Shareholders of Bovie Medical Corp. (AMEX:BVX) are suing the company, alleging that mismanagement and nepotism have caused the company to miss out on commercialization and acquisition opportunities.
ArthroCare Corp. (NSDQ:ATRC) settled a shareholders’ lawsuit by agreeing to an $8 million payment from its insurers, more than a quarter of which will go to the plaintiffs’ lawyers, according to court documents.
The Austin, Texas-based surgical device maker copped in 2009 to a scheme by which personal injury lawyers would refer patients to doctors who would then use one of ArthroCare’s spinal surgery devices. The 2009 announcement also detailed restated earnings for the previous four years.
By Tom Ulrich
Medtronic Inc. (NYSE:MDT) announced that it closed on PEAK Surgical Inc. and Salient Surgical Inc. for an aggregate $585 million.
Medtronic Inc. (NYSE:MDT) said today that it will acquire Salient Surgical Technologies for $525 million in a deal that’s been in the works for more than 11 years.
After a “soft launch” that brought its surgical fluid management system to 14 hospitals, medical device startup Thermedx LLC is looking to go national.
The Solon, Ohio-based company received FDA clearance on its 37-5 Fluid Management System last year and has rolled it out to hospitals in five states, including Ohio.
Wrong-site surgery continues to be more prevalent than thought and without any consistent evidence of slowing. Research has repeatedly shown that these adverse events are largely underreported with compliance of physician reporting ranging from 5 percent to 50 percent – thus predicting true incidence of wrong-site surgery to be hovering around 50 per week or 2600 events per year in the US alone. Costs beyond the obvious cardinal one of patient outcomes are multi-factorial for the healthcare system as well as the patient and reach into the millions.
Johnson & Johnson’s (NYSE:JNJ) Ethicon unit issued an urgent recall of roughly 360,000 surgical drains over fears that their packaging might not keep them sterile.
The voluntary pull-back came after the Brunswick, N.J.-based company received complaints from customers, according to a letter to customers posted in its website. No adverse events were reported.
The FDA issued a Class I recall of a surgical graft manufactured by C.R. Bard Inc. (NYSE:BCR) subsidiary Davol Inc. on fears it might contain a toxin.
The federal watchdog agency is recalling several lots of Davol’s XenMatrix product because of concerns that it might contain elevated levels of endotoxins. The toxins, which are found in certain bacteria, can cause fatal illness at higher levels, according to the FDA.
Zimmer Holdings Inc. (NYSE:ZMH) is closing out 2010 in style, acquiring a pair of companies in the last week.
The Warsaw Ind.-based orthopedic device maker picked up surgical power tool manufacturer Sodem Diffusion S.A.
Zimmer plans to rename Sodem as Zimmer Surgical S.A. and consolidate it under the auspices of Dover, Ohio-based Zimmer Surgical. Specific terms of the deal were not disclosed.