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. Former InVivo Therapeutics CEO Reynolds mounts $77m takeover bid
Frank Reynolds, the PixarBio CEO who co-founded and led InVivo Therapeutics before his 2012 ouster, is mounting a $77 million takeover bid for his old company.
In a lengthy, nearly 2,700-word press release issued today, PixarBio and Reynolds cited the -41.7% slide in the price of NVIV shares since January 2016 in making their case for the merger with PixarBio. Their proposal would create a new entity called Reynolds Therapeutic Corp. to pursue PixarBio’s NeuroRelease non-opioid pain treatment and InVivo’s scaffold technology for spinal cord injury repair. The deal is expected to close during the 1st quarter, according to the release. Read more
4. Analyst: There’s a ‘mismatch’ between expectations and reality for Stryker’s Mako platform
A 51-physician Barclays survey of U.S. hip and knee surgeons today prompted analyst Matthew Taylor to question investors’ expectations for Stryker‘s Mako robot-assisted surgery platform.
Some 22% of the docs surveyed reported using the Mako system, most for partial knee replacement procedures, with 25.5% saying they would use it more in the future, Taylor wrote in a note to investors, “leading us to believe that MAKO uptake will be modest.” Read more
3. Intact Vascular lifts Series B to $46m
Intact Vascular said today it lifted the total raised in its Series B financing round to $46 million after receiving additional investments to the round, which initially closed in May 2015.
Additional capital was invested by current investors New Enterprise Associates, Quaker Partners and H.I.G. BioHealth Partners, the Wayne, Penn.-based company said. Read more
2. Titan Medical names ex-Domain Surgical chief McNally as CEO
Fresh from the sale last August of Domain Surgical to OmniGuide Surgical, former Domain CEO David McNally landed the top spot at Titan Medical, that company said today.
McNally, who also founded and led Zevex International to a 2007 acquisition by Moog Inc., succeeded interim chief John Barker effective Jan. 1. Barker, who was named to replace John Hargrove last October while the company searched for a full-time CEO, agreed to stay on as a director, the Toronto-based robot-assisted surgery company said. Read more
1. Abbott to close $25B St. Jude buy
Abbott said today that it plans to close its $25 billion buy of St. Jude Medical next Wednesday, Jan. 4, after receiving all necessary regulatory clearances for the deal.
Abbott touted the acquisition, saying it would position the combined entity to cover “nearly every area” of the cardiovascular market, holding onto the number 1 or 2 positions “across large and high-growth cardiovascular device markets.” Read more