The cardiac rhythm management market is "about as bad as it has ever been," according to an analyst with Gabelli & Co., due in part to headwinds from a federal probe and a negative journal article.
Endoscopic device maker Vision-Sciences Inc. (NSDQ:VSCI) announced that they had found someone to take over the corner office, naming Cynthia Ansari CEO.
Ansari steps will take over the top seat from interim CEO Warren Bielke, who has steered the company since his appointment in November, 2009, after previous CEO Ron Hadani resigned for personal reasons.
Here’s the latest personnel changes from medical device, diagnostics and life science companies around the nation. For more recent hirings and firings, check out MassDevice’s compilation of the latest personnel moves.
Access Scientific Inc., makers of the Picc Wand and Power Wand IV catheters, closed a $10 million equity financing round.
Investment was led by CAC, a private equity firm, and followed by Access Scientific’s previous investors.
The company’s IV catheters are designed reduce patient discomfort by allowing blood tests to be drawn and fluids and medications to be delivered through a single device, which can last the duration of an entire hospital stay.
INC Research, still completing its $232 million acquisition of clinical research organization Kendle International Inc. (NSDQ:KNDL), bought yet another CRO to add to its global footprint.
Raleigh, N. C.-based INC Research acquired Australian CRO Trident Clinical Research in an aggressive move that gets INC into a fast-growing market for early phase clinical studies.
Quintiles is resuming its plans to raise more than $2 billion in bank financing.
The Durham, N.C.-based, contract research organization is planning to enter into a new $2.2 billion credit facility, with proceeds from the borrowed funding being used to refinance $1.7 billion in existing debt, including an offer to buy $525 million of 9.5 percent outstanding senior notes that are due in 2014.
Quintiles will bring its clinical trial services to a global consortium supported in part by the Bill & Melinda Gates Foundation aimed at bringing new, affordable medicines to the world’s poorest countries.
The Durham, N.C.-based company was selected as a preferred provider to 14 Product Development Partnerships, or PDPs — nonprofit entities that work to develop new drugs for underserved patient populations.
The PDP model is largely one of outsourced drug development, from R&D through clinical trials, according to the company.
Quintiles’ plans for $2.43 billion in bank financing have been put off indefinitely due to what the clinical research organization now describes as “recent unfavorable global credit market conditions.”
In postponing the financing, the Durham, N.C.-based CRO also said it would terminate its tender offer to pay cash to buy up to $525 million of 9.5 percent outstanding senior notes that are due in 2014.
Quintiles plans to raise $2.43 billion that the conctract research organization will use to refinance existing debt and apply to future deals that could include acquisitions and new partnerships.
In securing the bank financing, the Durham, N.C.-based CRO is taking advantage of what it believes are favorable conditions in the financial markets, spokesman Phil Bridges said.
“It’s a good debt market; it’s favorable for us,” Bridges said.
Quintiles is partnering with Samsung Group on a $266 million initiative to bring the South Korean conglomerate into the drug manufacturing business.
Durham, N.C.-based Quintiles provides an array of services for pharmaceutical companes and is the largest contract research organization in the industry. Quintiles spokesman Phil Bridges said that the company’s involvement with Samsung is a $30 million stake in the effort.
Here’s a roundup of companies announcing clearances and approvals from the Food & Drug Administration and foreign regulatory agencies. Check out MassDevice’s compilation of the latest regulatory news for additional clearances and approvals.
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