Pear Therapeutics (Nasdaq:PEAR) announced today that it filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Boston-based Pear and its wholly-owned U.S. subsidiary each voluntarily filed in the U.S. Bankruptcy Court for the District of Delaware. They intend to pursue a sale of the business or assets under section 363 of the Bankruptcy Code. […]
Bankruptcy
Reva Medical files for bankruptcy
Reva Medical (ASX:RVA) announced today that it has filed for Chapter 11 bankruptcy protection. San Diego-based Reva — which specializes in bioresorbable polymer tech for vascular applications — entered into a restructuring support agreement with a handful of its stakeholders last month. The goal was to address the company’s outstanding debt. Reva also filed a prepackaged […]
AirXpanders abruptly pulls the plug
AirXpanders (ASX:AXP) abruptly pulled the plug yesterday, saying it plans to lay off nearly all its employees and file for Chapter 7 bankruptcy by the end of the month. The Palo Alto, Calif.–based company makes the AeroForm device for post-mastectomy breast reconstruction. It’s designed to expand and stretch the skin and underlying muscle prior to […]
B. Braun’s Aesculap closes $17m Dextera Surgical bankruptcy buyout
Surgical instrument maker Dextera Surgical and B. Braun subsidiary Aesculap said yesterday that they closed the $17.3 million deal to buy Dextera out of Chapter 11 bankruptcy. Redwood City, Calif.- based Dextera, formerly known as Cardica, agreed to the buyout in December 2017. The consummation Feb. 20 saw Dextera receive $13.6 million; another $2 million went into two-year escrow, $900,000 went to repay […]
B. Braun’s Aesculap to buy Dextera Surgical out of bankruptcy for $17m
B. Braun subsidiary Aesculap agreed to pay $17.3 million to buy surgical instrument maker Dextera Surgical (NSDQ:DXTR) out of Chapter 11 bankruptcy, provided no other suitors emerge. Redwood City, Calif.- based Dextera, formerly known as Cardica, said the Dec. 11 deal calls for $2 million to be put into escrow for two years to cover any indemnification […]
Sotera Wireless emerges from bankruptcy with $32m
Sotera Wireless emerged from bankruptcy protection with nearly $32 million in hand, after a lawsuit brought by rival Masimo (NSDQ:MASI) drained its coffers, but is enjoined from using Masimo data allegedly purloined by a pair of former employees who jumped ship for Sotera. The San Diego-based company filed for Chapter 11 bankruptcy protection in September 2016, saying it owed […]
Palmaz Scientific co-founders, board sued by bankruptcy trustee
A trustee in the bankruptcy proceedings for Palmaz Scientific Inc. last week sued its co-founders and members of its board, alleging that they looted the company before declaring bankruptcy last year. Co-founded by coronary stent pioneer Dr. Julio Palmaz and CEO Steven Solomon in 2008 to commercialize Palmaz’s ideas, PSI raised about $40 million before pulling the plug in a […]
Scion Medical’s Medlink closes $4m Perseon buyout
Perseon Medical (NSDQ:PRSN) said yesterday that it closed the sale of its assets this week and reverted to its former name, BSD Medical, as part of the deal. The $4.35 million sale, which closed August 22, was part of the Chapter 11 bankruptcy proceedings for Perseon, which makes the MicroThermX microwave ablation system for treating soft tissue tumors. The device can […]
MedLink Technologies to buy Perseon Medical for $4.4m
Perseon Medical (NSDQ:PRSN) said yesterday that it inked a deal with MedLink Technologies to be acquired for $4.35 million as part of its Chapter 11 bankruptcy. Salt Lake City-based Perseon said MedLink put up an $850,000 bid deposit, which Perseon would have to return (plus 5% on any of it used to fund operations) if MedLink doesn’t […]
Urologix successor details dissolution plans
The successor to Urologix said today that it plans to completely dissolve during 2017, spelling the end for the Minneapolis-based urology device maker. Urologix, which made the Cooled ThermoTherapy and Prostiva RF devices to treat benign prostatic hyperplasia, licensed Prostiva from Medtronic (NYSE:MDT). But after running up a $2.8 million tab on its Twin Cities neighbor, Urologix couldn’t come up […]
Court approves Nuo Therapeutics bankruptcy plan
Wound care company Nuo Therapeutics (OTC:NUOT) said yesterday that a federal court in Delaware approved a bankruptcy plan that would either see it continue as an independent company or become 95% owned by lender Deerfield Management. Gaithersburg, Md.-based Nuo filed for Chapter 11 bankruptcy protection in January, 2 years after raising $35 million from Deerfield. Formerly known as Cytomedix, […]