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. Milestone Scientific closes $3m round
Milestone Scientific‘s said today it closed a $3 million round, selling approximately 2 million shares at $1.50 per share.
Each share sold includes warrants for the purchase of an additional 0.75 common shares of stock, offering an additional total 1.5 million shares. Warrants offered in the round have a 3-year term and an exercise price of $2.55 per share, according to a press release. Read more
4. ZipLine Medical wins Chinese clearance, launches Zip surgical skin closure device
ZipLine Medical said yesterday that it won Chinese FDA approval for its Zip surgical skin closure device and commercially launched the device in the region.
The Campbell, Calif.-based company’s Zip is a low-cost, non-invasive skin closure device designed to be alternative to suturing and stapling and to cut down on surgical site-related infections. The device has 510(k) clearance from the FDA. Read more
3. NeuroMetrix raises $27m to buy back convertible shares, warrants
NeuroMetrix said today that it raised $26.5 million in a public offering. The offering was priced at 70¢ per share of common stock, via a warrants exercise. The warrants have an exercise price of 70¢ per share and will expire 5 years after their issuance date.
The company expects to spend nearly $19.5 million from the offering to redeem 19,450 shares of Series D convertible preferred stock and retire 25 million warrants to purchase outstanding common stock. Read more
2. Medtronic supply chain snafu delays Aussie operations
Hospitals in Australia are reportedly running low on medical supplies such as sutures and staples due to a problem with Medtronic‘s supply chain system.
A health department spokesman told The Mercury that some health providers were experiencing delays, but hospitals can share supplies thanks to Australia’s centralized ordering and surgical operations should be unaffected. Read more
1. Varian Medical Systems puts up $276m for PerkinElmer’s medical imaging biz
Varian Medical said today that it agreed to put up $267 million to acquire the medical imaging business of PerkinElmer Inc. for the planned spinout of its Varex imaging components unit next month.
The 280-worker PerkinElmer segment is an OEM business that makes digital flat panel X-ray detectors for industrial, medical, dental and veterinary X-ray imaging systems. Varian said Varex plans to finance the buyout of the Santa Clara, Calif.-based operation by expanding its credit line to $600 million;l the deal is expected to close after the Varex spinout concludes in January 2017. The PerkinElmer imaging business also has facilities in Germany, Holland and the U.K., Varian said. Read more
