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.
3. Hypertension: Stealthy Verve Medical raises $2m for RDN device
Stealthy renal denervation startup Verve Medical raised close to $2 million, according to a regulatory filing, with funding likely slated to help support clinical trials.
The Peoria, Ariz.-based company said it nailed down $1.9 million of a $2.1 million planned offering that it plans to use for "working capital." It’s an equity offering, although Verve has not disclosed specifics on the 5 investors listed in the filing. Read more
2. OrbiMed floats $924m healthcare fund
OrbiMed said yesterday that it raised a $924 million fund to invest in healthcare companies, following the flotation of a $735 million fund back in November 2013.
The OrbiMed Royalty Opportunities II fund is aimed at acquiring "healthcare royalty streams" using "tailored debt capital solutions," according to a press release, deployed in slices ranging from $20 million to $150 million – or more in collaboration with other OrbiMed funds. Read more
1. St. Jude CEO Starks: It’s the size of the market, not the company that matters
St. Jude Medical (NYSE:STJ) CEO Daniel Starks told analysts last week that they shouldn’t expect the company to follow competitors like Medtronic (NYSE:MDT) down the consolidation path.
Starks said the markets St. Jude serves, along with recent acquisitions it’s made in smaller tuck-in deals gives it all the dry powder it needs to keep growing. Read more