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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The SEC said yesterday that Allergan will pay a $15 million fine for failing to disclose its 2014 merger talks with Actavis.
In June 2014, Valeant Pharmaceuticals offered a tender bid for the Irvine, Calif.-based company which was followed by a 7 month-long hostile pursuit by Valeant and co-bidder Pershing Square Capital Management. In November 2014, Allergan publicly announced that it had accepted a $66 billion takeover bid from Actavis. Read more
Shares in Corindus Vascular Robotics jumped nearly 11% in morning trading today after the company raised its outlook for full-year revenue in 2017 to between $13 million – $15 million. Analysts have pegged the robotic-assisted systems maker’s full-year revenue for 2017 at $12 million.
Corindus said in a report yesterday that it anticipates implementation of at least 25 new cardiovascular programs this year and, in order to support future capital needs, it actively pursuing additional funding through potential strategic partners. Read more
The SEC said today that Orthofix has agreed to cough up more than $14 million to settle federal charges that it improperly booked revenue and made improper payments to doctors at government-owned hospitals in Brazil to increase sales.
According to the SEC, the Texas-based medical device company improperly recorded some revenue as soon as a product was shipped, even if certain events had to occur first in order to receive payment. The company also immediately recorded revenue when it had provided its customers with significant time extensions to make payments. From 2011 to the 1st quarter of 2013, the company misstated certain financial statements because of these accounting failures, the SEC wrote. Read more
Derma Sciences said last week that it paid $13.3 million for Medihoney, on the same day that Integra LifeSciences agreed to pay nearly $200 million for the tissue regeneration company.
Prior to the acquisition, Derma Sciences held the exclusive global license for the Comvita-owned Medihoney brand and patents. Medihoney is eligible to receive an additional $5 million upon achievement of annual sales milestones, according to a regulatory filing. Read more
Abbott said that it launched its Proclaim dorsal root ganglion neurostimulation system in Europe for patients suffering from chronic neuropathic pain.
The Abbott Park, Il.-based company’s system targets sensory nerves packed within the dorsal root ganglion to directly target the area of the body where pain occurs and provide stronger pain relief compared to traditional spinal cord stimulation therapy. Read more