Musculoskeletal News Roundup 3-Jan-08
BY LAUREN UZDIENSKI, JANUARY 3, 2008
M&A
Curis, Inc. entered into an agreement to sell and assign its remaining BMP-7 technologies to Stryker Corporation. Curis will receive an initial payment of $1.0 million as well as additional cash payments based on specified clinical, regulatory and sales milestones.
Exactech closed its acquisition of Altiva Corp for about $25.0 million. Altiva is a Charlotte-based manufacturer of spine products, and the transaction represents Exactech's increasing presence in spine. Additionally, Exactech announced a new 2008 revenue forecast of $148.0 to $156.0 million for the year, above analysts' current estimates of $135.8 million.
Regulatory
Theken Spine received FDA clearance for the BodyForm Thoracic Fixation System, which, when combined with the BodyForm Thoraco-Lumbar Fixation System, provides trauma/tumor plates for the spine from T1-L5. The company adds that the product may be used in conjunction with Theken’s x-POD Adjustable Vertebral Body Replacement or Vu Mesh Vertebral Body Replacement, both of which are among Theken's six FDA product clearances in 2007.
Funding
The Medicrea Group announced the completion of a EUR 7.0 million ($10.1 million) private placement. Proceeds will be used to support the purchase of patent rights, for new product launches and U.S. expansion, to finance the loan of company’s instruments and implants sets to hospitals and for general corporate purposes. Bryan, Garnier & Co served as Lead Manager and Bookrunner.
