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. InVivo raises $32m, enrolls 7th patient in Inspire study
InVivo Therapeutics said today it closed an over-allotment period for a previous round of financing, selling another 560,000 shares and lifting the total raised to $32.2 million, and said yesterday it enrolled a 7th patient in its Inspire study.
Cambridge, Mass.-based InVivo floated 3.7 million units at $7.50 per unit in its initial offering which closed March 18, bringing in $28 million. Each unit of the $7.50-per-share offering consists of a share of common stock and half of a 5-year warrant with an exercise price of $10, the company said. Read more
4. Xeltis wins FDA nod for bioresorbable pulmonary valve
Xeltis said yesterday that the FDA designated the bioresorbable replacement pulmonary valve it’s developing as a humanitarian use device, granted for device designed to treat rare diseases.
The Swiss medical device company’s technology is designed to promote endogenous tissue restoration using polymers structured as a resorbable “porous matrix.” The aim is to gradually replace the polymer structure with naturally regrown tissue; CEO Laurent Grandidier told MassDevice.com last year that the company is also looking at the aortic valve replacement and vascular markets. Read more
3. Capsugel said to explore sale, IPO
Capsugel‘s private equity owner is said to be exploring a sale or initial public offering for the Pfizer spinout.
A deal could value Capsugel, which makes hard capsules and drug delivery products, at more than $5 billion, Reuters reported, citing “people familiar with the matter.” Private equity shop KKR & Co. paid $2.38 billion for Capsugel in April 2011. Read more
2. Frazier Healthcare raises $525m fund
Private equity shop Frazier Healthcare Partners said yesterday that it raised a $525 million fund to invest in small healthcare companies.
The Seattle-based company, which has more than $2 billion in assets under management, said the subscribers include existing and new limited partners, which represent some endowments, public and private pension funds and financial institutions. Read more
1. Survey: Medical sales reps like the money, not their bosses
Although medical sales reps report that relationships with patients and providers are the things they like best about their jobs, those who say they’re least satisfied with their jobs are also the ones who make the least, according to a survey of more than 1,400 reps. The MedReps.com survey also reveals what medical sales reps like least about their jobs: The boss.
Some 21% of respondents list “relationships with provides and patients” as the thing they like most about their jobs; only 6% said “money.” But the average income for reps who say they’re “very satisfied” is higher than the average for reps who are “somewhat satisfied.” And reps who are “very unsatisfied” also report the lowest average income. Read more
