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Home » Gingrich’s health consulting group goes under | Wall Street Beat

Gingrich’s health consulting group goes under | Wall Street Beat

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MassDevice.com Wall Street Beat

The Center for Health Transformation, a health care think tank launched by GOP presidential hopeful Newt Gingrich, filed for Chapter 7 bankruptcy this week, listing liabilities of between $1 million and $10 million that it says it can’t repay.

The organization’s assets, which it listed in court filings at between $50,000 and $100,000, will be liquidated and the business may subsequently close.

Speculators say the organization’s downfall may mean the end of the former House Speaker’s already struggling bid for the White House. Gingrich hasn’t won a primary since taking his home state of Georgia early last month.

Gingrich said last week that he plans tocut ⅓ of his campaign staff and significantly scale back his campaigning, The Hill reported.

"This ends his campaign. He’ll now be completely on the defensive about this," Emory University political science professor Merle Black told the Atlanta Business Journal.

Gingrich stepped down from a leadership role within the Atlanta, Ga.-based group, also known as The Gingrich Group LLC, when he launched his 2012 presidential campaign.

 Device makers race to all-in-one diabetes care
Medical device makers, including Medtronic (NYSE:MDT), Insulet (NSDQ:PODD), PositiveID (OTC:PSID) and a clutch of private players, are vying to be the 1st to bring an all-in-one diabetes care device to the U.S. market.

Such a device would incorporate a glucose meter, testing strips, insulin pumps and new products such as biosensors and wireless data transmitters into a single product to serve the estimated 25.8 million Americans with diabetes. Read more

 Device tax is no big deal, say med-tech execs
A panel of medical device executives dismissed the impending medical device tax as "not really a concern" at the Bay Area Biomedical Device Conference last week.  

"I would rather see more-rationalized decision making at the FDA level than worry about the tax," Penumbra CEO Adam Elsesser said. Read more

 Bioject’s independent accountant resigns amid uncertainty

Bioject Medical Technologies received the resignation of its independent registered accounting firm, Moss Adams LLP, following the modification of the device maker’s financial statements for the last 2 years to account for uncertainty about Bioject’s "ability to continue as a going concern." Read more

 Gabelli puts some skin in Zoll
Über-investor Mario Gabelli bought of 2.6% Zoll Medical (NSDQ:ZOLL), which recently received a $2.21 billion cash offer from Asahi Kasei Corp. (TYO:3407). Read more

 Hologic lands DoD contract worth up to $98 million

The U.S. Defense Dept. issued a modification on the 3rd option year of a contract with Hologic (NSDQ:HOLX), awarding a price adjustment contract with a maximum value of $97.9 million for radiology systems.  Read more

 Angiotech sells Quill tech to Johnson & Johnson
Angiotech Pharmaceuticals Inc.’s (NSDQ:ANPI) sold some of its Quill wound closure intellectual property portfolio to Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon Inc. which will pay an up-front payment of $20 million and up to $42 million more upon certain product development milestones.

In addition, the companies signed a manufacturing and supply agreement through which Angiotech will exclusively manufacture knotless wound closure products utilizing Quill technology for Ethicon. Read more

 MiMedx beats sales goals for Q1
MiMedx Group (OTC:MDXG) beat is own revenue projections for Q1 2012, posting $3.6 million sales and maintaining a $23 million revenue goal for the year. Read more

 EnteroMedics signs exclusive distribution with Bader Sultan & Bros.

EnteroMedics closed a distribution deal making Bader Sultan & Brothers Co. an exclusive distributor for the Maestro rechargeable system, used in bariatric surgery, in Saudi Arabia, Kuwait, Bahrain, Qatar, United Arab Emirates, Oman, Yemen, Iraq and Lebanon. Read more

 Merck buys into VirtualScopics to the tune of up to $9 million

VirtualScopics inked a deal to sell Merck Global Health Innovation Fund up to 3,000 shares of series C preferred stock and potentially more than 2.7 million shares of common stock in a deal worth up to $9 million. Read more

 MTBC acquires GlobalNet
MTBC acquired GlobalNet Solutions, merging the companies’ electronic health record management services in what is becoming a larger trend toward consolidation in the EHR administration services industry. Read more

 GE completes SeqWright acquisition

GE Healthcare (NYSE:GE) completed its acquisition of genomic services provider SeqWright Inc. The terms of the deal were not made public. Read more

 Elron subsidiaries near close on merger
Elron Electronic Industries (TASE:ELRN) subsidiary Rafael Development Corp. is close to completion on a deal to absorb its subsidiary Starling Advanced Communications, having met all conditions except for a merger certificate issued by the Israeli Registrar of Companies.  Read more

 American CryoStem and Protein Genomics join forces for wound healing
American CryoStem Corp. (OTC:CRYO) and Protein Genomics inked a collaborative agreement to jointly develop cellular therapies for the wound healing and regenerative markets.  Read more

 Hypertension Diagnostics gets building code violation
HyperTension Diagnostics subsidiary HDI Plastics received a notice of violation for its processing facility in Austin, Texas, for alleged failure to obtain required permits and certificates of occupancy.  Read more

 Abbott hits 52-week high
Abbott (NYSE:ABT) notched a new 52-week high of $61.46 on Wednesday, April 4, amid a flurry of trading.

 Kensey Nash notches yearlong high
Kensey Nash (NSDQ:KNSY) set a new 52-week high this week, closing at $29.60 on Monday, April 2, following a settlement with St. Jude Medical (NYSE:STJ) on a dispute over licenses for the Angio-Seal vascular closure device.

 GPOs: Premier inks deal with Cooper-Atkins
Middlefield, Conn.-based Cooper-Atkins Corp. inked a deal to provide wireless refrigerator temperature monitoring systems to with Premier health care alliance members, effective Feb. 15, 2012.  Read more

 Funding Roundup

 Analysts’ ups and downs

  • St. Jude Medical (NYSE:STJ): Morgan Stanley maintains "equal weight," sees no new problems for Durata lead.
  • Medtronic (NYSE:MDT): Bank of America maintains "buy," raises price target from $42 to $45.
  • Hologic (NSDQ:HOLX): Bank of American and Merrill Lynch initiate with "buy" rating on new products and expectations of double-digit earnings growth.
  • Biomet: Standard & Poor’s maintains B+ and "stable" rating, seeing no effect from deal for DePuy Orthopaedics’ trauma unit.
  • Abbott (NYSE:ABT): Bank of America raises price target from $57 to $65.

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