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. Helius Medical extends U.S. Army contract, looks to future of portable neuromod
Helius Medical Technologies said this week it expanded a source cost sharing contract with the U.S. Army Medical Research and Materiel Command, while its CEO Phil Deschamps is looking to the future of its Portable Neuromodulation Stimulator.
The contract extension moves the ending date to December 31, 2017 and allows for additional study sites in a trial testing the use of the PONS device for treating chronic balance deficits in patients with mild to moderate traumatic brain injury. Read more
4. French biomed incubator Clinatec raises €10m
French biomedical research center Clinatec said today that it has raised $10.6 million (€10 million) to support research for diagnosis and treatment of neurodegenerative diseases, cancer and motor disabilities.
The Grenoble-based incubator said that the campaign began in October 2015, led by a founding donor, the Edmond Safra Foundation, which pledged to match up to €5 million in donations. Clinatec is led by CEO Alim-Louis Benabid, a neurosurgeon and a biophysics professor at Université Joseph Fourier in Grenoble. Read more
3. Appeals court overturns Stryker’s $9m win over insurer in Duracon Uni-Knee implants case
A federal appeals court last week overturned a $9 million win for Stryker over TIG Insurance.
Stryker, which acquired the Duracon Uni-Knee with its $1.9 billion buyout of Howmedica from Pfizer in 1998, ended up paying out $7.62 million to settle liability suits after problems with the implant surfaced. After TIG refused to cover its losses, the Kalamazoo, Mich.-based orthopedics giant sued to recoup the direct settlements it paid out of its own pocket. TIG argued that the claim isn’t covered because Stryker didn’t ask for its consent before inking the settlements. Read more
2. Zimmer Biomet joins Indo UK Institute of Health’s Medicity program
Zimmer Biomet said today that it inked a 20-year collaboration with the Indo UK Institute of Health as a preferred orthopedic partner for the Medicity program. The partnership aims to improve access to affordable musculoskeletal healthcare for the people of India.
“Zimmer Biomet is proud to be chosen as a preferred orthopaedic partner for the IUIH Medicities program,” president & CEO David Dvorak said in prepared remarks. “This long-term commitment demonstrates an unprecedented level of partnership between a forward-looking healthcare provider and a leading musculoskeletal healthcare company, putting transformational patient care and exponential value creation within reach.” Read more
1. Neovasc dodges investor lawsuit over $70m loss to CardiAQ Valve
Neovasc yesterday dodged an investor lawsuit brought in the wake of its $70 million loss to replacement mitral valve rival and Edwards Lifesciences subsidiary CardiAQ Valve.
A Massachusetts federal jury in May awarded $70 million to CardiAQ after finding that Neovasc misappropriated trade secrets in developing its Tiara transcatheter mitral valve replacement device. Edwards inherited the lawsuit when it acquired CardiAQ Valve for $400 million in August 2014. That pushed NVCN shares down some -75% and prompted shareholder Sergio Grobler to file a purported class action lawsuit against Neovasc on behalf of Neovasc stock owners who bought from Neovasc’s January 2015 initial public offering to the date of the May 19 verdict. (The judge overseeing the CardiAQ Valve suit against Neovasc later added $21 million in damages for willfulness). Read more
The post MassDevice.com +5 | The top 5 medtech stories for November 23, 2016 appeared first on MassDevice.
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