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. Endotronix raises $32m Series C for wireless heart monitor
Endotronix said today that it raised a $32 million Series C round for the wireless heart monitor it’s looking to commercialize.
Participants in the round included existing backers and an unnamed strategic investor, plus BioVentures Investors, SV Life Sciences, Lumira Capital, Aperture Venture Partners and OSF Ventures, Woodridge, Ill.-based Endotronix said. Read more
4. Southlake Equity gets in on Titan Spine
Titan Spine said yesterday that Southlake Equity Group put a “substantial” but unspecified amount into its coffers, as it looks to expand the commercial footprint of its Endoskeleton implants and launch its Nanolock surface technology.
“We are thrilled to bring on board an investor that is equally as confident in the milestones we have achieved to date along with the near and long-term strategies and goals we have planned for the remainder of 2016 and beyond. Proceeds from this financing round will be dedicated to expanding our sales force in the U.S. and to further provide the resources to grow the adoption of our products across the country and abroad. We have historically grown organically but feel the time is right to aggressively capitalize the company to take advantage of the accelerating shift within the marketplace toward surface enhanced titanium interbody fusion devices,” CEO Dr. Peter Ullrich said in prepared remarks. Read more
3. Terumo closes $280m Sequent Medical buyout
Terumo Corp. said today that its MicroVention subsidiary closed the $280 million acquisition of Sequent Medical and its Web aneurysm embolization device.
The Web implant is made of a Nitinol mesh that is delivered in a “stent-like” manner and deployed into the pouch formed by an aneurysm in order to prevent blood from flowing in. Sequent won CE Mark approval for the Web system in 2010, and is running an FDA-approved investigational device exemption pivotal trial as it seeks U.S. clearance. Read more
2. Pavmed eyes Q4 FDA submission for PortIO vascular access device
Pavmed said today that it’s planning to submit an application for FDA clearance for its 1st product, the PortIO long-term implantable vascular access device, during the 4th quarter.
New York City-based Pavmed said the PortIO device is in the verification and validation testing phase, the final stage of pre-submission testing. The company has 4 other devices in development: The Caldus line disposable tissue ablation devices, including renal denervation for hypertension; the CarpX percutaneous device to treat carpal tunnel syndrome; the NextCath self-anchoring short-term catheter; and the NextFlo disposable infusion pump. Read more
1. Johnson & Johnson’s DePuy wants expedited appeal of $151m Pinnacle hip loss
Johnson & Johnson subsidiary DePuy Orthopaedics asked a federal appeals court this week to expedite the appeal of its $151 million loss in a product liability lawsuit brought over its Pinnacle metal-on-metal hip implant.
In March, a Texas federal jury slapped DePuy Orthopaedics with a $500 million judgment in favor of a quintet of plaintiffs who blamed the Pinnacle implant for their injuries. After a 2-month trial, jurors found that the Ultamet metal-on-metal version of the Pinnacle hips were defectively designed and that DePuy failed to warn patients about the risks, awarding $130 million in total compensatory damages and $360 million in punitive damages. DePuy won the 1st bellwether trial in the MDL, in October 2014. The judge in the case last week slashed the award to roughly $151 million. Read more
