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. Medtronic touts shorter stays, less retreats with cryoablation
Medtronic today touted data from the Fire and Ice clinical trial indicating lower rates of repeat procedures and shorter hospital stays for patients with paroxysmal atrial fibrillation treated with its Arctic Front cryoballoon when compared to those treated with the ThermoCool radiofrequency ablation catheter made by J&J’s Biosense Webster division. Read more
4. Diasend, Abbott ink diabetes data management pact
Diasend said it inked a cloud-to-cloud deal with Abbott to connect its LibreLink system to Diasend’s diabetes data management system. Through the deal, users of Abbott’s FreeStyle Libre flash glucose monitoring systems can integrate data from that device, as well as any other Diasend devices such as insulin pumps, blood glucose monitors or activity trackers, into Diasend’s cloud analytics program. Read more
3. Struggling GlaxoSmithKline bets big on neural implants to fuel turnaround
GlaxoSmithKline’s interest in tiny neural implants is stronger than ever, even amid declining earnings and flopped drug candidates that have turned CEO Andrew Witty into a lame duck who will step aside in 2017. Despite the turmoil, the British pharma giant is investing $50 million in so-called bioelectronics via Action Potential Ventures, aiming to fund companies like SetPoint Medical. GSK also has 30 scientists devoted to studying tiny implants that have the potential to modulate the nervous system for therapeutic purposes. Read more
2. NuVasive’s $28m loss to distributor in sales poaching case stands
A federal judge in California rejected a bid by NuVasive to overturn a $28 million loss in a sales poaching lawsuit with 1 of its distributors. Earlier this year a jury awarded $41.8 million to Nevada-based distributor Madsen Medical. (A judge later cut the award to $27.8 million, cutting $14 million in damages for unjust enrichment). Read more
1. Tax court hands Medtronic a win in $1.4B IRS case
A federal judge yesterday found for Medtronic in its lawsuit against the IRS over a $1.36 billion tax bill. The dispute involves “transfer pricing” among the company’s various units during the tax years 2005 and 2006. The tax bureau claimed Medtronic owed income tax of $548.2 million for 2005 and $810.3 million for 2006; the Fridley, Minn.-based company disputed the bill and took the case to the U.S. Tax Court. Read more
