HemCon Medical Technologies said it’s filing for Chapter 11 bankruptcy protection for its U.S. operation after losing a $34.2 million court decision last month, saying it plans to appeal the ruling.
In March a sharply split U.S. Court of Appeals for the Federal Circuit reversed course and reinstated a win for Marine Polymer Technologies in its wound dressing patent spat with HemCon.
That decision awarded the $34.2 million in damages to Marine Polymer, a tab HemCon is evidently unable to pay.
"Chapter 11 gives us the best opportunities to maximize the value of HemCon and to continue to conduct business operations while we restructure debt, costs and other obligations," president & CFO Nick Hart said in prepared remarks. "In addition, HemCon is planning on filing a petition to request that the [Federal Circuit] rehear its 5-5 decision on claim construction, in the patent infringement case."
HemCon said its European subsidiary is not subject to the Chapter 11 proceedings.
Proxy advisor tells Olympus backers to reject board nominees
ISS Proxy Advisory Services is urging Olympus (TYO:7733) shareholders to rebuff the company’s nominees to lead it out of the darkness of an accounting scandal that’s shaved a third off the endoscopy giant’s value since October. Read more
Israeli device makers on the ropes
Seven medical device companies listed on the Israeli stock exchange exceeded the $2.7 million sales mark last year, but still aren’t out of the woods, according to the Globes business journal. Read more
Orgenesis inks research deal
Orgenesis (OTC:ORGS) said it inked a deal with Tel Hashomer – Medical Research, Infrastructure and Services Ltd. for a study of its technology designed to convert patients’ liver cells into insulin-producing cells to treat diabetes. Read more
Pricing pressure unlikely to abate for device makers
Downward pricing pressures on the med-tech industry are unlikely to abate anytime soon, according to a Leerink Swann report issued after Premier healthcare alliance briefing, meaning medical device makers need to keep adjusting their business models to accommodate the new paradigm. Read more
- H.I.G. Bioventures drums up $268M life sciences fund
- Pyng Medical announces $500k private placement
- Seventh Sense raises $750k
- Aleva Neurotherapeutics reels in $4.4M Series B
- Becton Dickinson & Co. (NYSE:BDX): JP Morgan maintains "neutral" rating; Deutsche Bank maintains "hold" rating, $82 price target.
- Danaher (NYSE:DHR): Morgan Stanley maintains "overweight" rating.
- Corning Inc. (NYSE:GLW): Sterne Agee reiterates "buy" rating, $16 price target; JP Morgan maintains "underweight" rating.
- Intuitive Surgical (NSDQ:ISRG): Dougherty & Co. initiates coverage at "buy," $650 price target; Zacks Equity Research rates as "#1 Rank (Strong Buy)."
DeviceTalks Minnesota's leadership track is designed to provide attendees with insights on topics such as:
Use code SAVE15 to save 15%!