Shareholders in St. Jude Medical Inc. (NYSE:STJ) filed a derivative lawsuit against the company, its management and board of directors over a pair of federal cases alleging a long-running kickbacks scheme.
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TCT 2010 roundup
A major battlefield in the stent wars opens again this week, as thousands of cardiologists and other healthcare providers flock to Washington, D.C., for the annual Transcatheter Cardiovascular Therapeutics conference.
Medical device industry players large and small are busy hawking the results of clinical trials and touting new products — or new versions of older products. TCT 2010, which kicked off yesterday, is slated to run through Sept. 25.
St. Jude Medical insurer must pay out on $50 million Silzone policy
American Insurance Co. must pay out on a $50 million policy covering St. Jude Medical Inc. (NYSE:STJ) against claims involving its Silzone coating for artificial heart valves.
AIC held the sixth "layer" of an eight-layer product liability policy covering St. Jude between
Jan. 31, 1999, and Jan. 31, 2000. That means the insurer would provide the $50 million once claims to the five prior insurance companies in the plan reached $150 million.
St. Jude Medical Announces Results from Angio-Seal Evolution Vascular Closure Device Registry Subset Analysis
PRESS RELEASE
St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced subset data results for the Angio-Seal Evolution Vascular Closure Device Registry. The results reaffirm the excellent sealing performance of the Angio-Seal Evolution vascular closure device in patients undergoing routine diagnostic and interventional cardiac catheterization procedures.
Volcano accuses St. Jude of patent fraud
Volcano Corp. (NSDQ:VOLC) accused rival St. Jude Medical Inc. (NYSE:STJ) of patent fraud in the latest round of a legal war over technology designed to measure arterial blood pressure.
St. Jude wins CE Mark for Athena DBS programmer
St. Jude Medical Inc. (NYSE:STJ) won CE Mark approval for its Athena deep-brain stimulation programmer, designed to help physicians control the amount of current delivered to patients’ brains to treat Parkinson’s disease.
The St. Paul, Minn.-based medical device maker said the latest iteration of the programmer also allows doctors to store up to 200,000 patient records. It’s designed to work with St. Jude’s Libra, LibraXP and Brio DBS systems, according to a press release.
St. Jude Medical expands in Costa Rica
St. Jude Medical Inc. (NYSE:STJ) made good on its plans to open a plant in the El Coyol Free Zone in Alajuela, Costa Rica, to make heart valves.
The Little Canada, Minn.-based medical device company plans to invest an estimated $670 million in Costa Rica and employ up to 2,000 of its people over the next five years, according to the Tico Times.
St. Jude Medical to drop $60 million on CardioMEMS
St. Jude Medical Inc. (NYSE:STJ) agreed to spend $60 million on an equity stake in CardioMEMS Inc., an Atlanta-based medical device company that’s developing a wireless system to test heart function.
The deal gives St. Jude a 19 percent stake in CardioMEMS, plus an exclusive option to acquire the company for another $375 million "during the period that extends through the completion of certain commercialization milestones," according to a press release.
St. Jude in talks with feds over kickbacks case
St. Jude Medical Inc. (NYSE:STJ) and the U.S. Justice Dept. are in settlement talks over the St. Paul, Minn.-based company’s alleged kick-back scheme.
The Justice Dept. intervened in a whistleblower lawsuit against St. Jude earlier this month. The parties asked the U.S. District Court for Massachusetts this week for an extension "to determine whether the parties can reach a proposed settlement." Judge Douglas Woodlock agreed to the extension, which expires Sept. 30, although the DOJ said in its filing that more time may be needed to formalize any settlement.
Minnesota judge sidelines former St. Jude exec
A former group president for St. Jude Medical Inc. (NYSE:STJ) must stop working for Twin Cities rival Medtronic Inc. (NYSE:MDT), a Minnesota judge ruled.
Joseph McCullough must stop working for Medtronic until Nov. 1, Judge M. Michael Monahan of the Ramsey County, Minn., district court decided, ruling that McCullough’s non-compete began when he was forced out at St. Jude late last year.
Mobile app to teach St. Jude docs about OCT
A small, web-based healthcare education company is building a “highly interactive simulation” to teach doctors and radiologists at St. Jude Medical Inc. (NYSE:STJ) about optical coherence tomography.
Rocky River, Ohio-based MultiWeb Communications just landed the job from the Little Canada, Minn.-based medical device giant, according to MultiWeb founder Karl Wilkens.
St. Jude spokeswoman Kate Stoltenberg confirmed the MultiWeb project, but said she could provide few details because the project is so new.