Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 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.
Baxano Surgical Inc. (NSDQ:BAXS) offered few details about its latest private placement funding round, saying only that it raised $10 million from “entities affiliated with two institutional investors.”
The spinal surgery devices maker had announced the funding agreement last month, saying that it would offer subordinated convertible debentures and warrants to purchase more than 9.4 million shares of common stock as long as its shareholders approved the transaction. Read more
Vascular Solutions wasn’t making friends on Wall Street this week after the company missed expectations for Q1 and lowered its forecast for the rest of the year.
Even with a 31.7% boost in profits year-over-year, the Minneapolis company missed projections by 2¢. VASC shares dropped more than 5% after the company released its earnings on Tuesday, closing at $22.92 last night. Read more
The $45 billion musculoskeletal market is getting ever more consolidated and the latest mega-deal will alter the landscape dramatically. With Zimmer’s impending $13.35 billion merger with hometown rival Biomet, we’ll be able to count orthopedics industry giants on one hand.
Prior to the deal, Zimmer sat at 3rd place a respectable 10.3% market share and Biomet took 5th place with about 7% of the market. When they join forces, pending regulatory approvals, the duo will form the 2nd largest player in the industry. Read more