After a 7-year run Fall River, Mass.-based NuOrtho Surgical filed for Chapter 7 bankruptcy, listing liabilities of $4.74 million and assets of $287,117. Nearly 40 patents were also cited in the filing, some of which had been used as collateral.
Surgical instruments maker NuOrtho Surgical Inc. won 510(k) clearance from the Food & Drug Administration for its Ceruleau electrosurgical probe.
The device is the first of the Fall River, Mass.-based company’s tissue preservation surgical tools. The Ceruleau is a 3.5mm arthroscopic radio frequency electrosurgical probe designed to use low-level radio frequencies to smooth and contour frayed or torn cartilage while avoiding damage to adjacent cartilage, according to a press release.
Six medical device makers in Massachusetts and Connecticut raised more than $2.6 million in various fundraising offerings during May and June, according to regulatory filings.
Audax Medical of Littleton, Mass., pulled in just more than $686,000 in a pair of equity offerings, according to filings filings with the Securities & Exchange Commission.
NuOrtho Surgical Inc. named Darik Volpa to its board of directors.
Volpa, a former manager at Stryker Corp. (NYSE:SYK), is the founder of understand.com, which provides 3-D animations of surgical procedures for patients and physicians.
NuOrtho Surgical Inc. added another former Johnson & Johnson (NYSE:JNJ) alum to its executive suite, naming Ian McRury as its new chief science officer.
McRury’s most recent position was research and development manager for CR Bard Inc. (NYSE:BCR). He also spent nine years as a principal engineer for J&J’s DePuy Mitek division in Raynham, Mass.
NuOrtho, which is headquartered in Fall River, Mass., is developing a device that uses radio frequencies to repair torn or frayed cartilage in the knee. The company has raised $2 million to date in two rounds of financing.