Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
3. Providence Medical raises $12m
Cervical spine-focused Providence Medical said it raised $12 million in a new round of equity financing to help support its Dtrax platform of implants and instruments for cervical fusion.
The round saw participation from existing investors Stanmore Medical Investments, Aphelion Capital and a newly established debt facility with Silicon Valley Bank, the Lafayette, Calif.-based company said. Read more
2. Acelity registers for IPO that could fetch $1B
Wound care and regenerative medicine company Acelity registered for an initial public offering that could raise as much as $1 billion, confirming rumors that 1st surfaced in June that its private equity owners are looking look to pay down debt.
Acelity, formerly Kinetic Concepts Inc., was acquired for $6.1 billion by Apax Partners and a pair of Canadian pension funds in a leveraged buyout in November 2011. The company, which makes wound care products, later folded KCI sister company LifeCell and acquisition Systagenix into the Acelity brand. Read more
1. Report: Senate to take up medical device tax repeal this year
The U.S. Senate will reportedly take up a bill to repeal the medical device tax before the end of the year, following a U.S. House vote earlier this year to do away with the 2.3% excise tax enacted as part of Obamacare.
The Senate’s repeal bid, sponsored by Sen. Orrin Hatch (R-Utah), is S. 149 or the “Medical Device Access & Innovation Protection Act.” The bill has 39 co-sponsors, including 5 Democrats, but faces an uphill battle in the Upper Chamber. President Barack Obama’s administration has promised a veto should it ever reach his desk. Read more