Alcon Laboratories in conjunction with Australian healthcare regulators issued a warning on certain intraocular lenses after receiving reports of higher-than-expected rates of accelerated endothelial cell loss.
Across the medical device industry, R&D spending in 2011 increased despite a lethargic economy, job cuts and reorganization mandates by a number of big-name companies.
Matthew Jenusaitis knows a little something about regional hotbeds of innovation in the med-tech space. Having spent 15 years at Boston Scientific Corp. (NYSE:BSX) in numerous executive marketing and general management positions, Jenusaitis once called Boston his home.
But when family lured him back West, he found himself ensconced in, dare we say, an even hotter space for medical device innovation – Orange County, a region of Southern California mostly known for postcard-pretty beaches, tourist attractions and MTV reality shows.
The U.S. Dept. of Health & Human Services issued a subpoena to Novartis (NYSE:NVS) subsidiary Alcon Inc., seeking documents related to its marketing practices and payments to physicians.
The Sept. 23 subpoena is part of an HHS investigation probe into possible health care fraud, Novartis said in a regulatory filing.
Novartis AG’s (NYSE:NVS) Alcon subsidiary lost its bid to throw out a lawsuit filed by a Florida ophthalmologist accusing it of infringing a patent for intraocular lens technology.
Dr. James Nielsen sued Alcon in December 2008, alleging that the Swiss medical device giant violated his patent for a “Multifocal Intraocular Lens.” Alcon moved to have Judge Janet Boyle of the U.S. District Court for Northern Texas toss a magistrate judge’s recommendation that she deny its motion to have the case dismissed.
Novartis AG’s (NYSE:NVS) recently acquired Alcon Inc. (NYSE:ACL) is wooing Fort Worth, Texas, legislators with promises of 750 new jobs with an average of $90,000 salary if the city can grant it an 80 percent break on its property taxes and waive some additional fees.
Alcon asked city officials to label its operations campus a "reinvestment zone" to grant it a 10 year property tax break worth about $490,000.
Eye and ear devices are the most implanted medical devices in the U.S., according to a new study by financial news and opinion company 24/7 Wall St.
Artificial eye lenses for the treatment of cataracts topped the list of the 11 most frequently implanted medical devices in the U.S. with more than 2.5 million surgeries performed annually at a rate of about $3,200 to $4,500 per eye, depending on the type of lens. Total expenditure was estimated at between $8 billion and $10 billion per year.
Under the terms of the takeover deal, Alcon shareholders will receive 2.9228 Novartis shares and a cash payment of $8.20 for each Alcon share, according to Alcon.
Based on NVS shares’ $55.60 latest closing price, the exchange represents a 1.4 percent premium over ACL shares’ closing price of $168.34 yesterday.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days: