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. Johnson & Johnson Innovation backs 3D printing, coatings and contact lenses
Johnson & Johnson Innovation, the incubation arm of healthcare giant Johnson & Johnson, said today that it’s investing in a variety of medical device and pharmaceutical programs, including 3D printing, coatings and contact lenses.
The new”investments and strategic transactions” feature a joint effort with MIT spinout Inkbit Corp., which is developing “a unique multi-material 3-D printing technology” that’s well-suited to complex consumer products with integrated electronics, the company said. J&J said its Johnson & Johnson Services division will help Inkbit optimize and validate its additive manufacturing system. Read more
4. China’s Venus Medtech snaps up TAVR device developer InterValve
Chinese heart valve maker Venus Medtech said today it acquired U.S.-based transcatheter aortic valve replacement device developer InterValve for an undisclosed amount.
Intervalve produces the V8 and TAV8 aortic valvuloplasty balloon catheters designed for performing percutaneous balloon angioplasty procedures and for pre and post-dilation during TAVR procedures. Venus said that the shape of the balloon helps protect the valve annulus structure and minimize expansion of the valve. Read more
3. Alere says Justice Dept. closed pain lab probe as Q1 losses soar
Alere said yesterday that the U.S. Justice Dept. closed a probe into its pain management lab in Texas without taking action against the diagnostics giant, which also reported a nearly 974% increase in 1st-quarter losses.
Waltham, Mass.-based Alere said the Justice Dept. told it June 8 that the investigation into the lab in Austin was closed. The company reported losses of $-64.1 million, or -80¢ per share, on sales of $588.2 million for the 3 months ended March 31. That compared with losses of -$6.0 million, or -13¢ per share, on sales of $589.0 million during Q1 2016. Read more
2. Ex-ArthroCare CFO pleads guilty to single count after 10-year sentence overturned
Former ArthroCare CFO Michael Gluk, who last year won his appeal of a 10-year sentence after being convicted of running a scheme to defraud investors of more than $750 million, yesterday pleaded guilty to a single count of conspiracy to commit wire fraud and securities fraud.
Gluk and ex-CEO Michael Baker were convicted in June 2014; Baker was sentenced to 20 years in prison and Gluk drew a 10-year term. Prosecutors alleged that the scheme was designed to generate false revenue numbers to meet internal and external forecasts by dumping inventory, 1st with a distributor called DiscoCare and eventually via free shipments to end-users. ArthroCare was DiscoCare’s only client until it acquired DiscoCare in December 2007, according to the documents. Read more
1. Medical device tax repeal is still on the table
The healthcare reform bill Senate Republicans are negotiating could keep some of the taxes imposed by the Affordable Care Act, but the medical device tax isn’t 1 of them, anonymous sources told Reuters.
Hoping to delay drastic funding cuts to Medicaid, 13 senators are hashing out the bill’s provisions behind closed doors. Moderate GOPers want to ease the impact of repealing Obamacare on the poor and disable, but more conservative members are set on doing away with all ACA taxes, the 5 sources told the news service. Read more
