Globus Medical filed for an initial public offering yesterday, saying it’s planning a reverse split of its existing stock just before the IPO launches.
The Audubon, Pa.-based orthopedic device maker, which ran afoul of the FDA last month, said it hopes to trade under the "GMED" ticker on the New York Stock Exchange.
The market for hip and knee implants is stable but mired in a low-growth stage, according to analysts who attended the American Academy of Orthopedic Surgeons conference in San Francisco last week.
Although the abrupt departure of Stryker CEO Steve MacMillan drew the lion’s share of attention at the AAOS event, analysts from Barclays Capital and Leerink Swann agreed that the sector’s outlook calls for low-single-digit growth.
iRobot Corp. (NSDQ: IRBT), famous for their Roomba automated cleaning robots, invested $6 million and launched an extended partnership with InTouch Health, which develops telemedicine systems for providing remote health care.
The venture builds on an existing relationship that the companies announced last summer, under which the companies engaged in a development and licensing agreement.
Zoll reported record numbers in its top and bottom line for fiscal year 2011, sending its stock up 23 percent overnight.
Zoll shares were trading at $44.35 in the early afternoon today, up from last night’s $35.98 close.
The company’s 2011 sales hit a record high of $523.7 million, 18 percent higher than the $444 million posted last year.
Venture capital investment is on the wane, but angel investment is increasing, according to a pair of recent reports.
The University of New Hampshire’s Center for Venture Research reports that angel investment rose nearly 5 percent during the first and second quarters, to $8.9 billion, compared with the same period last year. Health care and medical device firms took the lion’s share of the angel cash (25 percent, according to the report), which usually comes from the proverbial "high net worth individuals" or in early-stage funding rounds.
Cancer diagnostics firm Neoprobe Corp. (NYSE Amex:NEOP) pressed past the controversy surrounding its Lymphoseek radiopharmaceutical and submitted a new drug application for FDA review.
The Dublin, Ohio-based company hopes to win clearance for Lymphoseek for use in intraoperative lymphatic mapping, a surgical procedure that identifies and biopsies lymph nodes for traces of cancer.