Musculoskeletal News Roundup 17-Mar-11
BY LAUREN UZDIENSKI, MARCH 17, 2011
M&A
Biomedical Structures acquired medical textile manufacturer Concordia Medical, LLC, a division of Concordia Manufacturing, LLC. Concordia Medical provides medical implant technology utilizing biomaterials for tissue engineering and regenerative medicine. The acquisition will allow Biomedical Structures to further development in the "rapidly-growing fields of orthopedics and regenerative medicine." Terms of the deal were not disclosed.
Up for auction beginning March 31 is intellectual property related to Neue Magnetodyn's Electro-Nail Implant System for Bone Stimulation in Trauma and the Hip Cap Resurfacing System with Integral Electromagnetic Bone Stimulation.
Funding
Wright Medical announced the March 11 expiration of its tender offer to purchase outstanding 2.625% Convertible Senior Notes due 2014 at $1,000 per $1,000 principal amount of Notes. The company used the proceeds from a $150.0 million borrowing under the delayed draw term loan facility available under its amended and restated credit agreement and cash on hand to fund the purchase of all $170.9 million of the Convertible Notes validly tendered in the tender offer and not withdrawn prior to the expiration date. The company says that, "With our Convertible Notes now substantially replaced by borrowings under our Senior Credit Facility, we have extended the maturity of our debt, increased our total debt capacity and increased the flexibility of our capital structure."
Regulatory
K2M received CE mark clearance for the RAVINE Lateral Access and ALEUTIAN Lateral Interbody Systems. The company says the RAVINE offers a dual flat-blade platform, rigid fixation to the spine and an option for a third and fourth blade. The ALEUTIAN Lateral consists of PEEK interbody implants that are used in conjunction with the RAVINE Retractor.
Legal
Smith & Nephew filed suit against nine former employees alleging a conspiracy to misappropriate company trade secrets. The suit alleges that the team working on the company’s Visionaire product "had been planning to stage a mass resignation and start a new company."
Clinical
OrthAlign announced the publication of clinical results associated with the use of its KneeAlign device, a hand-held surgical navigation system that aids in tibial alignment. Results showed that among 42 knees undergoing TKA, postoperative radiographs demonstrated that 97.6% of the tibial components were placed within 90 degrees ± 2 degrees to the mechanical axis in the coronal plane, and 96.2% of the components were placed within 3 degrees ± 2 degrees to the mechanical axis in the sagittal plane. The study's lead author commented, "The KneeAlign greatly improves the accuracy of tibial component alignment in TKA." The study was published in the Journal of Arthroplasty.
Licensing and Distribution Agreements
Misonix signed a new agreement with Aesculap for non-exclusive U.S. distribution for the BoneScalpel Ultrasonic Bone Cutting System in the United States. The agreement, which is limited to applications in the spine and cranium, replaces a prior exclusive distribution agreement between the parties.
Shukla Medical entered into a definitive licensing agreement with Kytogenics Pharmaceuticals, Inc., granting Shukla Medical exclusive rights to Kytogenics' proprietary chitosan-derived biopolymer technology for use in the field of cartilage repair. Shukla Medical is developing resorbable implants for the treatment of articular cartilage defects.
Operations
Inion resumed full operations as a private company following a "challenging period in business during 2009-2010." The company develops and manufactures biodegradable implants for spine, specialty orthopedic, CMF and dental applications.
Appointments
DePuy announced that Namal Nawana has been appointed Worldwide President of DePuy Spine, succeeding Gary Fischetti, who was promoted to the role of DePuy's Company Group Chairman in January. Mr. Nawana has been with Johnson & Johnson and DePuy for more than 13 years, serving in roles in engineering, marketing, sales and general management in Europe, Canada, Australia and Asia Pacific.
