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. Plaintiffs to J&J on fraud claims: Prove it
Allegations made by Johnson & Johnson about a campaign of telephone solicitation aimed at generating more lawsuits over its pelvic mesh products aren’t backed by any proof, the plaintiffs argued last week, saying the company’s move to force the plaintiffs to prove they have valid claims is just a delaying tactic.
The company wants Judge Joseph Goodwin, who’s overseeing the multi-district litigation that covers 10s of thousands of product liability lawsuits, to force plaintiffs to prove that they have a legitimate claim, according to court documents. And it wants Goodwin to force the plaintiffs’ lawyers to testify under oath and in front of the judge “to determine who may be profiting from the unethical and illegal direct solicitation of women and whether further investigation of others is warranted,” according to the documents. Read more
2. IPO Thursday: Avinger, Entellus upsize, Presbia prices under range
It was medtech IPO day on Wall Street yesterday as a trio of medical device companies priced their initial public offerings.
Avinger priced its flotation at $13 per share, the midpoint of the range, but boosted the number of shares from 4.6 million to 5 million, for total proceeds of $65 million. Read more
1. Medical device tax: What we talk about when we talk about job losses
For going on 5 years now, opponents on both sides of the fight over the medical device tax have engaged in a rhetorical war about the number of jobs that will be lost to the levy.
The 2.3% excise tax, enacted in 2010 as part of the Affordable Care Act, went into effect at the beginning of 2013. It applies to all U.S. sales of prescribed medical devices. The medtech industry has fought the tax tooth and nail since even before its inception, labeling the levy as a “job killer.” Read more