Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 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.
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5. Jury convicts ex-banker in healthcare insider trading trial
After signaling last week that it might be headed for deadlock, a federal jury today convicted an ex-investment banker on insider trading charges related to a quintet of medical device and life science acquisitions.
Sean Stewart, who worked at Perella Weinberg Partners and JPMorgan Chase, was found guilty in New York City on all of the 9 counts he faced, including securities fraud. Judge Laura Taylor Swain of the U.S. District Court for Southern New York scheduled Stewart’s sentencing for Feb. 17, 2017. Read more
4. Molex buys Phillips-Medisize
Electronics developer and interconnected solutions company Molex said today it is buying Phillips-Medisize for an undisclosed amount, with an expected closing date in the fall.
Hudson, Wisc.-based Phillips-Medisize is an outsource provider for design of medical devices and diagnostics, drug delivery products and primary pharmaceutical packaging, Molex said. Currently, Phillips-Medisize operates as a portfolio company of private equity firm Golden Gate Capital. Read more
3. FDA warns on using Custom Ultrasonics device on duodenoscopes
The FDA today reiterated its warning not to use the an automated endoscope reprocessor made by Custom Ultrasonics with a type of ‘scope called duodenoscopes, which have been linked to deadly “superbug” outbreaks.
Although the federal safety watchdog lifted the recall on Custom Ultrasonics’ endoscope reprocessors while the company looked to correct the violations that prompted the recall, the FDA said again today that the System 83 Plus devices should not be used with duodenoscopes. Read more
2. William Demant moves hearing aid production from U.S., Denmark to Poland, Mexico
William Demant plans to shift production from the U.S. and Denmark to Poland and Mexico to cut costs by around $30 million (DKK200 million) a year, the Danish hearing aid maker said today.
A plant in Eagan, Minn., has already closed and operations in Thisted, Denmark, are slated to be moved to Poland before the end of 2018, meaning job cuts for about 200 workers there, Demant said in its 1st-half earnings release. Read more
1. InVivo Therapeutics jumps after another spinal cord patient improves
InVivo Therapeutics said today that the 9th spinal cord injury patient, implanted with its neuro-spinal scaffold last month, is already showing signs of improvement.
InVivo’s neuro-spinal scaffold is surgically implanted following acute spinal cord injuries to act as a physical substrate for nerve sprouting. Read more
