said the Kalamazoo, Mich.-based medical devices giant is looking at a lot of companies, but isn’t likely to make any big deals.