dijous, 31 de desembre del 2015

HeartWare shareholder threatens proxy fight over Valtech merger

HeartWare acquires Valtech Cardio

HeartWare International (NSDQ:HTWR) may face a proxy battle from a shareholder over its proposed acquisition of Israeli replacement heart valve maker Valtech Cardio, according to an SEC filing posted yesterday.

The company said it received a notice from shareholding firm Engaged Capital nominating 3 board members and opposing its proposed acquisition of Valtech.

“While we remain hopeful that the board will exercise its discretion to walk away from the proposed acquisition of Valtech, we do not believe terminating the acquisition agreement will be enough to repair the significant damage done to the credibility of the company’s leadership. We adamantly believe shareholder representation in the boardroom is desperately needed to help restore the board’s credibility with investors and ensure that the appropriate approach to generating long-term value on a risk-adjusted basis is implemented,” Engaged Capital wrote in its notice to HeartWare.

Engaged Capital officially nominated Cardiovascular Systems interim CEO Scott Ward, Tornier CFO Shawn McCormick and its own senior analyst Brendan Springstubb for 3 spots on the 8-member board.

The nominations come 6 months before the annual meeting in which HeartWare’s board comes up for re-election, normally scheduled for June.

“While we recognize that the proxy statement for the proposed acquisition of Valtech is not yet finalized, HTWR’s nomination deadline of December 30, 2015 has forced us to nominate directors now. We would prefer to work constructively with you towards a solution; however, if you choose to take the Valtech acquisition to a vote, we are fully prepared to campaign against the transaction and are equally committed to seeking the election of our nominees at the company’s 2016 annual meeting,” Engaged Capital said in the notice.

HeartWare was quick to respond to the notice, saying that it disagreed with Engaged Capital, who it said only recently became a shareholder and “does not see the benefits of the Valtech transaction.

“We remain fully committed to this transaction and are encouraged by discussions with other stockholders as they have become more knowledgeable about strategic and financial merits of the business combination. The addition of Valtech’s unique mitral and tricuspid repair and replacement platforms will position HeartWare for sustainable, long-term value on a larger scale than we believe could be achieved on a standalone basis. We believe the business combination will deepen and expand our presence in the global heart failure market, establishing us as the leader in two high-growth categories in the market, and positioning us to accelerate our long-term revenue growth and improve margins,”Heartware wrote in an SEC filing.

Since announcing its agreement to pick up Valtech, HeartWare’s stock has sunk approximately 40%, opening at $83.88 on Sept 1 and currently trading at $50.10 as of 12:25 p.m. EST.

In November, HeartWare said it’s past the waiting period required to satisfy U.S. anti-trust regulations for its pending acquisition of Israeli replacement heart valve maker Valtech Cardio.

That marks the final anti-trust hurdle for the deal, which must still be approved by the companies’ shareholders.

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Ex-Insulet CEO DeSisto is new chief exec at Mannkind | Personnel Moves

MassDevice.com Personnel MovesMannKind Corporation said last week it picked up ex-Insulet (NSDQ:PODD) CEO Duane DeSisto as its new prez and CEO, effective January 5, 2016. DeSisto will replace interim CEO Alfred Mann, who has held the spot since.

DeSisto will also join the company’s board of directors, according to a press release from the Valencia, Calif.-based company.

“Duane is a respected industry veteran with a strong track record of developing and commercializing disruptive technology for the management of diabetes. Duane’s experience will be instrumental as we seek to enhance the commercial opportunity for Afrezza and pursue additional product opportunities within our pipeline.  We are excited to welcome Duane to the team and look forward to his leadership,” Mann said in a press release.

DeSisto served as prez and CEO of Insulet from 2003 to 2014, and held CFO and treasurer positions at the company prior to that. Before his time at Insulet, DeSisto worked at pulp and paper industry company PaperExchange.com, accessories wholesaler FGX International Holdings Limited and Zoll Medical.

“I am thrilled to be joining MannKind and I look forward to working with the Board and leadership team to help Afrezza realize its full potential. MannKind has world-class pharmaceutical technology that has the potential to address a large number of unmet medical needs, and I am excited by the opportunities at MannKind for creating significant value for our shareholders,” DeSisto said in prepared remarks.

 

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BionX pulls in $17m in Series E

BionX Medical Technologies

BionX said yesterday it pulled in $17 million in a Series E funding round, looking to bring in an additional $8 million by the end of the 1st quarter of 2016 to support its Biom powered ankle prosthesis.

The round was led by Beijing-based investor ZGC Shiner Investment and joined by existing investors, according to the company. Funds from the round are slated to go towards U.S. and international commercial expansion and product development.

“We here at Z-Park are deeply honored to invest in BionX. ZGC Shiner highly appreciates the outstanding management team, along with the world-leading products and technologies of BionX. We are very excited about our new partnership through this investment. We are also eager to witness the successful integration of BionX’s products into the Chinese market, benefiting the disabled population of China while advancing BionX to its next level,” ZGC Shiner Investment CEO Hao He said in a press release.

BionX, previously known as BiOM (which was formerly known as iWalk), touts the Biom prosthesis as the only commercially available mechatronic ankle with “powered propulsion.”

It’s designed to use computer processors to adjust the ankle’s stiffness and propulsive torque to emulate natural muscle function. The company was founded by MIT robotics guru Hugh Herr.

“We’re pleased with the successful start to our Series E funding, which provides us with the resources to support our commercialization efforts. Working with ZGC has been beneficial to BionX as they bring solid investment expertise and are a strategic partner for expansion in China, a market with enormous potential,” CEO Dr. Charles Carignan said in prepared remarks.

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The 2016 standards advisory

Patient generated healthcare data

By John D. Halamka, MD

ONC recently released the 2016 Standards Advisory.  I think this document is more important than Meaningful Use or Certification in accelerating interoperability.  Why?

Many view Meaningful Use as no longer aligned with the work we need to do for population health, care management, and alternative payment models.   The more aligned activities – the Affordable Care Act (ACA), Medicare Access & CHIP Reauthorization Act of 2015 (MACRA),  and private payer risk-based payment models  – require health information exchange for care coordination and quality/financial benchmarking.   These programs create a business need for interoperability affecting a large percentage of an organization’s income versus Meaningful Use which at this point is a penalty program creating a small reduction in an organization’s income.  When there is a business need and enabling technology, interoperability happens.   The Standards Advisory gives developers, providers, and patients a list of enabling technologies, documenting their level of maturity and adoption for a given purpose.   The marketplace can decide which standards are good enough, what risks to take on promising evolving standards, and which standards to retire as technology progresses.

Standards making is all about reduction of optionality – constraining the methods to represent information and transport it.   To me, the Standards Advisory is exactly what government should do – convene experts to determine which standards are appropriate for purpose – then let industry decide what to implement based on the business need.

The process used to create and refine the Standards Advisory is a good one, in part based on this paper by Dixie Baker,

Importantly, the Standards Advisory is a continuous process, not one that sets a standard in the concrete of regulation/legislation that is hard to change.  The advisory process is agile and likely to be more transparent than the regulation making done behind closed doors.   The list of best available standards can include some standards that are not yet ready for production since the document is just a roadmap to what is available at a given time, not a regulation.

In the past, many HIT Standards Committee experts have advised ONC not to include standards like HPD (a provider directory standard) because it is not suitable for purpose in an internet connected, cloud-based, mobile friendly EHR world.   Standards Committee members prefer the FHIR-based directory services that are being piloted in the Argonaut project (http://ift.tt/1LnszPn).    With the Standards Advisory, the debate of HPD over FHIR becomes moot since both can be listed as available standards along with descriptions of their functionality, maturity and adoption.   The industry can then decide which is more fit for purpose.

As I’ve written about previously, it is my hope that CMS eliminates the Meaningful Use Stage 3 penalty, uses pay for performance incentives based on outcomes as part of MACRA to replace Meaningful Use goals, and that certification for stage 3 will rarely be done because it is a purely voluntary program.   Redirecting our focus to customer requirements rather than regulatory compliance will accelerate innovation.     The combination of outcomes-based performance incentives and the yearly publication of a standards advisory is a great path for the future.

The opinions expressed in this blog post are the author’s only and do not necessarily reflect those of MassDevice.com or its employees.

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dimecres, 30 de desembre del 2015

NeuroMetrix reels in $13.8m

NeuroMetrixNeuroMetrix (NSDQ:NURO) said yesterday it inked a securities purchase agreement with a private institutional healthcare investor for 13,800 shares of Series C convertible preferred stock at $1,000 per share, raking in $13.8 million total.

The round also included 2 series of warrants to purchase approximately 10.8 million shares of common stock at $2.30 per share, according to the company.

NeuroMetrix expects that approximately $6.3 million of the new funds will be used to redeem 63,000 shares of Seris B convertible preferred stock held by the investor, and the balance will be used for general working capital purposes.

Rodman & Rensshaw acted as the placement agent for the transaction, and the offering is expected to close tomorrow, according to a press release.

Series C convertible preferred stock from the round is convertible to approximately 5.4 million shares of common stock at $2.55 per share, the company said, and only entilted to dividends if the company pays dividends on common stock .

The news is a positive turn for the company, who earlier this month pulled the trigger on a 1 for 4 reverse split of its common stock.

The move was initially announced on December 1, primarily enacted to increase per share trading price to satisfy the NASDAQ Capital Market’s $1.00 minimum bid price requirement, NeuroMetrix said.

As a result, every 4 shares of the Waltham, Mass.-based company’s stock were consolidated into 1 issued and outstanding share, with no fractional shares issued.

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Ex-Boston Scientific engineer sentenced to 1 year over stolen trade secrets

Boston ScientificA former Boston Scientific (NYSE:BSX) engineer was sentenced to 1 year in prison today for stealing trade secrets related to the company’s balloon dilation catheters.

A federal court in Minneapolis, Minn. found Aaron Khieu guilty on 1 felony count of stealing a trade secret after he pleaded guilty to a single count of stealing trade secrets in April. Federal court judge Patrick Schiltz said the sentence will serve as a deterrent to others.

“The defendant, in a nutshell, stole U.S.-developed high technology, and had every intention of taking it to a foreign country. The government emphatically believes that a sentence would be wholly inappropriate if it did not include as one of its components a significant period of incarceration,” prosecutors wrote in court documents.

Khieu worked for Boston Scientific at its Maple Grove, Minn., facility as an engineer working on new catheter products, according to court documents. Khieu allegedly stole more than 100 documents covering the specs for Boston Scientific’s Sapphire and Mustang catheters, plus the documentation covering an as-yet unreleased product, according to the indictment. The name of the 3rd catheter is still under seal, according to the documents.

The grand jury accused Khieu of planning to use the stolen trade secrets he transferred to a thumb drive to start a new medical device company in Vietnam called Snowflake Medical, which would sell a catheter copied from the Boston Scientific devices called the Snowcat. Khieu allegedly went so far as to meet with potential investors in 2012 in Minnetonka, Minn., telling them of a recent trip to Vietnam where he met with physicians and hospital administrators, according to court records.

Khieu initially pleaded not guilty and asked the court to delay the jury trial, slated for Dec. 9, until April 13, saying a continuance was “necessitated by the scope and complexity of the charges and discovery in the present case,” according to the documents. An expert witness estimated it would take 3 months to review the discovery materials, Khieu said in a court filing.

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Inari Medical raises $6m

Inari Medical closes $12.4m Series BInari Medical today released information on a new $6.1 million equity funding round to support its business and thrombectomy system, according to an SEC filing.

Inari produces the FlowTriever thrombectomy system, which is an FDA approved catheter-based thrombectomy device designed to remove clots in the peripheral vasculature, Inari Medical said.

The device won FDA 510(k) approval in February and was used to treat its 1st patient in March, the company said.

The money comes from 5 anonymous sources, according to the SEC filing, and while the company has received all the funds it was seeking in the round, it has not disclosed how it plans to spend the newly raised funds.

In June, Inari Medical said it closed a $12.4 million Series B financing round to fund continued product development and studies of its FlowTriever thrombectomy system.

The round was led by members of the board of directors and returning Versant Ventures and U.S. Venture Partners, as well as several medical device industry veterans, the Irvine, Calif.-based company said.

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Soterix Medical wins CE Mark for tDCS depressive disorder therapy

Soterix Medical

Depression-treating neuromod developer Soterix Medical said yesterday it won CE Mark approval in the European Union for its 1×1 tDCS therapy system designed to treat major depressive disorder.

The 1×1 tDCS system is a non-invasive therapeutic device that uses low-intensity direct current to stimulate a region of the cerebral cortex that controls mood, according to the company.

“There is a significant need to extend non-drug treatment options to patients with depression, as not all patients respond to drug therapy. The CE Mark for 1×1 tDCS Therapy System is an important milestone as it signifies that we have met the requirements of the European Union authorities with extensive clinical efficacy and safety evidence to support the role of 1×1 tDCS in treating depression. This announcement also allows commercialization of the 1×1 tDCS System in countries in Asia and Latin America that recognize the CE Mark,” Soterix europe business veep Shani San Solo said in a press release.

The approval was based on data from 4 studies of the device which reported safety and efficacy data in patients with antidepressant treatment resistant that were treated with the device, demonstrating appropriate safety and efficacy. In 2 studies, data suggested sustained benefit through 1 month of follow-up in the majority of patients, with only 12% relapsing.

“The 1×1 tDCS Therapy system is the first device for transcranial direct current stimulation that provides clinical grade quality, controls, and features. The CE Mark approval for the 1×1 tDCS certifies that the 1×1 tDCS Therapy system can be used immediately for many adults in EU with depression supporting Soterix Medical’s mission to provide relief to patients around the world,” CTO Dr. Abhishek Datta said in a prepared statement.

The 1×1 tDCS device has investigational device exemption clearance in the U.S., but is not cleared for use, the company said.

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AAHKS names AJRR as official registry

American Joint Replacement RegistryThe American Joint Replacement Registry said monday it was named the official registry of the American Association of Hip and Knee Surgeons.

AJRR is a non-profit organization that collects data on primary and revision hip and knee replacement procedures in the U.S. to provide actionable information for physicians and patients in related procedures.

The decision was made during an AAHKS board meeting this month, AJRR said in a press release.

“Bringing our partnership with AAHKS to the next level is valuable and important to both organizations and the orthopaedic community as a whole. The AJRR will be increasingly providing information to AAHKS and its membership that will have an important impact on the practice of hip and knee replacement in the U.S. and around the world. AJRR has progressed greatly this past year, having reached over 600 participating hospitals and releasing a Level III patient-reported outcome data collection platform,” AJRR chair Dr. Daniel Berry said in a press release.

The AAHKS has over 2,700 board certified members internationally, who perform at least 50 hip and knee arthroplasties a year, making data in the registry important to the organization, the AJRR said.

“The AJRR has proven itself the premier source of hip and knee arthroplasty data. AAHKS has worked with AJRR since the beginning, providing guidance, support, and recommendations along the way. We are pleased and excited to see the AJRR rapidly achieving the goals we all have for our U.S. national joint replacement registry,” AAHKS prez Dr. Jay Lieberman said in prepared remarks.

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FDA 2015: A look back (and ahead) – Part 1: Medical product innovation

FDA VoiceBy: Stephen M. Ostroff, M.D.

As the year draws to a close, I want to reflect on FDA’s many accomplishments in these previous 12 months, the last nine of which it has been my pleasure to serve as Acting Commissioner. FDA has broad responsibilities – indeed, we are tasked with overseeing products that account for about 20 cents of the consumer dollar — so we work on a wide range of topics in any given year. In this and two additional blog posts over the coming days I’ll cover some of our key accomplishments in 2015. Each blog will examine a different area of FDA’s work. This first post will focus on medical product innovation – our role in making safe, effective and innovative products available to patients who need them.

Scientific advances and unprecedented innovation in the sectors we regulate make it an exciting time to work at and lead FDA. To protect and promote the public health our regulatory decision-making must be nimble and current, adapted to the forward march of science.

One measure of our success is revealed in a study released in September by FDA’s independent Science Board. Mission Possible: How FDA Can Move at the Speed of Science documents the Agency’s progress and transformation over the last eight years, dating from a time when FDA had been increasingly unable to meet its scientific responsibilities due to chronic underfunding, a loss of scientific expertise, and the need to implement new legislative mandates without the resources to do so. In stark contrast, today FDA’s regulatory science enterprise is much stronger, which better allows us to effectively fulfill our commitment to protect the public health. The report also provides recommendations for future investments in regulatory science to assure FDA keeps pace with emerging trends in science and technology.

Medical Product Approvals

For many years now, we’ve strived to modernize and streamline the regulatory process along the entire development, review, and product oversight continuum.

The success of these changes is shown by the large number and wide variety of medical products we’ve approved across our medical product centers. So far this year, we have approved more than 40 novel drugs, including four new treatments for patients with multiple myeloma, two new drugs for patients with heart failure, and another robust year of approvals of drugs for rare or “orphan” diseases. We’ve approved several important vaccines, including one for serogroup B meningococcal disease, the first seasonal influenza vaccine to contain an adjuvant (intended for people 65 years and older), and a new indication for anthrax vaccine to prevent disease following exposure to anthrax – the first vaccine to receive an approved indication based on the Animal Rule (which provides for testing certain products on animals alone). And we saw the approval of several innovative devices that will make a positive difference in the lives of patients, including a device that extends the survival time of patients with brain cancer, and a transcatheter pulmonary valve that can be placed in certain patients with congenital heart disease, without requiring open heart surgery.

Our success is also measured in our speed and efficiency of approvals. The U.S. continues to lead the world in approving novel drugs first. And we’ve seen important progress in our device review program. Our average time to reach decisions on PMAs has dropped 36 percent since 2009. And not since 2001 FDA has approved as many medical devices under the original premarket approval pathway and the panel track supplement pathway (for significant changes to a PMA device) as we did this year – 58 as of December 14th.

The number of approvals, and the agency’s ability to review products efficiently, continue to be buoyed by FDA’s expedited development and review programs. When we talk to drug and device makers at the early stages of development, and apply better regulatory science to our ultimate review of their applications, products that are likely to fail are weeded out, allowing manufacturers to focus on those more likely to attain approval.

Most importantly, enhanced flexibility and an efficient approval process have come without lowering our gold standard of safety and efficacy. At the end of the day, innovative therapies are only helpful to patients if they work and are demonstrated to be safe. So it is imperative that we ensure the right balances among patient access, sound science, and safe and effective products.

Amplifying the Patient Voice

Enhancing the patient’s voice in the medical product approval and evaluation process is an important emerging area of product development, which we have embraced in a number of ways.

Those living with a disease are in a unique position to provide essential insights about life with their condition, its severity, and the adequacy of treatment options. We also recognize patients and caregivers have their own perspectives on benefits and risks of medical products, and we believe this input should be considered during regulatory decision-making.

Our Patient-Focused Drug Development initiative is a five-year effort that includes holding at least 20 public meetings in different disease areas. Seventeen of those meetings have occurred and seven more are being scheduled. After receiving patient input during each meeting and in the agency docket, FDA develops a Voice of the Patient report that is then posted on our website. In a complementary effort, our medical device program launched the Patient Preference Initiative. It includes studies to evaluate patient preferences in medical devices, and publishing of a draft guidance that describes how patient tolerance for risk and perspective on benefit, in addition to clinical data and other information, may be considered in FDA’s benefit-risk assessments for certain medical devices. This year FDA approved a weight loss device treatment, and our decision was informed in part by data from a patient preference study funded and co-designed by the Agency.

In September 2015, FDA announced our first-ever Patient Engagement Advisory Committee, which will provide advice on complex issues related to the regulation of medical devices and their use by patients. This Advisory Committee will help ensure the needs, experiences, and perspectives of patients are considered in our work and incorporated in our decision-making.

Biosimilars

Five years ago Congress authorized an abbreviated licensure pathway for biological products that are demonstrated to be “biosimilar” to or “interchangeable” with an FDA-licensed biological product. The intent was to create greater competition in the medical marketplace that would not only increase treatment options for patients, but also lead to less expensive alternatives to comparable products. FDA has been developing its biosimilar program since then, an effort which led to the approval of the first biosimilar in March. And there are more applications in the pipeline. To prepare, FDA has produced a variety of guidances in this area, including the recent draft guidance on how these biosimilars should be named.

Advancing the Development of Next Generation Sequencing Tests and Strengthening Clinical Trials

Our strengthened focus on regulatory science is helping to drive innovation. One illuminating example is our growing ability to apply the sophisticated technologies of next generation sequencing and precision medicine.

FDA today is better prepared and more engaged than ever in facilitating the development of these new technologies (as well as new uses for older technologies), while assuring they are safe and effective. These efforts help to achieve more precise diagnosis or treatment, through the development and review of state of the art diagnostics that use genetic information to make therapies more targeted.

We continue to move forward on the White House’s Precision Medicine Initiative to advance biomedical understanding by leveraging genomic advances, health information technologies, and new methods of analyzing large volumes of data. Just this month, we launched FDA’s precisionFDA web platform, a cloud-based portal that will allow scientists from industry, academia, government and other partners to come together to foster innovation and develop the science behind next-generation sequencing and help us design treatments tailored to a person’s individual genetic blueprint.

And we also are working to refine clinical trial design and statistical methods of analysis to create more efficient studies with smaller patient populations, more focused therapies, and better outcomes. For instance, we continue to support collaborative efforts in clinical trials, such as the I-SPY trials (for breast cancer) and the Lung-MAP protocol (for lung cancer).

It’s impossible to capture in one blog post the many ways that FDA’s focus on regulatory science is helping drive innovation and speed the discovery, development, and delivery of medical products to prevent and cure disease and improve health. We are immeasurably proud of these accomplishments, which provide a strong foundation for continuing success.

fda-voice-stephen-ostroff-1x1Stephen M. Ostroff, M.D., is Acting Commissioner of Food and Drugs

 

 

The opinions expressed in this blog post are the author’s only and do not necessarily reflect those of MassDevice.com or its employees.

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dimarts, 29 de desembre del 2015

PositiveID acquires mobile lab developer E-N-G Mobile Systems

PositiveIDPositiveID (OTC:PSID) said today it acquired specialty vehicle and mobile lab developer  E-N-G Mobile Systems for approximately $1 million.

ENG’s fastest growing division was its mobile labs segment, which included chemical, biological, nuclear, radiological and explosives testing, PositiveID said.

TheDelray Beach, Fla.-based company said it plans to add its bio-detection technology to the labs to offer a turnkey mobile lab system for analysis and testing at the sampling point, as opposed to having to return samples to a central lab.

“This transformational acquisition strengthens our ability to execute our strategy of providing cutting-edge biological detection and diagnostics solutions to address large market needs. The acquisition of ENG will broaden and diversify PositiveID’s revenue base and provide a strong foundation for future growth while we continue the development and testing of our real-time pathogen detection system, Firefly Dx. We believe the combination of the companies will improve our ability to deliver stockholder value,” PositiveID CEO William Caragol said in a press release.

PositiveID paid $750,000 cash, with $150,000 convertible secured promissory notes, and additional payments of 5% of revenue recognized and received from “certain contracts and purchase orders subsequent to closing,” estimated to be approximately $113,000 to be paid in the 4 months following the purchase, according to an SEC filing.

Over the past 4 years, ENG reported average unaudited revenues of more than $4 million annually, PositiveID said.

In October, PositiveID said it acquired non-contact thermometer manufacturer Thermomedics for $750,000 up front and another possible $750,000 in 2016 and 2017 dependent upon reaching certain milestones.

Thermomedics produces the Caregiver non-contact clinical-grade infrared thermometer, which is FDA cleared for measuring forehead temperature in adults, children and infants. No skin contact is required to use the device, which PositiveID said reduces the risk of cross-contamination.

PositiveID is paying $250,000 in cash and $500,000 in the form of shares of preferred stock, according to an SEC filing.

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eyeBrain Medical pulls in $6m for NeuroLens chronic headache treatment

eyeBrain MedicalHybrid neurological and ophthalmological company eyeBrain Medical raised $6 million in a new round of equity financing for its chronic severe headache treatment technology.

The company is aiming to treat what it calls ‘eyegraines’, or visual misalignments between images from both eyes that eyeBrain says can over stimulate the trigeminal nerve in the brain and trigger persistent headaches, according to the company’s website.

eyeBrain Medical treats the issue through a ‘SightSync’ screening, in which the imbalance between the eyes and the brain is measured, followed by treatment with its NeuroLenses, which are designed to realign the imbalance and reduce the resulting chronic headaches.

The money comes from 21 anonymous sources, according to an SEC filing, and the company has not fully disclosed how it plans to spend the raised funds.

The company did clarify that $5.5 million of the received funds were in new money, with $490,479 going towards the cancellation of debt, according to the filing.

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Samsung to spur wearable health tech with ‘bio-processor’ chip

Samsung Bio-ProcessorSamsung Electronics (LON:BC94) today launched its Bio-Processor, a health and fitness monitoring chip which processes 5 different biometric signals, hoping the chip will accelerate development of wearable health tech.

The new processor is already in mass production, and is the industry’s 1st all-in-one health solution chip, according to the Japanese electronics giant.

“With improvements in smart, fitness devices and an increase in consumer health consciousness, more and more people are looking for ways to monitor various personal bio-data, or fitness data, to constantly manage their health. Samsung’s Bio-Processor, which can process 5 different biometric signals, is the most versatile health and fitness monitoring chip available on the market today and is expected to open up many new health-based service options for our customers,” System LSI biz marketing veep Ben Hur said in a press release.

The chip allows for monitoring of bioelectrical impedance analysis, photoplethysmogram, electrocardiogram, skin temperature and galvanic skin response. The chip can also measure body fat, skeletal muscle mass, heart rate, heart rhythm, skin temperature and stress level, Samsung said.

The Bio-Processor has integrated analog front ends, a microcontroller unit, a power management integrated circuit, digital signal processor and eFlash memory, allowing it to measure bio-signals with no need for extrernal processing, Samsung said. The unit is small, the company reports, at 1/4th the total combined size, to allow for design and integration into new wearable devices.

Samsung said that the processor is already seeing mass production and will be available during the 1st half of 2016.

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Study: U.S. patients subject to higher radiation during MPI heart test

JAMA Internal MedicineAmericans undergoing myocardial perfusion imaging to diagnose coronary artery disease, a leading killer in the U.S., are receiving higher levels of radiation than their peers around the world, according to a new study.

The study was published in JAMA Internal Medicine this month.

The MPI test, performed on millions of U.S. patients every year, is a non-invasive imaging exam in which heart muscle blood flow is measured and areas with low flow are identified.

According to the study, which looked at 7,911 patients in 308 nuclear cardiology labs across 65 countries, Americans undergoing the screening received a dosage on average that was almost 20% higher than the international average, and less U.S. patients, around 24%, received doses lower than the recommended 9 mSv.

Data from the study also indicated that American MPI patients were on average 2 years older, and a larger proportion, 43.2% versus 40.5%, were women. Study data was collected from 1-week stretches between from March 18 and April 22, 2013

“We observed a 20% higher radiation dose to the typical patient undergoing MPI in a U.S. laboratory compared with a patient in a non-U.S. laboratory. This difference results in part from lower adherence to radiation-dose best practices among U.S. laboratories,” study authors said in the report.

While the study reports that U.S. laboratories outperformed non-U.S. labs in avoiding thallium stress imaging in patients under 70, the labs underperformed compared to their international counterparts in 4 of 7 other recommended practices. Only 7 of a total 50 U.S. labs kept the median dose below the recommended 9 mSv, compared to 84 of 258 non-U.S. labs.

In addition to higher dosages, important practices, such as weight-based dosing and the implementation of stress-only protocols in select patients, were used less frequently in U.S. facilities, the study reported.

Those deficits are coupled with a much higher rate of MPI usage, with the U.S. averaging 2,500 MPI studies per 100,000 individuals, nearly double the rate of testing in Canada, Australia, Japan and the U.K. combined.

Authors of the study said the U.S. could see a reduction in radiation burden during MPI exams through adherence to best practices and greater attention to patient-centered imaging.

The post Study: U.S. patients subject to higher radiation during MPI heart test appeared first on MassDevice.



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Lung transplants for children: Exploring the intricacies

dilluns, 28 de desembre del 2015

MassDevice.com +3 | The top 3 medtech stories for December 28, 2015

plus3-1x1

Say hello to MassDevice +3, a bite-sized view of the top three medtech 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.

3. Hologic picks up DiagnoCure PCA3 prostate marker asssets for $4.7m

MassDevice.com news

DiagnoCure said last week it sold its PCA3 prostate cancer biomarker assets to Hologic‘s subsidiary Gen-Probe for $4.7 million.

The purchase is slated to include $4 million in cash and the repurchase of 4.9 million series A convertible preferred shares of DiagnoCure held by Gen-Probe, valued at $744,229. Read more


2. Steris gains on post-Synergy merger outlook

MassDevice.com news

Steris shares are up nearly 8% since the company last week issued its 1st post-merger guidance since its $2 billion merger with the U.K.’s Synergy Health, as investors reacted to a top-line growth forecast of 21% to 22% for fiscal 2016.

Mentor, Ohio-based Steris closed the Synergy merger Nov. 2 in a so-called inversion deal, in which it re-incorporated as a British entity.

Steris also said it expects to post adjusted earnings per share of $3.48 to $3.55 for the year ending March 31, 2016. Read more


1. Pulse Biosciences registers for $20m IPO

MassDevice.com news

Pulse Biosciences, which is developing pulsed electric field technology to treat solid tumors, last week filed for an initial public offering worth $20 million.

Burlingame, Calif.-based Pulse said it plans to float 5 million shares at $4 apiece, for a fully diluted valuation of $51 million. The company is developing “nano-pulse electro-signaling,” in which extremely short-duration pulsed electrical fields are directed at the tumors. It’s designed to induce a type of programmed cell death called immunogenic apoptosis, which can trigger the body’s immune response to find and kill other cells of the same type. Read more

The post MassDevice.com +3 | The top 3 medtech stories for December 28, 2015 appeared first on MassDevice.



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FDA releases FY2016 planned guidance docs

FDA CDRHThe FDA’s Center for Devices and Radiological Health this week released a list of guidance documents it intends to publish for the next fiscal year.

The federal watchdog released 3 different lists of documents, including an A-list of 21 items it said it “fully intends to publish,” a B-list of 13 items the agency plans to publish “as resources permit” and a full list of all final guidance documents from the past 40 years.

Included in the 2016 A-list are topics ranging from final guidance for medical device accessories, UDI direct marketing, medical device reporting for manufacturers, policy for regulatory oversight of laboratory developed tests and 510(k) modifications and 3rd party review program information, according to an FDA press release.

The smaller B-list contains blood glucose monitoring and meter documentation, medical device interoperability info and other topics.

The CDRH invited “interested persons to submit comments on any or all of the guidance documents on the 3 lists,” including draft language for the topics, suggestions for new or different topics or documents, reasons such guidance is needed and information on relative priority and other data the FDA should consider on the topics.

The decision to publish the upcoming guidance documents was made during negotiations over the Medical Device User Fee Amendments in 2012.

The FDA said that its experience over the years has shown that it will likely not finish the entire list, and said the agency will rely on stakeholder feedback to prioritize the allocation of resources to complete specific topics from the list.

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FDA clears FujiFilm reprocessing label for ’superbug’-susceptible duodenoscopes

Fujifilm Medical SystemsThe FDA last week said it cleared Fujifilm Holdings‘ (TSE:4901) revised manual reprocessing instructions for its ED-530XT duodenoscope, replacing reprocessing instructions included on the original device label.

Duodenoscopes are used for a procedure called endoscopic retrograde cholangiopancreatography, in which a reusable tube-like camera is inserted into the throat of a patient. More than 500,000 ERCPs using the devices are performed in the U.S. annually.

While the reprocessing instructions were specific for the ED-530XT, the FDA urged health care facilities to use the reprocessing instructions for FujiFilm’s 250 and 450 duodenoscope models as well.

The FDA said FujiFilm is currently undergoing formal validation testing for official revised reprocessing instructions for its 250 and 450 models of duodenoscopes.

In February, the FDA issued a safety communication in response to a “superbug” outbreak in California related to duodenoscopes, looking to speed label changes related to reprocessing of the devices to avoid future outbreaks.

FujiFilm began testing for revised reprocessing instructions in May, according to the FDA. The newly inked reprocessing instructions include “a more rigorous protocol for pre-cleaning, manual cleaning and high-level disinfection procedures,” the FDA said.

The federal watchdog requested that health care facilities train staff appropriately on the newly published reprocessing instructions as soon as possible, and said individuals could contact Fuji’s endoscopy division with any questions or concerns.

In August, the FDA published warning letters it sent earlier this month to the 3 largest makers of endoscopes on the U.S. market, cautioning the companies about violations found during spring inspections at plants in the U.S. and Japan.

The inspections followed a string of deadly “superbug” infections attributed to duodenoscopes made by Olympus (TYO:7733),  FujiFilm and Hoya‘s (TYO:7741) Pentax subsidiary.

Hospitals in Connecticut, Virginia, California and Washington state all reported superbug outbreaks in February and March, some of which led to patients’ deaths.

The post FDA clears FujiFilm reprocessing label for ’superbug’-susceptible duodenoscopes appeared first on MassDevice.



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MiMedx revives Organogenesis beef

MiMedx, OrganogenesisMiMedx (NSDQ:MDXG) CEO Pete Petit last week renewed a beef with regenerative medicine rival Organogenesis, accusing that company of being behind a short-seller’s letter advising investors to bet against MiMedx.

Early this year, Marietta, Ga.-based MiMedx bailed out of a lawsuit against Canton, Mass.-based Organogenesis alleging “malicious actions” and interference from Organogenesis in the U.S. Veterans Affairs Dept. decision to stop using its allografts in June 2013. MiMedx’s EpiFix allograft competes with the Apligraf and Dermagraft skin substitutes made by Organogenesis.

Organogenesis at the time called the MiMedx lawsuit “frivolous” and “completely without merit,” crediting its threat to seek sanctions forced MiMedx to back down.

In a Dec. 23 letter to shareholders, Petit said he believes the unidentified short-seller’s note “is likely another product of Organogenesis untoward activity.”

“You may recall that our most troubled competitor, Organogenesis, has tried multiple times to injure MiMedx, and it would not surprise me if they were involved with this document,” Petit wrote. “In fact, the author makes a few direct comparisons to their products and revenues that are interesting in their detail, which would ordinarily be hard for an investor to find since the company is not public.”

Petit, noting the October dismissal of a whistleblower lawsuit brought by an Organogenesis executive that prompted a federal probe, said the short-seller’s note “seems to have inside knowledge of [Organogenesis’s] revenue levels, and it touts [Organogenesis] products and clinical trials with inaccurate descriptions.”

Organogenesis did not immediately respond to a request for comment.

The post MiMedx revives Organogenesis beef appeared first on MassDevice.



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Hologic picks up DiagnoCure PCA3 prostate marker asssets for $4.7m

HologicDiagnoCure said last week it sold its PCA3 prostate cancer biomarker assets to Hologic‘s (NSDQ:HOLX) subsidiary Gen-Probe (NSDQ:GPRO) for $4.7 million (CAD $6.5 million).

The purchase is slated to include $4 million (CAD $5.5 million) in cash and the repurchase of 4.9 million series A convertible preferred shares of DiagnoCure held by Gen-Probe, valued at $744,229 (CAD $1 million).

“The proposed transaction is a beneficial 1st step in improving shareholder value while additionally providing an immediate liquidity opportunity for current shareholders. Moreover, we are confident that the remaining assets held by the Corporation provide business opportunities for the right partners,” DiagnoCure chair Dr. Jacques Simoneau said in prepared remarks.

As part of the deal, Gen-Probe will obtain the right of 1st refusal to license the multi-marker prostate cancer test in in vitro diagnostics, according to DiagnoCure.

“We believe in the clinical value of the corporation’s Previstage GCC assay for improving the staging of colon cancer and in the newly developed multi-marker prostate cancer assay that should provide an important tool to clinicians for early identification of aggressive prostate cancers, leading to disease management decisions that could improve prognosis,” DiagnoCure prez Dr. Yves Fradet said in a press release.

DiagnoCure said the share repurchasing will cancel all of the preferred shares issued by the company so far, and will allow “additional 3rd-party business arrangements that could be pursued by Diagnocure” in relation to other assets the company holds.

DiagnoCure hopes to close the deal by the end of February 2016.

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FDA clears Biotronik’s full-body MRI-safe Iperia ICDs

BiotronikBiotronik said last week it won FDA premarket approval for its Iperia family of magnetic resonance imaging-compatible implantable cardioverter defibrillators.

The approval includes Biotronik’s Iperia DR-T DF-1 and DF4 configurations, the Iperia DX and Iperia ProMRI DX, the company said.

“Our goal is to integrate ProMRI technology across our entire line of implantable systems, and in doing so, provide access to MRI diagnostic scans for all CRM patients. The ProMRI Study and subsequent FDA approvals have been part of a consistent and methodical process for making more MRI options available for U.S. cardiac device patients, starting with single- and dual-chamber pacemakers with an exclusion zone in May 2014, then full-body for the same pacemaker lines in March 2015, and now ICDs for full-body scans, including Biotronik’s unique DX device system. This is meaningful technology that will enhance the quality of healthcare for patients throughout their lives,” Prez Marlou Janssen said in a press release.

The newly approved line of ICDs include other features, such as Biotronik’s Closed Loop Stimulation rate response algorithm, a home monitoring system and the company’s DX atrial signal sensor.

Earlier this month, Biotronik said it enrolled the 1st patients in its BioSync CLS trial looking to examine whether its closed loop stimulation-equipped pacemakers can prevent syncope.

Recurrent syncope, or fainting, is often proceeded by a drop in blood pressure or heart rate, so patients diagnosed with the disorder are often indicated for pacemakers, Biotronik said.

The double-blinded, multicenter trial is slated to include 30 study centers in Europe and Canada and enroll 128 patients with a pacemaker indication for treating recurrent syncope. Patients will receive a Biotronik dual-chamber pacemaker with CLS either on or off, depending on their group.

The trial’s primary endpoint will compare time to 1st-recurrence of syncope between the groups, and the study will have a follow-up period of 2 years.

The post FDA clears Biotronik’s full-body MRI-safe Iperia ICDs appeared first on MassDevice.



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Steris gains on post-Synergy merger outlook

Steris logoSteris (NYSE:STE) shares are up nearly 8% since the company last week issued its 1st post-merger guidance since its $2 billion merger with the U.K.’s Synergy Health, as investors reacted to a top-line growth forecast of 21% to 22% for fiscal 2016.

Mentor, Ohio-based Steris closed the Synergy merger Nov. 2 in a so-called inversion deal, in which it re-incorporated as a British entity.

Steris also said it expects to post adjusted earnings per share of $3.48 to $3.55 for the year ending March

31, 2016.

“We have put a process and series of teams in place to lead the integration of our two companies,” president & CEO Walt Rosebrough said in prepared remarks. “While still in the early days, our integration efforts are progressing as anticipated, and we are excited about what we can achieve together. Our outlook for this fiscal year reflects solid underlying performance from both businesses, as well as the benefit of a partial year of cost synergies from our combination and recent tax legislation. We have a lot of work to do, but our shared values and cultures, which include a clear passion for our Customers and the patients they ultimately serve, is the underlying foundation to successfully bring our businesses together.”

Steris said it will begin reporting its results along 4 business lines starting with its fiscal 3rd quarter – healthcare products, healthcare specialty services, applied sterilization technologies and life sciences.

STE shares are up 7.6% at $76.61 each since Steris issued the updated guidance Dec. 22.

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Pulse Biosciences registers for $20m IPO

Pulse Biosciences

Pulse Biosciences, which is developing pulsed electric field technology to treat solid tumors, last week filed for an initial public offering worth $20 million

Burlingame, Calif.-based Pulse said it plans to float 5 million shares at $4 apiece, for a fully diluted valuation of $51 million.

The company is developing “nano-pulse electro-signaling,” in which extremely short-duration pulsed electrical fields are directed at the tumors. It’s designed to induce a type of programmed cell death called immunogenic apoptosis, which can trigger the body’s immune response to find and kill other cells of the same type.

“We believe we are the only medical device company with the intellectual property, technology, and know-how to be able to produce this natural cell death using NPES to initiate cell signaling that induces the targeted adaptive immune response,” Pulse Biosciences said in the IPO filing.

Other ablation technologies use extreme heat or cold, high-energy radiation or longer-pulse electrical fields to induce cellular necrosis, the company said.

“We believe NPES differs significantly as it offers a non-thermal and non-ionizing ablative technology that can be selectively tuned to induce apoptosis, reducing the potential for inflammation and collateral damage to surrounding tissue. We believe that this less destructive approach lends itself to a number of applications including tumors which would otherwise be inoperable because of proximity to critical structures,” the company said.

Pulse, formed in November 2014 via the roll-up of ThelioPulse and sister companies BioElectroMed and NanoBlate, is still in the development phase. It posted 2014 losses of $1.0 million, or 13¢ per share, according to the Dec. 22 filing.

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dijous, 24 de desembre del 2015

Avita Medical sheds respiratory biz for $2.64m

Avita MedicalAvita Medical (ASX:AVH) said today it sold its respiratory business to Medical Developments International for $2.64 million.

The division includes Avita’s Breath-A-Tech and Funhaler asthma spacers designed to optimize the use of medicinal puffers, marketed in Australian pharmacies.

“The sale of our respiratory business will enable Avita Medical to fully concentrate on our core regenerative medicine wound-care business, presented through our ReCell autologous cell harvesting device. We anticipate 2016 will be a busy year, and certainly the proceeds of this transaction will help support our declared clinical and commercialization goals,” CEO Adam Kelliher said in a press release.

Avita said it hopes to close the purchase by early February next year. The deal is comprised of $2.2 million in cash plus 125,000 shares in Medical Developments International escrowed for 6 months or $440,000 cash.

In September, Avita Medical said it won $53.9 million in contracts from the Biomedical Advanced Research and Development Authority for development and procurement of Avita’s ReCell autologous cell harvesting device.

The 5-year contract will provide an initial $16.9 million to support the company’s pursuit of FDA premarket approval for its ReCell device, and to procure more than 5,000 of the devices to establish an inventory to handle mass casualty scenarios that involve burn injuries, Avita Medical said.

Under the contract, Avita also has the opportunity to receive up to $37 million upon execution of specific contract options to further support clinical studies and post-market surveillance that could be potentially required by the FDA to expand the device to the pediatric population, the company said.

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Fed. Circ. upholds doc’s $4.3m IP win over Globus

Globus MedicalThe Federal Circuit Court on Wednesday upheld a doctor’s $4.3 million win over Globus Medical (NYSE:GMED) in a case examining supposed stolen trade secrets connected to 3 spinal fusion devices.

A jury ruled in favor of Dr. Sabatino Bianco in January after finding Globus liable for the misappropriation of trade secrets related to spinal disc repair devices, and granted Bianco royalties until 2022 on the devices, according to Law360.com.

Dr. Bianco claimed the devices Globus made were based on ideas he showed the company 7 years earlier. He brought the suit to the Texas Federal Court in 2012.

An appellate court panel affirmed the ruling in October and denied Globus rehearing or reconsideration bids without comment this week.

Globus argued last month that ideas protectable as trade secrets were without precedent in Texas, and that ongoing royalties have “never been recognized as a form of equitable relief under Texas trade secret law,” according to Law360.com

In April, Globus said it wanted a federal judge in Delaware to overturn its $16 million patent infringement loss to Johnson & Johnson‘s (NYSE:JNJ) DePuy-Synthes unit because a key witness for Synthes lied on the stand about his credentials.

A jury in the U.S. District Court for Delaware ruled in June 2013 that Audubon, Pa.-based Globus infringed on 3 Synthes spinal implant patents with its now-discontinued Independence ALIF system, Coalition ACDF system and InterContinental Plate-Spacer product lines.

The $16 million judgment was based on a 15% royalty rate applied to approximately $107 million in revenues Globus reported from the sale of the devices. But in December 2014, Synthes learned from Richard Gering’s former employer that he did not have a Ph.D., as he testified to under oath, according to court documents.

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Avedro CEO Muller is out | Personnel Moves

MassDevice.com Personnel MovesAvedro said CEO David Muller stepped down shortly after it closed a $32 million equity round last month, replaced on an interim basis by COO Brian Roberts, the former CFO at Insulet (NSDQ:PODD).

Waltham-based Avedro said Muller left to “pursue other opportunities.”

“On behalf of the board and all the Avedro employees, I want to thank David for his tireless efforts. Ophthalmologists around the world have David to thank for the advances in corneal cross-linking that Avedro researched, developed and commercialized around the world under his leadership,” director Dr. Gil Kliman said in prepared remarks.

Avedro, which also announced CE Mark approval in the European Union for its Mosaic low myopia treatment, said it hopes to have its KXL treatment on the U.S. market in the 2nd half of 2016.

 Derma Sciences CEO Quilty steps down
Derma Sciences (NSDQ:DSCI)
said it agreed with chairman & CEO Edward Quilty that it’s time for him to step down, effective Dec. 21, but remain on the board and serve as a consultant. Quilty was replaced with lead director Stephen Wills while the company conducts a search for a replacement.
Read more

 Getinge names Fabricius to replace Grunander at CFO
Getinge (PINK:GETI B) said it named Pernille Fabricius to replace Ulf Grunander at the CFO spot, upon Grunander’s retirement after 23 years as finance chief.
Read more

 Signostics taps ex-SonoSiter Markwood for CFO
Signostics said it tapped former SonoSite senior director Jeffrey Markwood to be its CFO and VP of administration.
Read more

 ConforMIS ops SVP Scott bows out
ConforMIS (NSDQ:CFMS) said that senior vice president of operations Matthew Scott will resign effective Dec. 31.
Read more

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BionX adds $11.4m for powered ankle prosthetic

BionX Medical TechnologiesBionX said it added $11.4 million to the $6 million it drummed up last year for its Biom powered ankle prosthesis.

BionX, previously known as BiOM (which was formerly known as iWalk), said in a regulatory filing that the new backing comes from a quartet of investors from outside the U.S.

Almost exactly 1 year ago, the Bedford, Mass.-based company said it hoped to raise a total of $10 million.

BionX touts the Biom prosthesis as the only commercially available mechatronic ankle with “powered propulsion.” It’s designed to use computer processors to adjust the ankle’s stiffness and propulsive torque to emulate natural muscle function. The company was founded by MIT robotics guru Hugh Herr.

Earlier this month, BionX inked a deal with Otto Bock Healthcare to exclusively distribute the Biom ankle in Germany, Austria, Switzerland and Scandinavia.

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dimecres, 23 de desembre del 2015

Seno Medical touts data from Imagio breast cancer pilot study

Seno MedicalSeno Medical Instruments on Monday released data from the pilot study portion of its Pioneer pivotal study examining its Imagio opto-acoustic tool designed to diagnose breast cancer.

The company said data from the trial showed Imagio system improved physicians’ ability to classify benign breast masses when compared to traditional ultrasounds methods. Data from the 100-patient pilot study was presented at the Radiological Society of North America’s annual meeting in Chicago earlier this month.

“Downgrading benign masses classified as BR 4b (moderate suspicion), 4a (low suspicion) and 3 without missing cancers is an unmet need that the Imagio OA breast imaging system can potentially help address. If these pilot findings are verified after the completion of the multicenter Pioneer Study, we will have confirmation that the Imagio OA breast imaging system could help women not only avoid biopsy procedures but also multiple short interval follow-up ultrasound exams over 2 years,” co-principal investigator Dr. Erin Neuschler of Northwestern University’s Feinberg School of Medicine said in a press release.

In the pilot study, independent specialists assessed 102 masses using the Imagio OA images, and were able to downgrade conventional diagnostic ultrasound findings of BR3 masses to BR2 masses in 33% of cases, BR4a masses to BR2 or 3 masses in 53% of cases and BR 4b masses to BR 3 or 2 masses in 33% of cases.

The initial pilot study is only part of a larger study slated to enroll over 2,000 subjects at multiple centers, Seno Medical said. The study aims to examine the ability of the Imagio system to downgrade Breast Imaging-Reporting and Data System scores, according to the company.

“Diagnostic specificity remains disappointingly low for diagnostic morphologic imaging modalities and reading algorithms that have been optimized to achieve very high sensitivity at the expense of low specificity – which, of course, results in many false positives and generates a high percentage of negative biopsies. These encouraging results indicate that Imagio can potentially offer physicians a tool to more accurately identify women who do not have breast cancer, and thus, who do not need to undergo invasive and expensive biopsy procedures and/or the stress of undergoing multiple follow-up exams over a 2 year period, depending upon whether the OA-based downgrade is to BI-RADS category 2 or 3. Reducing false positives and the number of negative biopsies, 2 of the main perceived and well-publicized ‘harms’ of breast cancer screening, may help defuse some of the criticisms being put forth by the anti-breast cancer screening movement. As breast radiologists, we can and we should do better in diminishing false positives and reducing negative biopsies. OA is a functional and morphologic diagnostic tool that has the potential to help us achieve better specificity without sacrificing sensitivity, diminish the percentage of negative biopsies generated by breast cancer screening, and to reduce the perceived ‘harms’ of breast cancer screening,” Seno medical director Dr. Thomas Stavros said in prepared remarks.

The Imagio system combines traditional ultrasound with light-based imaging, providing physicians with a closer look at “suspicious” breast masses without subjecting patients to radiation, injectable contrast agents or invasive biopsies.

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MassDevice.com +3 | The top 3 medtech stories for December 23, 2015

plus3-1x1

Say hello to MassDevice +3, a bite-sized view of the top three medtech 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.

 

3. OrbiMed launches $950m healthcare fund

MassDevice.com news

OrbiMed said it closed another venture capital fund worth $950 million that it plans to deploy on about 30 companies in the medical device, biopharmaceutical, diagnostics and healthcare IT markets.

The New York-based VC giant said its OrbiMed Private Investments VI fund will put up investments ranging from $10 million to $75 million. Last year OrbiMed floated a $924 million fund it planned to use in $20 million to $150 million increments for acquiring healthcare royalty streams. Back in the fall of 2013 OrbiMed launched a $735 million healthcare fund. Read more


2. Intuitive Surgical puts another $9 million into Luna Innovations’ shape-sensing tech

MassDevice.com news

Luna Innovations said that Intuitive Surgical agreed to put up another $9 million for the shape-sensing technology it bought for its da Vinci robot-assisted surgery platform.

Pleasanton, Calif.-based Intuitive paid a total of $12 million last year for the technology, which is designed to provide real-time measurements to help surgeons sense positions and track locations in the body during surgery. The latest installment closes out the deal, which once included milestones worth another $18 million. Read more


1. CryoLife in $130m deal to enter valve market with On-X Life Technologies buy

MassDevice.com news

CryoLife Inc. made a big play for the mechanical heart valve space with a $130 million deal to buy On-X Life Technologies.

On-X makes an aortic valve replacement and is developing a mitral chord repair device called Chord-X. The Austin, Texas-based company put up sales of about $33 million last year, CryoLife said. Read more

The post MassDevice.com +3 | The top 3 medtech stories for December 23, 2015 appeared first on MassDevice.



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CytoSorbents scraps EAP path, pursues IDE and PMA for CytoSorb

CytoSorbentsCytoSorbents (OTC:CTSO) said today it’s dropping its pursuit of the FDA’s fast-track Expedited Access Pathway for its CytoSorb for treating sepsis.

The decision came after meeting with the FDA’sCenter for Devices and Radiological Health and Center for Drug Evaluation and Research in which the company came to the conclusion that “there would be no significant time or cost advantage associated with pursuing the EAP designation for CytoSorb for the treatment of sepsis.”

CytoSorbents said based on that data, it decided to scrap plans to pursue the EAP and instead pursue an investigative device exemption and premarket approval for the device.

“Based upon the criteria of the EAP program, we believed that it was possible to obtain EAP designation for CytoSorb and pursue a registration trial using surrogate endpoints, rather than 28-day all-cause mortality – an endpoint that no sepsis treatment has been able to achieve in pivotal trials – for early market approval.  We are obviously disappointed that this was not the case,” CEO Dr. Phillip Chan said in a press release.

The Monmouth Junction, N.J.-based company said the IDE and PMA route eliminated the potential that it would require a post-market efficacy study, which could have been required through an EAP route.

“However, based upon our positive clinical experience and the significant international research being conducted on CytoSorb today, we continue to believe that CytoSorb blood purification is one of the most promising treatments for sepsis. Unlike previous treatment attempts by other companies, CytoSorb attacks sepsis from many different angles, such as a reduction of excessive pro-inflammatory cytokines and inflammatory mediators, a reduction in many pathogenic toxins, a stabilization of various key organ parameters such as hemodynamics, and a re-direction of the immune response to prevent cell-mediated injury of vital organs.  We strongly believe the effectiveness of this broad approach is one of the reasons CytoSorb adoption and usage in sepsis continues to grow,” Chan said in prepared remarks.

CytoSorbents said the FDA offered to aid the company with its sepsis clinical trial design once it has submitted a formal IDE.

“CytoSorb has been credited with successfully saving the lives of many patients all over the world.  We remain committed to moving forward with our U.S. clinical program in sepsis under the traditional IDE pathway and appreciate the FDA’s offer to review our future plans.  In doing so, we hope to stem the tide of one of the top ten causes of death in the United States for which no approved therapy currently exists,” Chan said in a prepared statement.

CytoSorb won CE Mark approval in the European Union in 2011. The device is designed to filter inflammation-causing substances such as cytokines from the blood, the company said.

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Insightec touts reimbursement win for Exablate

Insightec

Insightec said today it received positive coverage policies from Blue Cross Blue Shield licensees for its Exablate magnetic resonance imaging-guided focused ultrasound device for pain palliation treatments for bone metastases

The recent round of favorable coverage policies for the Exablate came from BCBS Louisiana, Florida Blue, Independence BCBS, Highmark BCBS and Blue Shield of California, the Israel-based company said.

“Decisions from leading insurers to cover Insightec’s treatment are a welcome recognition of the demonstrated clinical benefits for Insightec’s completely non-invasive treatment for patients suffering from pain related to their bone metastases. By formalizing favorable coverage policies, BCBS plans are providing a viable treatment option for many more patients and physicians,” CEO Kobi Vortman said in a press release.

The Exablate system uses both focused ultrasound to ablate fibroid tissue and magnetic resonance imaging to guide the ultrasound ablation to specific tissue targets, the company said.

“We are very happy that our work continues to yield  favorable decisions which will enable patients suffering from metastatic bone pain access to a non-invasive treatment that quickly reduces pain, allows return to normal activities within days and is available in leading medical centers across the U.S.. We are continuously conducting independent, post-market studies in efforts to build support for additional coverage by insurers,” reimbursement veep Dee Kolanek said in prepared remarks.

In October, Insightec said it won expanded FDA premarket approval for its next generation Exablate system used to treat symptomatic uterine fibroids for patients who wish to retain their uterus and fertility.

The approval was based upon documented clinical data from 118 patients who became pregnant after receiving treatment with the Exablate device, Insightec said.

The Exablate system was 1st approved by the FDA in 2009. The expansion and approval of the next generation machine was the second labeling adjustment since initial approval, the company said.

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Private Equity firm EQT buys Lima

Lima Corporate

Lima Corporate said today private equity firm EQT acquired it through the purchase of the majority of the company’s shares, shifting ownership from Ardian.

The transaction is still subject to regulatory approval in European jurisdictions, the company said.

“EQT has followed Lima for almost ten years and we are impressed by the Company’s growth history as well as the strength of the management team. We are now keen to support Lima in its next phase of development. Lima is well-positioned for future growth and we are convinced it can be accelerated by leveraging our industrial network and resources. We look forward to working with the management team to achieve the full potential of Lima,” EQT partner Michael Bauer said in a press release.

“I have to thank all the people that have believed in Lima Corporate, from our board to our shareholders to our surgeons and our employees.  By working together, we are confident to continue to provide surgeons and their patients the most effective and safest implant technology on the market today,” Lima CEO Luigi Ferrari said in prepared remarks.

Earlier this month, Lima said it closed its purchase of Zimmer Biomet‘s (NYSE:ZBH) unicompartmental high flex knee and discovery elbow systems in the Japanese market, as well as the Japanese supply chain.

The deal closed after receiving approval from the Japanese Fair Trade Commission, Italian Lima said.

In July, Lima said it completed its acquisition of knee and elbow assets from Zimmer Biomet.

The Italian orthopedic company said it purchased Zimmer’s unicompartmental High Flex knee implant and Biomet’s Discovery elbow system within the European Economic Area and Switzerland. Lima Corporate also acquired Biomet’s Vanguard complete knee system in Denmark and Sweden.

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Titan Medical closes in on 1st-in-human for Sport surgical robot

Titan MedicalTitan Medical (CVE:TMD) said this week that initial versions of its Sport robot-assisted surgery platform are ready for engineering verification ahead of 1st-in-human trials early next year.

The initial Sport versions to include both work station and patient cart are “precursors” for the systems to be built for the trials next year, Toronto-based Titan said.

“This fully integrated initial EV system represents the efforts of many people at Titan, our surgeon advisory board and our development contractors. This is a major accomplishment for Titan as we move toward our 1st-in-human trials,” clinical & regulatory affairs executive vice president Dennis Fowler said in prepared remarks.

“I am very pleased and excited that we are able to finish off the year with such a positive accomplishment. I would encourage readers to visit our web site at http://ift.tt/1jp369H where we have posted pictures of this complete initial Sport surgical system,” added chairman & CEO John Hargrove.

It’s been a busy season for Titan, which last week licensed “know-how and certain technology” from Mayo Clinic for the Sport device. In November the company inked an instrument development deal with Cadence Device, raised $4 million and $8.6 million in separate rounds, and signed a private placement deal with a subsidiary of Chinese medical device distributor Ningbo Long Hengtai International Trade Co. that could wind up being worth more than $24 million.

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