Shareholders of Bovie Medical Corp. (AMEX:BVX) are suing the company, alleging that mismanagement and nepotism have caused the company to miss out on commercialization and acquisition opportunities.
Salient Surgical Technologies Inc.
Medtronic Inc. (NYSE:MDT) announced that it closed on PEAK Surgical Inc. and Salient Surgical Inc. for an aggregate $585 million.
Medtronic Inc. (NYSE:MDT) said today that it will acquire Salient Surgical Technologies for $525 million in a deal that’s been in the works for more than 11 years.
Amid lawsuits concerning its Pinnacle metal-on-metal hip implant, Johnson & Johnson (NYSE:JNJ) subsidiary DePuy Orthopaedics won U.S. Food & Drug Administration clearance for its next-generation Pinnacle ceramic-on-metal hip implant.
Ceramic-on-metal is a novel combination in the hip implant market, having undergone two-year controlled, randomized, multicenter, non-inferiority clinical study and laboratory testing as part of the clearance process.
Salient Surgical Technologies Inc. is going Dutch, opening an office in Amsterdam to spearhead its international sales and marketing efforts.
The Portsmouth, N.H.-based company said it’s had a presence in Europe since 2001, when it began marketing a line of surgical sealers, but wants to expand that footprint with its Aquamantys electrosurgical cautery system.
Salient Surgical Technologies and Medtronic Inc. (NYSE:MDT) slapped Bovie Medical Corp. (NYSE:BVX) with a patent infringement lawsuit over technology used in Salient’s Aquamantys electrosurgical cautery system.
Financial backers of Salient Surgical Technologies Inc. are again stepping up to protect their investments, ponying up $15 million in new funding while they wait for an eventual liquidity event.
The deal is the Portsmouth, N.H.-based company’s seventh funding round over the past decade and its second since it shelved plans for an initial public offering in late August, 2008. Since then, venture funds and other institutional investors have pumped nearly $33 million into Salient, including the current round, building on previous financing efforts totaling almost $94 million.