MassDevice.com +3 | The top 3 medtech stories for September 24, 2015

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. Penumbra clears $125m in IPO

Penumbra said the net proceeds from its just-closed initial public offering were roughly $124.5 million, including an underwriters over-allotment worth $18 million.

Alameda, Calif.-based Penumbra floated 4.6 million shares at $30 apiece, for gross proceeds of $138 million. PEN shares opened at $40 each Sept. 18, peaking at $42 in their 1st day of trading before subsiding to a $41.30 close that day. The stock closed yesterday at $41.67, up 3.3%. Read more

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2. GE Healthcare starts $300m emerging markets push

GE Healthcare said it is launching a new $300 million “Sustainable Healthcare Solutions” business that will be focused on low-cost, high-value technology for emerging markets.

The newly created division is part of a multi-phase effort by the company to expand its healthcare portfolio and will combine GE Healthcare’s operations in Africa, India, south Asia and southeast Asia. Read more

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1. DeviceTalks: Minnesota reveals the highs and lows of innovation

Last night’s DeviceTalks: Minnesota event in Minneapolis highlighted the risks and rewards of medical device entrepreneurship, contrasting the arcs of Kips Bay Medical and Aum Cardiovascular.

Kips Bay founder & CEO Manny Villafaña, the medtech legend who started Guidant and St. Jude Medical, told MassDevice.com publisher Brian Johnson that the company’s wind-down was precipitated by a tough financial landscape and regulatory environment. Villafaña this week stepped down as CEO, and the company’s shareholders and board have approved its dissolution plan. Read more

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