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. VC fund adds PricewaterhouseCoopers to $17m embezzlement suit against founder Burrill
The investors behind a venture capital fund added accounting firm PricewaterhouseCoopers to a lawsuit alleging that the fund’s founder, biotech notable Stephen Burrill, and other fund executives looted it for $17 million.
The Burrill Life Sciences Capital Fund III 1st sued last July, accusing Burrill, longtime outside-counsel-turned-staff-counsel Victor Hebert and CFO Helena Sen of diverting the cash from the fund over a period of 5 years. In an Oct. 26 amended complaint, the fund also accused PwC of failing to catch the embezzlement, which at 1 point allegedly amounted to more than $21 million, according to court documents. Read more
2. Henry Schein to pick up majority stake in Italian distributor Dental Trey
Henry Schein said yesterday that it agreed to acquire a 90% stake in Italian distributor Dental Trey for an undisclosed amount.
Melville, N.Y.-based Schein said the deal, expected to close during the 4th quarter, leaves the remaining 10% share in the hands of members of Dental Trey’s founding family. The Fiumana di Predappio, Italy-based dental consumables and equipment distributor posted sales of roughly $49 million (€41 million) for the 12 months ended June 30, Schein said. Read more
1. NxStage Medical jumps on Q3 beat-and-raise, reveals pipeline
NxStage Medical shares started up today as investors reacted to beat-and-raise results for the home hemodialysis company’s 3rd-quarter and details about its development pipeline.
Lawrence, Mass.-based NxStage said it narrowed its losses by -47.8% to -$1.7 million, or -3¢ per share, on sales growth of 14.9% to $86.5 million compared with Q3 2014. The consensus outlook on Wall Street was for losses of -8¢ on sales of $82.1 million. Read more