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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Stryker said today it is launching the SurgiCount Promise risk-sharing program, offering up to $5 million in product-liability costs to hospitals which use its SurgiCount safety-sponge system.
The system is designed to eliminate retained sponges, which can cause severe injuries in patients and cost the healthcare system $2.4 billion on average every year, according to Stryker. Read more
Healthcare investor Endeavour Vision said today it it will shift its focus to medtech after raising $275 million (€250 million) in committed capital for its Endeavour Medtech Growth LP fund.
The firm said the fund was largely oversubscribed and reached its hard cap to close well above its $168.3 million (€150 million) target, saying the fund is the largest of its kind dedicated to medtech in Europe. Read more
The Respironics division at Philips agreed to pay $34.8 million to settle U.S. Justice Dept. claims that it paid kickbacks in the form of free call center services to induce suppliers into buying its sleep apnea masks.
Today’s settlement resolves a whistleblower lawsuit filed by South Carolina pharmacist Dr. Gibran Ameer, who worked for medical equipment suppliers that bought the Respironics masks. Read more
M3 Inc., a Sony-backed Japanese web portal for physicians, is getting into the medical device game with an investment in MedTecHeart and its outside-the-body cardiac assist device.
A joint venture between Tokyo Medical & Dental University and the Tokyo Institute of Technology, MedTecHeart’s extracorporeal ventricular assist device is designed to treat patients with heart failure using a magnetically levitated pump. Read more
A 10-year-old whistleblower lawsuit filed by a former Abbott sales rep, over the alleged off-label marketing of biliary stents, finally went to trial in Dallas yesterday.
Plaintiff Kevin Colquitt, a former rep for Abbott’s Guidant division, sued Abbott, Johnson & Johnson and Boston Scientific in 2006, claiming that they marketed the use of biliary stents to treat peripheral artery disease. (The magistrate overseeing the lawsuit, Judge Barbara Lynn of the U.S. District Court for Northern Texas, later let J&J and Boston Scientific off the hook.) Read more