Just as it’s putting the finishing touches on a private options offering that should net some $3 million in cash, Cambridge Heart Inc. (OTC:CAMH) is warning investors that it will need more money to stay afloat past the end of 2011.
Cambridge Heart Inc.
Wright Medical Group Inc. (NSDQ:WMGI) announced a surprise shakeup of its executive team today, firing its chief technology officer and accepting the resignation of CEO Gary Henley.
The Arlington, Tenn.-based maker of orthopedic devices for the foot and ankle market said in a regulatory filing that Henley resigned prior to a board meeting yesterday.
In early 2009, six medical professional societies got together to write a guide for 180 cardiac revascularization procedures.
A recent survey, however, shows that there may not be consensus amongst the doctors who practice the surgical and percutaneous coronary intervention procedures.
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:
Cambridge Heart Inc. (OTC:CAMH) is looking to tap the micro-cap investment sector, hiring an outside firm to tout its cardiac disease testing technology.
The Tewksbury, Mass.-based firm said it tapped Wolfe Axelrod Weinberger Associates as its investor relations agency, effective immediately.
Here’s a roundup of the latest dealflow and investment news:
Cambridge Heart Inc. (OTC:CAMH) raised $2.9 million in a private options offering.
The Tewksbury, Mass.-based company sold 14.5 million units to select investors at 20 cents each. Each unit includes a warrant to buy one share of common stock for 25 cents over the next five years; the options could add $3.6 million to the round.
Dawson James Securities Inc. was the selling agent for the offering.
Cardiac Science Corp. (NSDQ:CSCX) began shipping Quinton Q-Stress cardiac stress systems today with microvolt T-wave alternans modules made by Cambridge Heart Inc. (OTC:CAMH).
The system’s MTWA technology was developed by Cambridge Heart Inc. (OTC:CAMH).
Reimbursement problems continue to be a fly in the ointment for Cambridge Heart Inc. (OTC:CAMH), which saw its business suffer during the first half of 2010 due to proposed rate cuts for cardiologists.
Cambridge Heart posted a $1.4 million net loss on about $654,000 in sales during the three months ended June 30, compared to a $1.8 million loss on $793,000 in sales during the same period last year.
For the six-month period the company narrowed its net losses to $2.8 million on $1.3 million in sales, compared to a $3.9 million loss on $1.6 million in revenues during Q2 2009.
Cambridge Heart Inc. (OTC:CAMH) enrolled the first participants in a clinical trial of its Microvolt T-Wave Alternans test for detecting ischemia, or restricted blood flow, in patients with coronary artery disease.
The 200-patient MTWA-CAD study is designed to determine whether the test can improve the diagnosis of ischemia. The test is currently used to predict whether patients are at risk for potentially fatal arrhythmias by measuring electrical signals in the heart, according to a press release.
Starting today, physicians who use a heart test made by Cambridge Heart Inc. (OTC:CAMH) along with a standard stress test will be fully reimbursed for the exams, after a decision by the Centers for Medicare & Medicaid Services allowing the reimbursement.