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.
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
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
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