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. Otsuka gets in on ReCor Medical’s Paradise renal denervation device
ReCor Medical said it landed a strategic investment from Japanese conglomerate Otsuka Pharmaceutical that will bring to Asia its Paradise renal denervation device for treating hypertension.
Neither side is disclosing financial terms, but the deal calls for Otsuka to receive exclusive rights to pursue clinical trials, regulatory approval and commercialization of ReCor’s Paradise device in Japan, China, Korea and elsewhere in Asia. For starters, Otsuka will test Paradise in Japan to see if it can help patients with treatment-resistant hypertension. Paradise uses ultrasound energy to ablate nerve endings in the lining of the renal arteries. Read more
4. Allergan’s Occuleve on track for FDA submission this year
Allergan said today that it’s on track for an FDA submission this year for the Oculeve nasal neurostimulation device for dry eye it bought last year.
Oculeve is a hand-held device designed to be inserted into the nostril to stimulate the nerves serving the lacrimal gland. Allergan paid $125 million plus unspecified milestones for Oculeve last year. Read more
3. Sensus Healthcare scales back planned IPO
Sensus Healthcare last week said it plans to scale back its planned initial public offering, after tabling the flotation earlier this year.
Boca Raton, Fla.-based Sensus makes the SRT-100 and SRT-100 Vision photon X-ray low-energy superficial radiotherapy systems for treating non-melanoma skin cancers, including basal cell and squamous cell carcinomas. The company said March 9 that it planned to float more than 1.8 million shares at $10 to $12 apiece, working out to a low-end raise of $18.2 million and a high end of $21.8 million. Later that month, Sensus postponed the IPO. Read more
2. Report: ConvaTec preps $1B IPO
ConvaTec is reportedly seeking investment banks to hire underwriters for an initial public offering that could raise more than $1 billion.
The Luxembourg-based medical device company, which makes products for wound care, ostomy care and infusion, is owned by private equity firms Avista Capital Partners and Nordic Capital. Read more
1. Impulse Dynamics raises $30m for Optimizer IVs implantable heart failure device
Impulse Dynamics said last week that it raised $30 million for its Optimizer IVs implantable heart failure device, led by the Hong Kong investment fund of real estate developer Peter Lee Ka Kit.
Stuttgart, Germany-based Impulse said it plans to use the proceeds to expand its commercial footprint for the device, which 1st won CE Mark approval in the European Union back in 2002. Read more
