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. CryoVascular founder gets PolarCath back on the market

The inventor of the PolarCath technology, a cryoplasty device used to treat peripheral artery disease, bought the device back from Boston Scientific and plans to have it back on the market early next year, according to a press release.

Dr. James Joye founded CryoVascular Inc. to commercialize the PolarCath device he developed as chief medical officer of the Fogarty Institute in Mountain View, Calif. PolarCath won 510(k) approval from the FDA in 2002. Read more

2. Biotronik settles kickbacks case for $5m

Federal prosecutors yesterday said Biotronik agreed to pony up $4.9 million, but admitted no wrongdoing, to settle allegations that it ran a kickbacks scheme to induce physicians to use its cardiac rhythm management devices.

The allegations, made in a qui tam lawsuit filed by former Biotronik employee Brian Sant, include charges that the company paid doctors in Nevada and Arizona to either continue to use or to convert to using Biotronik pacemakers, defibrillators, and cardiac resynchronization therapy devices, according to a press release. Read more

1. Medtronic inks $16B loan package for Covidien buyout

Medtronic said that it signed a package of loans worth $16.3 billion to help finance its pending $43 billion acquisition of Covidien, which is slated to close early next year.

The package includes an $11.3 billion, 364-day bridge loan and a 3-year, unsecured term loan for $5.0 billion, Medtronic said. Read more