Musculoskeletal News Roundup 10-Jan-08
BY LAUREN UZDIENSKI, JANUARY 10, 2008
M&A
ArthroCare Corp. acquired DiscoCare, Inc., whom the company describes as "a third-party billing and reimbursement service provider," for $25 million in cash plus potential future milestone payments. The company says, "This acquisition will allow ArthroCare to significantly expand its internal reimbursement capability and to leverage these services across all divisions."
BioMimetic Therapeutics, Inc. completed the sale of its dental business, including GEM 21S, to Luitpold Pharmaceuticals Inc. BioMimetic will receive $40 million in cash as a result of the transaction, plus approximately $4 million in cash from the sale of existing inventory, and royalty payments based on net sales of GEM 21S and future products in the dental and cranio-maxillofacial field.
Greatbatch Inc. closed its acquisition of Swiss surgical instrument maker Precimed. The transaction was valued at $123.0 million. The press release says the acquisition reflects Greatbatch's effort to expand its medical components business into the implantable medical equipment market.
Specialty Blades, Inc. and its medical device division IncisionTech closed their acquisition of Popper and Sons, Inc. Popper manufactures specialty needle and metal tubing for medical devices. The press release says that the acquisition makes the combined company "the leading contract manufacturer of cutting and piercing devices for the medical device industry." Specialty Blades first announced plans to acquire Popper last September.
Funding
Benvenue Medical Inc. closed a $15.0 million funding round led by Three Arch Partners and joined by returning investor Versant Ventures. In conjunction with the round, Bill Harrington of Three Arch joined Benvenue's board of directors. Benvenue said the funds will be used to expand its product development programs, obtain additional regulatory approvals and gain clinical experience. Benvenue has developed flexible spinal implant technology applications for treating VCFs and degenerative disc disease.
Regulatory
Creaspine SAS received FDA clearance for its SupStance® system, the company's PEEK-Optima® tumor and trauma VBR system. The system will be distributed in the U.S. exclusively by SpineSource, Inc.
Spinal USA received an FDA warning letter alleging the company had “no quality system in place to control and monitor the development, repackaging and labeling of finished medical devices."
Intellectual Property
Inion has received an Australian patent covering a method for creating its Inion OptimaPLUS™ bioactive and biodegradable material. The company has an equivalent patent in the U.S. as well as additional patent applications in progress in Europe, Brazil, Canada, China, Korea and Japan.
Product Introduction and Update
Zimmer Holdings announced the completion of the first Zimmer® DTO™ Implant cases in the U.S. According to the press release, the Zimmer DTO implant is used to treat different stages of spinal degeneration at contiguous levels. The product combines the Dynesys® Dynamic Stabilization System with the OPTIMA™ ZS Spinal System, which provides rigid stabilization.
ApaTech launched Actifuse™ ABX in a new 1.5ml narrow diameter applicator. CEO Simon Cartmell said the product is ideal for use in small defect filling, trauma applications and for iliac crest back fill.
INBONE Technologies Inc. announced the completion of its 200th total ankle implantation. The case was completed by Dr. DeOrio at Duke University. According to the press release, the INBONE TAR is the "only TAR with an intramedullary alignment system design to ensure precise installation, every time. It is also the only TAR with a modular stem system offering superior intramedullary fixation and patient customization."
Investigations
Smith & Nephew received an official request for documents from the U.K.'s Serious Fraud Office following allegations of British companies paying kickbacks to Saddam Hussein's regime in exchange for contracts under the U.N.'s oil-for-food program.
Clinical
Anika Therapeutics, Inc. announced the enrollment of the first patient in its multi-center MONOVISC™ study. MONOVISC is the company's single-dose hyaluronic acid injection, which has already received the CE mark in Europe and will be launched there in 1H:08. For its North American study, Anika plans to enroll approximately 350 patients at up to 20 sites in the United States and Canada.
According to a study published in the journal Molecular Therapy, allograft loaded with gene therapy may provide an effective scaffold for repairing tendons. The study used a mouse model to resemble flexor tendons in human hands and could have applications for ACL and rotator cuff repair as well.
Appointment
ConMed's President and CEO Joseph Corasanti will serve as interim director of the company's orthopedic unit once the resignation of division president Gerald Woodard becomes effective on January 30th. Woodward is leaving to become chief executive of SRI/Surgical Express Inc.
Expanding their board from five to seven, Symmetry Medical Inc. appointed two new independent directors, John S. Krelle and Craig B. Reynolds. Mr. Krelle is President, Chief Executive Officer and a member of the board of directors of FzioMed, Inc. Mr. Reynolds is Chief Operating Officer and a member of the board of directors of Respironics, Inc.
Michigan-based Smart Disc, Inc. has named M. Ross Simmonds to its Board of Directors. Simmonds is currently the CEO of SpineOvations. Smart Disc is developing an artificial disc that can be implanted with a posterior approach.
