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.
HeartWare International today backed out of its acquisition of Israeli replacement heart valve maker Valtech Cardio and settled a proxy war with activist investor Engaged Capital.
“HeartWare’s decision last fall to acquire Valtech represented a unique opportunity to bring together 2 complementary portfolios for substantial, high-growth markets and create a broad technology pipeline for the treatment of patients with heart failure,” president & CEO Doug Godshall said in prepared remarks. “While we continue to believe Valtech’s portfolio of mitral and tricuspid interventional tools holds tremendous promise, HeartWare finds itself in a different set of circumstances than when we first entered into the agreement.” Read more
Vascular Flow Technologies said today it raised $14.3 million (£10 million) through multiple rounds of financing to support research & development, strategic joint development and out-licensing agreements with industry partners.
The funding round consisted of 2 tranches; a $10 million (£7 million) loan note restructuring into Series A ordinary preference shares and a $4.3 million (£3 million) Series B financing round led by an undisclosed family office and joined by international and individual angel investors, the company said. Read more
Abbott today reported 4th-quarter sales and earnings declines but still managed to beat Wall Street’s consensus earnings forecast by a penny.
The Abbott Park, Ill.-based healthcare giant posted profits of $767 million, or 51¢ per share, on sales of $5.19 billion for the 3 months ended Dec. 31, 2015, for a bottom-line slide of -15.2% on a -3.1% sales decline compared with Q4 2014. Read more