Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 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.
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5. ‘Donnie Brasco’ brother sues Zimmer
A former sales rep for Zimmer Biomet – who is the brother of the FBI agent on whom the movie “Donnie Brasco” is based – yesterday filed a $15 million lawsuit accusing the orthopedics giant of firing him for his grand jury testimony against a doctor who was allegedly performing unnecessary knee replacements.
Dominick Pistone, the brother of former FBI legend Joseph Pistone, spent 25 years selling Zimmer products before the company fired him in June 2015, according to the lawsuit. In 2007, Dominick Pistone became aware that an unnamed physician, referred to as “Dr. X” in his complaint, was “performing numerous double knee replacements, well above the average … primarily for financial gain and not in the best interest of the patients,” using the OtisKnee implant then made by OtisMed. Read more
4. Entellus Medical pays $11m for Cogent’s XeroGel
Entellus Medical said it paid $11 million in cash to acquire the XeroGel surgical sinus packing from Cogent Therapeutics.
“We are pleased to secure ownership of this best-in-class nasal dressing technology as well as solidify control of the supply chain and distribution to our physician customers. We are excited about the opportunity to leverage our world class engineering team to explore potential innovations and future research & development projects,” president & CEO Robert White said in prepared remarks. “This acquisition highlights our continued commitment to the ENT space and our efforts to provide products that deliver an optimal physician and patient experience.” Read more
3. Cardiovascular Systems settles kickbacks lawsuit for $8m
Cardiovascular Systems yesterday said it agreed to pay $8 million and sign a corporate integrity agreement to settle a False Claims Act lawsuit based on allegations from a former sales rep that the company ran kickbacks and an off-label marketing scheme to boost sales of its orbital atherectomy devices.
The settlement, 1st announced in March, calls for the St. Paul, Minn.-based company to pay $3 million up front and the remaining $5 million in 11 quarterly installments beginning in January 2017. The company will pay a 1.8% annual interest rate on the unpaid portion of the settlement, CSI said. Read more
2. Baxter wins Health Canada nod for Amia peritoneal dialysis system
Baxter said today that it won a nod north of the border for its Amia automated peritoneal dialysis system.
The Health Canada approval makes Amia the 1st automated peritoneal dialysis device cleared in the U.S. and Canada that includes voice guidance, touchscreen control and 2-way telemedicine features, Deerfield Park, Ill.-based Baxter said. Read more
1. Zoll Medical wins $400m contract with U.S. Defense Dept.
Zoll Medical landed a contract with the U.S. Defense Dept. worth $400 million to supply vital signs monitors, the Pentagon said yesterday.
The 1-year deal includes 5 1-year extension options, according to a press release. There were 2 other bidders for the contract, which will see Zoll supply its vital signs monitors to the Army and Air Force, the Defense Dept. said. Read more
The post MassDevice.com +5 | The top 5 medtech stories for June 29, 2016 appeared first on MassDevice.
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