Four medical device companies reeled in more than $70 million in recent weeks, to develop technologies including a laser scalpel for minimally invasive surgeries, a peripheral vessel stapler, a thermal ablation system and a biliary stent.
Cambridge, Mass.-based OmniGuide led the charge with a $35 million round from Orbimed Advisors. OmniGuide chairman Yoel Fink told MassDevice.com in 2010 that the device uses the mirror technology he pioneered at the Mass. Institute of Technology in the 1990s.
The BeamPath flexible laser system uses a CO2 laser and the so-called "perfect mirrors" Fink based his PhD thesis on. The BeamPath uses kilometers’ worth of tiny tubes lined with the super-reflective material, he told us.
Since 2008, OmniGuide has drummed up roughly $62 million, including about $27 million in 2008 and 2009 and the just-concluded round. OmniGuide said it plans to use the latest infusion to boost spending on its commercialization of the technology.
In other financing news, Wayne, Pa.-based Intact Vascular, which is developing an endovascular stapler for peripheral angioplasty procedures, said it drummed up $15.5 million in a Series A round led by Quaker Partners and H.I.G. BioVentures. NeuWave Medical of Madison, Wis., said it brought in a $14 million Series B round for its Certus 140 thermal ablation system. And Xlumena revealed in a regulatory filing that it raised $6.0 million in a debt, options and warrants offering. Mountain View, Calif.-based Xlumena is developing systems to treat pancreatic pseudocysts, including the Navix access catheter and the Axios biliary stent.
Wright Medical details $300M debt offering
Wright Medical (NSDQ:WMGI) said it issued $300 million worth of 2% senior convertible notes due in 2017 to The Bank of New York Mellon Trust Co. August 31. Wright said last month that it was planning a $200 million debt offering, aiming to pay down other debt and to hedge against its own stock.
NASDAQ warns VirtualScopics on share price
VirtualScopics (NSDQ:VSCP) said the NASDAQ stock exchange warned it of a possible de-listing because its stock has traded below the exchange’s $1-per-share minimum for 30 days.
GPOs: Teleflex, EndoChoice land contracts
Premier Healthcare Alliance and Novation inked deals with Teleflex (NYSE:TFX) and EndoChoice for respiratory products and an endoscopic compliance kit, respectively.
- Abiomed (NSDQ:ABMD): Bank of America Merrill Lynch resumes coverage with “underperform” rating, increased price target of $21; Zacks Equity Research reiterates "neutral" rating, $24 price target.
- Boston Scientific (NYSE:BSX): Piper Jaffray reiterates “neutral” rating, $5.50 price target.
- CareFusion (NYSE:CFN): Leerink Swann maintains “market perform” rating, ~$29 price target.
- Edwards Lifesciences (NYSE:EW): Canaccord Genuity reiterates "buy" rating, $123 price target.
- Globus Medical (NYSE:GMED): Leerink Swann initiates coverage at “outperform” rating, $19-$20 price target.
- Insulet (NSDQ:PODD): Wunderlich Securities raises price target from $22 to $24, maintains “buy” rating.
- Intuitive Surgical (NSDQ:ISRG): JMP Securities lowers price target to $625, reduces estimates, maintains "outperform" rating; Goldman Sachs cuts price target from $594 to $556, maintains "neutral" rating.
- Medtronic (NYSE:MDT): Piper Jaffray reiterates “overweight” rating, $44 price target.
- Sirona Dental Systems (NSDQ:SIRO): Cantor Fitzgerald raises price target from $50 to $60, maintains “buy” rating
- St. Jude Medical (NYSE:STJ): Leerink Swann maintains “outperform” rating, ~$46 price target, raises estimates.
- Stryker (NYSE:SYK): Leerink Swann maintains "outperform" rating, ~$66 price target.
- Zimmer (NYSE:ZMH): Bank of America/Merrill Lynch boosts price target to $72, maintains "buy" rating.