Medtronic (NYSE:MDT) CEO Omar Ishrak has literally put his money where his mouth is since saying in early June that the world’s largest pure-play medtech maker would look for small-scale investments – $1.05 billion of that money, in fact. That’s Fridley, Minn.-based Medtronic’s announced spend on M&A since June 5, when Ishrak said the company would […]
CardioInsight Technologies Inc.
Medtronic (NYSE:MDT) said today that it paid $93 million for CardioInsight Technologies and its heart-mapping technology. Cleveland-based CardioInsight makes the ECVue, a non-invasive electrocardiographic mapping device that uses body surface electrical data and anatomical data to reconstruct and display 3-D maps and “other useful measures” of the heart’s electrical activity, Medtronic said. The deal includes a $75 million cash payment and a $25 million loan, according […]
CardioInsight Technologies landed its initial $15 million investment, parts of a long-term strategic financing plan that begins with enough funding to complete its European clinical trials.
The Cleveland, Ohio-based medical device company is a developer of non-invasive electrocardiographic mapping technology. The new funds will allow CardioInsight to finish its ongoing multi-center studies in Europe and seek regulatory clearance in the U.S. for its heart mapping systems.
Covidien (NYSE:COV) is set to close a $350 million buyout of Israeli lung diagnosis firm superDimension by the end of the week, according to Israeli business journal Calcalist.
Founded in Tel Aviv by Pinchas Gilboa, Minneapolis-based superDimension, which employs about 120 people worldwide, also has offices in Dusseldorf, Germany.
Former Medtronic (NYSE:MDT) CEO Bill Hawkins will serve as the first chairman of a new private-public partnership aimed at improving development and testing of medical devices.
The partnership includes the Minnesota med-tech community, the FDA’s Center for Devices & Radiological Health and the University of Minnesota to establish a regulatory science center in the North Star State.
Covidien (NYSE:COV) landed 510(k) clearance for its SpiderFX system to treat severely calcified lesions in the lower extremities.
The Mansfield, Mass.-based med-tech titan’s system has been on the European market since 2005 and is currently the only embolic protection device indicated for use in the lower extremities in the U.S.
Mendor, a Finish diabetes technologies and services company, raised $11.7 million in a Series B financing round, aiming for global expansion.
Funding was led by Finnish entrepreneur and investor Risto Siilasmaa, joined by Life Sciences Partners (LSP), Finnish Industry Investment Ltd., Finnish Mutual Pension Insurance Company Ilmarinen, private Finnish investment group Biothom and the Finnvera Venture Capital as a returning investor.
CardioInsight Technologies Inc. secured a Japanese distribution partner for its heart-mapping technology, and added about $4 million in investment funding that it hadn’t previously disclosed.
The company raised a total of $10 million last year.
By Mary Vanac
Steve Arless learned the hard way that it’s never too early to start talking to potential commercial partners who could help develop your early-stage medical technology company.
Arless told an Ohio Venture Association group March 12 that his decision to pass on an early commercial development offer ended up costing his company a lot more money.