A federal court this week dismissed a False Claims Act lawsuit brought against Cardiovascular Systems (NSDQ:CSII) based on allegations from a former sales rep that the company ran kickbacks and an off-label marketing scheme to boost sales of its orbital atherectomy devices. The $8 million settlement, 1st announced in March, includes a corporate integrity agreement and calls for the St. Paul, Minn.-based company […]
Wall Street Beat
Anti-trust regulators want more on Abbott’s pending, $25B St. Jude Medical buyout
Abbott (NYSE:ABT) and St. Jude Medical (NYSE:STJ) said yesterday that U.S. anti-trust regulators want more information about their proposed $25 billion merger. The Federal Trade Commission’s requests mean that the waiting period on the deal is extended by 30 days “unless the period is extended voluntarily by the parties or terminated sooner by the FTC,” the […]
Endonovo Therapeutics inks $22m deal for Rio Grande Neurosciences
Endonovo Therapeutics (OTC:ENDV) said today that it agreed to pay $21.5 million to acquire Rio Grande Neurosciences and its non-invasive devices for treating brain disorders. The cash-and-stock deal calls for Endonovo to put up $1.5 million in cash, another $15 million in ENDV shares and $5 million worth of warrants. The companies signed a binding letter […]
Echo Therapeutics delists from NASDAQ, moves to OT
Echo Therapeutics (NSDQ:ECTE) said last week that it will move its shares from the NASDAQ exchange to the OTCQB Venture Market after failing to meet NASDAQ’s shareholder equity requirement. The Iselin, N.J.-based company had until July 5 to show $2.5 million in shareholder equity but failed to meet the deadline. ECTE shares are due to begin […]
AcuFocus raises $2m in new debt round
AcuFocus, which makes the Kamra eye inlay for treating nearsightedness, said it raised nearly $1.9 million in a round of debt funding. Irvine, Calif.-based AcuFocus said in a regulatory filing that the round included 14 unnamed investors. The company hopes to raise a total of $2.5 million, according to the filing. The company pulled in nearly $4.1 […]
InspireMD closes $15m offering
InspireMD (NYSE:NSPR) said yesterday that it raised $14.6 million in a “best efforts” stock offering it plans to use to boost sales of its anti-stroke devices. Boston-based InspireMD said the offering consisted of 442,424 shares of Series B stock convertible into 100 shares of common stock at 33¢ per share, with a 5-year cumulative dividend rate of 15% a […]
Medi-Tate wins strategic investment from Canada’s Laborie Medical Technologies
Laborie Medical Technologies said it took out a stake in Israel’s Medi-Tate, which is developing devices to treat enlarged prostates, for an unspecified amount. Toronto-based Laborie, which is owned by private equity company Audax Group, in October 2013 acquired the pelvic muscle rehabilitation business of UroMed Technology, also for an undisclosed amount. Akiva, Israel-based Medi-Tate developed a minimally invasive […]
Report: Medtech M&A values up sharply in 1st half of 2016
The cumulative value of mergers & acquisitions in the medical device space jumped nearly 50% during the 1st half of 2016, even as the total number of deals fell at a double-digit clip, according to MergerMarket. There were some 394 deals worth a total of $74.5 billion during H1 2016, according to the report, marking […]
Private equity shop RoundTable Healthcare closes $140m Symmetry Surgical buy
RoundTable Healthcare Partners said this week that it closed the $140.3 million buyout of Symmetry Surgical, the legacy business formed after Symmetry Medical sold its orthopedics OEM operation to Tecomet in 2014. Nashville-based Symmetry Surgical makes reusable, reposable and single-use surgical instrumentation and specialty devices. The Lake Forest, Ill.-based private equity shop said it plans to leave president & CEO […]
Senseonics takes out $30m term loan
Senseonics (NYSE:SENS) said yesterday that it took out a term loan worth $30 million from Oxford Finance and Silicon Valley Bank, augmenting the $45 million it raised in an initial public offering in March. Germantown, Md.-based Senseonics, which makes the Eversense implantable continuous glucose monitor, said it used $11 million of the 1st, $15 million withdrawal to […]
Top execs retire as LivaNova retools, adds COO role
LivaNova (NSDQ:LIVN) said today that it’s retooling its organizational structure, adding a chief operating officer role and announcing the retirement of a pair of top executives. London-based LivaNova, which was formed by the merger of Sorin Group and Cyberonics last year, said cardiac rhythm management president Stefano Di Lullo and cardiac surgery president Michel Darnaud are […]