Five medtech companies recently won some of the top technology awards in the state of Minnesota, known as one of three major medical device hubs in the U.S. The companies competed for the Minnesota Technology Association annual Tekne Awards, which included categories ranging from artificial intelligence and machine learning to “technology for good.” Get the full story on […]
Weight loss
GI Dynamics names new CEO
GI Dynamics (ASX:GID) announced that CEO & president Scott Schorer has departed and that Joseph Virgilio is assuming both roles. Virgilio, previously the company’s COO, took over as president & CEO on Nov. 2, with no changes made to his current compensation as of yet. GI Dynamics confirmed in a news release that Virgilio’s current executive […]
ReShape Lifesciences slides on Q2 losses
ReShape Lifesciences (OTC:RSLS) shares took a hit yesterday on second-quarter results that highlighted big losses. The San Clemente, Calif.-based obesity and metabolic disease treatment developer posted losses of -$3.6 million, or -52¢ per share, on sales of $1.7 million for the three months ended June 30, 2020, for a 77% bottom-line gain on a sales decline […]
Gelesis announces partnership to launch Plenity weight loss pill in China
Gelesis announced today that it partnered with China Medical Systems for the commercialization of the Plenity weight loss pill in China. Under the terms of the deal, CMS will provide $35 million upfront via licensing fees and equity investment, plus there remains the potential for an additional $388 million in future milestone payments, as well […]
Neuronetics, Obalon Therapeutics get PPP loans
Neuronetics (NSDQ:STIM) and Obalon Therapeutics (NSDQ:OBLN) are the latest companies to announce that they entered into loans under the Paycheck Protection Program (PPP). The U.S. Small Business Association administers the PPP as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Under the PPP, 75% of the loan proceeds must be used for payroll purposes, […]
BioCorRx announces senior management changes
BioCorRx (OTC:BICX) yesterday announced the promotions of Lourdes Felix to president and Tom Welch to executive VP of the company, effective immediately. Felix is set to retain her role as CFO and a member of the board of directors, while Welch departs his previous post as VP of operations at Anaheim, Calif.-based BioCorRx. According to a […]
Baxter wins FDA nod for next-gen staple-line reinforcements
Baxter (NYSE:BAX) announced today that it received FDA 510(k) clearance for the new generation of its Peri-Strips Dry with Veritas collagen matrix (PSDV) staple-line reinforcement material. The “PSDV with secure grip” is now available with peel-and-secure technology. Baxter touts the new generation of the product as two times faster in preparation when compared to the previous […]
Baxter, Cosmed win FDA clearance for portable metabolism monitor
Baxter (NYSE:BAX) announced that it won FDA 510(k) clearance for the Q-NRG+ metabolic monitoring device developed by its partner Cosmed for helping with nutrition therapy. Q-NRG+ uses indirect calorimetry (IC) technology to measure a patient’s calorie needs or resting energy expenditure (REE). Together, those readings can be used to inform prescription and administration of nutrition therapy, […]
Obalon to raise less from stock purchasing agreement
Obalon Therapeutics (NSDQ:OBLN) announced that it entered into a new purchase agreement with Lincoln Park Capital Fund that will see a previously agreed purchase of $20 million of Obalon’s common stock drop to $15 million. The new purchase agreement between the two companies is replacing the existing deal from Dec. 27, 2018. The previous agreement has […]
Allurion Technologies appoints three new executives
Allurion Technologies this week said it appointed three new executives. Whitney Cypes was appointed VP of global marketing. Cypes has more than 15 years of global marketing of medical devices experience. Prior to joining Allurion, Cypes was the senior director of marketing at Insulet. She has also held a number of leadership roles at Hologic, […]
Allurion Technologies raises $34m
Allurion Technologies announced today that it raised $34 million in new funding through a securities financing and a growth capital term loan. Natick, Mass.-based Allurion plans to put the proceeds from the funding toward international growth and the launch of its weight loss program in the U.S. once FDA approval is secured, according to a […]
