The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Accellent is preparing to close doors on a couple manufacturing facilities as the device maker navigates its integration with Lake Region Medical Center.
Accellent said that it will close down a plant in Arvada, Colo., resulting in layoffs for some 200 workers. The company is also planning to consolidate a pair of Galway, Ireland, facilities into a single location, but hopes to keep most of those employees.
Accellent names new COO, president
Massachusetts medtech manufacturer Accellent Inc. shuffled its C-Suite, promoting Jeremy Friedman from CFO to president and COO of the cardio & vascular business, in addition to his duties as executive vice president.
Accellent Inc. is expanding its geographic footprint with a move into the Asian market.
The Wilmington, Mass.-based medical device contract manufacturer opened a 65,000-square-foot plant in Penang, Malaysia. It’s the company’s first foray into the Asian market, expanding its global operation to six countries.
President & CEO Donald Spence said that the new plant will serve as an important hub for the company’s Asian business market, since several key customers are located nearby.
WILMINGTON, Mass.–(BUSINESS WIRE)–Accellent Inc. (the “Company” or “Accellent”), a leading provider of outsourced precision manufacturing and engineering services to the medical device industry, today announced the opening of a 65,000-square foot manufacturing plant in Penang, Malaysia….
http://www.businesswire.com/news/home/20111102007032/en/Leading-Medical-Device-Supplier-Accellent-Expands-Asia
Tengion Inc. (NSDQ:TNGN) chief scientific officer Timothy Bertram will handle CEO duties while the company searches for a new top executive following the June 30 resignation of Dr. Steven Nichtberger.
InVivo Therapeutics Holdings Corp. (OTC:NVIV), which raised close to $12 million when it went public last year, reported a $9 million net loss for the year ending Dec. 31.
The Cambridge, Mass.-based startup, which is developing an implantable treatment of acute spinal chord injuries, said the 260 percent increase in net losses was attributable to “a non-cash charge of $5,099,000 for derivative losses.” Since its inception in 2005, Invivo has lost more than $14.2 million.
Insulet revenue jumps 36 percent as losses narrow
Insulet Corp. (NSDQ:PODD) reported a loss of $12.1 million, or 30 cents per diluted share, on revenue of $25.5 million during the three months ended Sept. 30. That compares with a loss of $16.9 million, or 60 cents per diluted share, on revenue of $18.7 million during the same period last year.
Accellent Inc. is planning a private sale of debt worth $315 million.
The Wilmington, Mass.-based company plans to use the offering of senior subordinated notes to fund its announced cash tender offer to repurchase its outstanding 10.5 percent senior subordinated notes due 2013 and to redeem "the 2013 notes that remain outstanding following the consummation of the tender offer." The notes would be due in 2017.
Recent efforts to retool long-term debt at Accellent Inc. had the short-term effect of causing a big net loss for the medical device contract manufacturer during the three months ended March 31.
The Wilmington, Mass.-based company reported a $7.8 million net loss during the quarter on $122.7 million in revenues, reversing a $609,000 profit and $126.3 million in sales in 2009. Included in the loss was $5.8 million in refinancing costs after Accellent in January replaced a $400 million term loan with $400 million in senior notes maturing in 2017 and a $75 million revolving loan facility with a similarly sized asset-back loan package coming due in 2015.
Accellent Inc. named a former leader at Respironics and later Philips Healthcare to be its new president and CEO.
The Wilmington, Mass.-based medical device contract manufacturer said it tapped Donald Spence for the top slot effective May 24, replacing Robert Kirby, who resigned in November 2009 after two years at the helm. Chairman Kenneth Freeman will continue in that role, according to a press release.
