Orthopedic News Roundup 30-Mar-06
BY HUYEN NGUYEN, MARCH 30, 2006
Dane Miller of Biomet called it quits a week after releasing its 3Q:06 earnings report. Last week, the Company reported earnings per share (EPS) of $0.43 which was in line with Street's estimate but did not meet analysts' expectation for top line sales. Although news of Dr. Miller's resignation did not affect Biomet's stock price significantly, it did generate headlines and speculations across the news wires.
Business Update: To establish a U.S. presence for its ChondroCelect, TiGenix N.V., a Belgium-based biologics company, created a U.S. division, TiGenix Inc., based out of New York City. The Company is working with Hospital for Special Surgery (HSS) to further develop this cartilage repair product.
Distribution Agreement: co.don AG and ORMED GmbH & Co. KG signed an exclusive three-year distribution agreement to market co.don chondrosphere® and co.don chondrotransplant® DISC in Germany. ORMED will market the co.don chondrosphere® under the brand ARTROcell 3D.
Earnings Announcement: Johnson & Johnson (JNJ) is planning to release its 1Q:06 financial results and conference call on April 18 at 8:30AM EST. Osteotech will release its 4Q:05 and conduct a conference call tomorrow at March 31 at 9:00AM EST.
Funding & Projects: Dedicated to women's studies, Zimmer has funded two $30,000 research awards to two women doctors at the The Ruth Jackson Orthopaedic Society (RJOS), an organization of orthopaedic surgeons dedicated to advancing women's health issues. Zimmer also funded a total of approximately $350,000 in unrestricted grants to seven orthopaedic surgeons who are not yet established in their career. The goal is to assist them further advancement in their career in the areas of education and research.
Mergers & Acquisitions: DePuy Mitek, a subsidiary of Johnson & Johnson company, announced the acquisition of Future Medical Systems, Inc. (FMS) for an undisclosed amount. FMS manufactures and markets arthroscopic fluid management systems.
Product Introduction & Update: The collagen scaffold device, CMI™, which is being marketed by ReGen Biologics in Europe, has been successfully implanted in several patients who suffered lateral meniscus injuries.
Regulatory Update: ArthroCare received FDA approval to market its bone cement cartridge using the Parallax Integrated Delivery System (IDS). The indication is for Vertebroplasty procedures to treat vertebral compression fractures. Inion Ltd. received a patent for its genetically modified form of BMP-4. This modified version helps prevents the abnormal formation of bone in extra-skeletal tissues.
Miscellaneous: At the 73rd AAOS meeting in Chicago, Exponent Inc. presented its forecast for the hip and knee procedures markets. In a separate meeting, another panel discussed the issue of MIS; whether less-invasive knee replacement surgery is beneficial to patients. The Musculoskeletal Bioengineering Laboratory at Rice University has found a method of growing the entire articular surface of the distal femur. The relationship between Synthes and the AO Foundation is complicated, according to Swissinfo, an online publication of the Swiss Broadcasting Corporation (SBC). JNJ is having a difficult time getting its artificial disc covered by the Centers for Medicare & Medicaid Services (CMS). According to Medtech Insight, in 2005, revenue for the medical device and diagnostics (MD&D) industry generated nearly $220 billion. This industry will continue to climb at a 7.5% annual percentage rate and is projected to be $312 billion by 2010.
