Funding
Exactech received a $40.0 million syndicated line of credit which will be used to fund future acquisitions and refinance debt, among other expenses. SunTrust Bank served as lead agent with participation by Compass Bank.
M&A
clickNsettle announced plans to merge with orthopedic devicemaker Cardo Medical. The combined organizations will operate under the name Cardo Medical, and the company intends to list on the AMEX. Cardo Medical is the partial owner of Accelerated Innovation, Cervical Xpand and Uni-Knee, and the company said funds from the transaction will be used for acquiring outstanding equity of these subsidiaries and accelerating product development.
Product Introduction and Update
ArthroCare launched its Quantum Pump in Europe, calling the device an "intelligent arthroscopy system" that can integrate joint fluid management, radiofrequency wands and mechanical shaving instruments into one console. The company plans to seek U.S. 510(k) clearance for the product later this year.
ArthroCare also launched the DoublePlay suture anchor, which comes fully threaded and features an “eyeless” design. The company calls the eyeless feature a "new concept in the world of screw-in anchors" and says it "eliminates the risk of eyelet breakage," a common mode of failure among suture anchors. Additionally, the DoublePlay is manufactured from a proprietary, osteoinductive composite material that has also been used in ArthroCare’s Bilok interference screw. DoublePlay is indicated for fixation of suture to bone in the shoulder, foot, ankle, knee, hand, wrist, elbow and pelvis.
Disc Motion Technologies announced the first implantation of its True Total Spinal Motion Segment System, which the company calls the "first total joint replacement system for the lumbar spine." The device features an artificial lumbar disc and posterior dynamic stabilization device. The surgery was performed in Turkey at the Ankara Numune Education and Training Hospital by Dr. Erkan Kaptanoglu in the Department of Neurosurgery.
BioMedical Enterprises launched the Barbed OSStaple, a nitinol implant with barbed legs to support bone adhesion. According to the press release, this device, along with BME's OSSAnchor Grip soft tissue anchor, are the first nitinol implants to "feature barbs for improved pull-out resistance, [which] minimizes metal ion release and a roughened surface texture for bone in-growth."
Exactech announced the full-market release of the Novation Crown Cup Acetabular System, which offers a titanium plasma-spray acetabular shell. The product's Connexion GXL material "is designed to minimize wear debris generation over standard polyethylene," and the company adds that the titanium plasma spray "enhances fixation."
Regulatory
Integra LifeSciences received word that following the filing of the company's 1Q:08 10Q, IART is now in compliance with the SEC and can continue listing on the NASDAQ. President and CEO Stuart Essig commented, "We are pleased with NASDAQ's decision . . . We look forward to a continued positive working relationship with The NASDAQ Stock Market."
Legal
Arthrex plans to appeal a $14.5 million fine stemming from a patent infringement suit with Smith & Nephew.
Distribution
Exactech was awarded a national purchasing contract by HealthTrust Purchasing Group, LP. Effective July 15th, the five-year contract will include primary and revision hip and knee implants and InterSpace cement spacers. No financial terms were disclosed.
Misonix has entered into a three-year exclusive agreement with SIAD Healthcare S.p.A. to distribute the SonaStar Ultrasonic Surgical Aspiration System, a BoneScalpel Ultrasonic Bone Cutting System and the SonicOne Ultrasonic Wound Care System in Italy. Terms include includes minimum purchase requirements. No financial terms were announced.
Operations
aap Implants has decided not to proceed with plans, first announced in June 2007, to separate aap's Trauma & Orthopaedics and aap bio implants divisions. The company will continue to develop both divisions as part of the same organization.
Appointments
Alphatec Spine announced that Peter C. Wulff, who has more than 25 years of financial and operational management in the medical device and life sciences industries, has been named the company's new Chief Financial Officer, Vice President and Treasurer. Most recently, Mr. Wulff served as Executive Vice President and Chief Financial Officer for Artes Medical, Inc. (Nasdaq: ARTE), a San Diego-based medical technology company. In that position, he assisted the company in raising over $120 million in capital, including successfully managing its initial public offering (IPO) on NASDAQ. In addition, he established a responsive infrastructure to support the company's commercial development and U.S. market launch of its primary product.
