The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.
Orthopedic device maker Globus Medical chalked the $1 million settlement with the FDA up to an "unfortunate miscommunication" rather than to any patient safety problems with its NuBone bone graft products.
The company agreed to pay the penalty, including a fine for CEO David Paul, to settle FDA charges that it marketed the NuBone products without the agency’s approval.
Orthopedics device maker Globus Medical will pay $1 million, including a fine for its chief officer, to settle FDA charges that the company marketed bone graft products without getting the agency’s approval.
The fine includes $550,000 in penalties and a $450,000 charge for Globus CEO David Paul.
SonoSite (NSDQ:SONO) CFO Marcus Smith stands to pull down more than $3 million now that he’s retired from the Bothell, Wash.-based ultrasound device maker.
The company said Smith’s resignation, which went into effect yesterday, was to pursue other opportunities.
The former Philips Medical Systems exec will end up with more than $3 million in the bank after he receives all of his separation benefits, according to a company filing with the SEC.
Former Covidien (NYSE:COV) president & CEO Richard Meelia decided not to stand for re-election as chairman of the med-tech maker’s board.
Meelia agreed to serve as a non-executive chairman of the Mansfield, Mass-based med-tech titan for a year after his retirement last July.
The U.S. Supreme court refused to hear an appeal by Stryker Corp. (NYSE:SYK) in a product liability lawsuit filed over its recalled Trident hip implant.
C.R. Bard Inc.’s (NYSE:BCR) senior VP and chief financial officer Todd Schermerhorn announced his retirement after 26 years with the company.
Schermerhorn will continue to serve as CFO until the Murray Hill, N.J.-based company finds a replacement, which may take until August 2012.
Synthes Inc. (VTX:SYST) wants a Delaware judge to order Globus Medical Inc. to destroy any intervertebral implants found to infringe a trio of the Swiss medical device giant’s patents.
Ingen Technologies Inc.’s (OTC:IGNT) former CEO, Scott Sand, is headed to the slammer for his role in a plot involving the illegal manipulation of his company’s stock price.
The Yucaipa, Calif.-based medical device manufacturer named Tom Neavitt interim CEO to replace Sand and said current COO Gary Tilden will take over its day-to-day operations.
Medtronic Inc. (NYSE:MDT) is touting a ruling by the U.S. Appeals Court for the Federal Circuit affirming its rights to a pair of patent claims, even though it’s still waiting on a lower court to decide if the $2.7 million award in the case should be reduced.
The court upheld two of the U.S. District Court for Eastern Pennsylvania’s rulings concerning alleged spine technology patent infringement by Globus Medical Inc., but ordered the lower court to reconsider a $2.7 million award to Medtronic.
A federal appeals court partially overturned a lower court decision awarding a $2.7 million judgment to Medtronic Inc. (NYSE:MDT) in a patent spat over spinal stabilization technology with Globus Medical Inc.
The U.S. Appeals Court for the Federal Circuit upheld two of the lower court’s rulings but overturned a third, meaning the U.S. District Court for Eastern Pennsylvania must reconsider the amount to award Medtronic.
