Boston Scientific pays $40m for remaining stake in Securus Medical

Boston Scientific (NYSE:BSX) said today that it paid $40 million for the stake in Securus Medical Group it didn’t already own and sweetened the pot with another $10 million in milestones.

Back in September 2016, the Marlborough, Mass.-based medical device giant participated in a $10 million Series C round for Securus, which makes a thermal body mapping device for use during cardiac ablation procedures. The Cleveland, Ohio-based company also has a facility in Beverly, Mass.

“The acquisition of Securus further broadens our electrophysiology portfolio and fuels our mission to provide physicians with meaningful innovations that advance patient care,” rhythm management president Joe Fitzgerald said in prepared remarks. “Additionally, we look forward to integrating this visual technology with our Rhythmia HDx mapping system to provide a new level of comprehensive cardiac imaging during ablation procedures.”

“In contrast to current standards of care for esophageal temperature monitoring that measure temperature at one or a few fixed locations and have a slow temporal response, this system continuously reads the temperature of the esophagus from thousands of points and provides physicians with an intuitive 360 degree view that refreshes every second,” added Securus president & CEO Steven Girouard. “Further, the system does not require tissue contact for accurate temperature readings, allowing for simplified, one-time positioning of the probe.”

Boston Scientific said it plans to integrate the Securus device, which already has 510(k) clearance from the FDA, into its commercial electrophysiology line during the first half of 2019. The buyout isn’t expected to affect earnings, the company said.

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Biolitec faces $1m in fines for stalling AngioDynamics settlement

Biolitec is facing monthly fines and sanctions that could cost as much as $1 million total for interfering with AngioDynamics (NSDQ:ANGO) attempt to collect on a $75 million judgement related to an older patent dispute, according to court documents.

Germany-based Biolitec was given until April 15 to provide answers to discovery requests.

The company was ordered to pay $25,000 to the court on or before the date, and on the 15th of every month up to a maximum of $1 million “until Defendants have complied with the court’s order,” according to court documents.

In January, the First Circuit U.S. Court of Appeals denied Biolitec’s fifth appeal of a related $70 million contempt order, saying that the company essentially copied-and-pasted arguments from a previous appeal.

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Mevion touts first use of S250i proton therapy system

Mevion Medical Systems today announced the launch of its Mevion S250i proton therapy system, touting that the first patient in the world had been treated with the system.

The Mevion S250i features improved pencil beam scanning fields and Hyperscan pencil beam scanning tech to allow for faster energy layer switching, the Littleton, Mass.-based company said.

The system also features the company’s Adaptive Aperture multi-leaf collimator designed for multi-layer conformal field delivery, Mevion said, which it claims provides dose gradients with up to 3 times sharper lateral penumbra.

“The launch of the Hyperscan system is a major milestone in the field of proton therapy. It is the realization of a vision to create the most clinically advanced and economically viable proton therapy system in the world making proton therapy accessible across the spectrum of healthcare providers. Mevion has consistently pushed the field of proton therapy forward. We first changed proton therapy by introducing a new paradigm of economic, compact proton systems and now we are doing it again by deploying an advanced approach to pencil beam delivery. These achievements are the result of a team passionate about the impact proton therapy can have on patients’ lives,” CEO Joseph Jachinowski said in a press release.

Mevion said that it is actively installing the system at centers throughout the US and Europe, with two more Hyperscan centers slated to be functional and treating patients by the end of 2018

“We are excited to see the rapid adoption of Mevion’s Hyperscan technology. Proton therapy has long been viewed as economically unrealistic for most cancer centers. The uptick in proton projects and repeat customers speaks to the strength of the Mevion economic and clinical approach,” Mevion sales senior VP Yoel Bakas said in a prepared statement.

In January, Mevion said it won FDA 510(k) clearance for its Mevion S250i proton therapy system featuring pencil beam scanning technology, and touted that the first unit was installed at MedStar Georgetown University Hospital in Washington D.C.

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Panasonic rebrands healthcare biz to PHC Holdings

Panasonic (NYSE:PC) said yesterday it is shifting its Panasonic Healthcare Holdings groups name to PHC Holdings.

Along with the name change, the company said it is adopting the new tagline “Healthcare with Precision” which “represents the company’s wish to support all who desire better health through the advanced technological strength that develops its precision products.”

The newly renamed PHC Holdings said that it will work closely with healthcare and life science professionals as it looks to retain and maximize its customers and society, according to a press release.

In January 2016, Panasonic closed its $1 billion buy of Bayer‘s (ETR:BAYN) diabetes care business.

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Strata Skin Sciences raises $17m, taps Rafaeli as CEO

Strata Skin Sciences (NSDQ:SSKN) said today it raised $17 million in a new round of financing, and that investor Dr. Dolev Rafaeli is slated to take over as interim CEO, with former chief exec Frank McCaney taking the role of interim CFO.

In the sale, the Horsham, Penn.-based company said it floated 15.7 million shares of stock. The round was led by Accelmed Growth Partners, who invested $13 million, and joined by Dr. Rafaeli, Gohan Investments, Broadfin Capital and Sabby Management.

“We are very pleased to have Accelmed as an investor in Strata. Their experience in medical devices and providing growth equity to drive significant value creation serve to further position Strata for its next phase of growth. We are delighted also to have Dolev Rafaeli join as the company’s new CEO. He has considerable experience in leadership roles in medical device companies and has a successful track record of turning around organizations and creating value for shareholders. We are confident he will make a significant contribution to the future of Strata.” board chair LuAnn Via said in a prepared statement.

Before assuming the interim CEO role, Dr. Rafaeli previously served as CEO of PhotoMedex and its subsidiary Radiancy, Strata Skin Sciences said. In addition to Dr. Rafaeli’s new position, the company said that Accelmed CEO Dr. Uri Geiger will become board chair.

“I am very excited to have the opportunity to lead Strata. The company has a portfolio of proven, best-in-class skin science technologies, including the market leading Xtrac laser for the treatment of psoriasis, vitiligo and other skin deseases. I look forward to helping Strata achieve its goal to become the valued business partner of choice for dermatology practices,” interim CEO Dr. Rafaeli said in a press release.

In connection with the financing round, Strata said it amended its existing $10.6 million credit facility with MidCap Financial Trust, using $3 million from the new round to pay down its loan with MidCap. The facility will be amneded to a lower interest rate with less restrictive covenants and lower prepayment and exit fees, Strata said.

Remaining proceeds from the round will support the company’s current business as well as research and development.

“The investment by Accelmed and the appointment of Drs. Geiger and Rafaeli mark a significant change to the makeup of Strata. The additional $17 million in capital will allow the company to renegotiate its credit facility and reinvest in advertising its flagship Xtrac laser system, options that until now were unavailable to existing management. Accelmed is a seasoned medical device investor and turnaround specialist that recently made a similar investment in Cogentix just 18 months ago and which was recently sold with significant appreciation for its shareholders,” Sabby Management managing member Hal Mintz said in prepared remarks.

Last December, Strata Skin Sciences said its board of directors has begun a process to explore and review “strategic alternatives” focused on improving shareholder value, which could include a sale of the company or other transactions.

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Report: Pharma companies ask Supremes to take eye-dropper case

A group of pharmaceutical companies, including Allergan (NYSE:AGN) and Merck (NYSE:MRK), have asked the Supreme Court to review a case between the industry players and patients regarding the design of the companies’ eye-droppers, according to a report from the AP.

In the on-going legal debate, patient groups have claimed that the companies’ devices dispense large drops of medication that overwhelm the eye and ultimately waste expensive drug product. The users also allege that if the bottle was properly designed to dispense smaller drops of medicine, they would pay less.

Get the full story at our sister site, Drug Delivery Business News.

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GE sells value-based healthcare division for $1B

General Electric (NYSE:GE) said today it is selling its value-based healthcare division to private equity investment firm Veritas Capital in a $1.05 billion cash deal.

Through the deal, GE will divest itself of the enterprise financial management, ambulatory care management and workforce management divisions that make up its value-based healthcare business, the company said.

“We’re confident this business will flourish under Veritas Capital, while GE Healthcare will continue to significantly invest in core digital solutions, such as smart diagnostics, connected devices, AI and enterprise imaging, that will drive precision health for our customers. We will continue to lead in data analytics, command centers, advanced visualization and image management tools to create better customer and patient outcomes,” GE Healthcare prez & CEO Kieran Murphy said in a press release.

The acquisition follows investments in Truven Health Analytics and Verscend Technologies by Veritas, GE said. Both companies plan to work together to facilitate the transition of the businesses into a standalone company.

“Veritas Capital is the ideal firm to provide the focus and investment to take our business to the next level of scale and performance. Our team has significant knowledge and expertise in the healthcare IT space, and by operating as a standalone business under Veritas’ ownership, we now have the opportunity to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers. With Veritas’ support and resources, we are excited to continue deepening our commitment and capabilities to help healthcare providers manage their financial, clinical, and employee workflows across the continuum of care,” GE Healthcare value-based care solutions prez Jon Zimmerman said in a prepared statement.

“We see a tremendous opportunity to invest in this business and partner with management to take advantage of a $9 billion market that continues to benefit from favorable sector trends, particularly a real and urgent need to digitalize our healthcare system.  Similar to our previous healthcare technology investments, all of which have been corporate carve outs, we will be deeply customer-focused, and invest significantly in people, technology and infrastructure to support the evolving requirements of the company’s diverse customer group. GE has built a highly regarded platform with a strong product set and an experienced team, and we look forward to supporting management as they redouble their focus on delivering superior value to all customers,” Veritas Capital managing partner and CEO Ramzi Musallam said in prepared remarks.

GE said it expects the deal to close during the third quarter of this year.

In February, GE Healthcare said it is supplying a custom advanced analytics solutions for both the Olympic Winter Games in PyeongChang this year and the Olympic Games in Tokyo in 2020.

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