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. NuVasive nets $634m from convertible notes offering
NuVasive Inc. said it pulled down $634 million from a convertible debt offering it plans to use to buy back other notes coming due next year.
San Diego-based NuVasive said the haul included a $100 million over-allotment for the 2.25% notes due in 2021. The spinal implant maker said it plans to spend about $66 million of the proceeds on convertible hedge note transactions and has already used another $345 million to repurchase $277 million worth of the $402.5 million it has in convertible notes due in 2017. Read more
4. CorMatrix launches U.S. tricuspid valve device trial
CorMatrix Cardiovascular said it enrolled the 1st patient in a trial of its CorMatrix ECM tricuspid valve designed from regenerative tissue.
The early feasibility trial aims to demonstrate proof of principle and initial clinical safety at 8 U.S. centers, the Roswell, Ga.-based company said. CorMatrix is performing the trial under an investigative device exemption from the FDA. Read more
3. Senseonics cuts IPO by 25% to $45m
Senseonics cut the value of a pending public offering by 25%, to $45 million, saying it plans to float fewer shares at a lower price.
Germantown, Md.-based Senseonics had planned to offer 18.2 million shares at $3.10 to $3.50 apiece, for a midpoint of $60 million, as it sought a move its shares to the New York Stock Exchange. Read more
2. FDA: US medical device inspections down in 2015
The FDA said that it inspected fewer U.S. medical device plants last year than in 2014, but sent inspectors to more overseas facilities.
The overall number of quality systems inspections fell -5% to 2,104 during calendar 2015, the federal safety watchdog said, but U.S. inspections were down -5% to 1,484 while foreign inspections rose 4% to 620, compared with 2014. Read more
1. Gecko Biomedical lands $25m for next-gen medical polymer
Gecko Biomedical said that it raised a $25 million Series A2 round for the next-generation medical polymer it’s developing.
Paris-based Gecko said the €22.5 million round was led by Sofinnova Partners (now its largest stakeholder) and new investor Bpifrance. Prior backers Omnes Capital, CM-CIC Innovation and CapDecisif Management also participated. Read more
