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Bioventus entered into an agreement to acquire BioStructures LLC, a developer of bioresorbable bone graft products indicated for a range of spinal and orthopedic surgical applications.
Under the terms of the agreement, Bioventus will acquire BioStructures' entire product portfolio, which is comprised of synthetic, allograft, collagen, and demineralized bone matrix (DBM) solutions for surgeons. BioStructures' key products are: Interface Bioactive Bonegraft, a synthetic graft used to repair osseous defects, and Signafuse Bioactive Bonegraft Putty which is made of a bi-phasic mineral composite and is combined with the company’s bioactive glass and resorbable polymer carrier. Bioventus will also acquire BioStructures' research and development pipeline, and the employees of BioStructures will be given offers to join Bioventus.
The transaction provides Bioventus with a broad offering of bone grafting solutions backed by clinical and technical data. The deal also aligns with Bioventus' strategic initiatives of expanding its presence in the orthobiologics marketplace and developing a next generation Bone Morphogenetic Protein (BMP), a recombinant (artificial) version of a naturally occurring growth factor that encourages mesenchymal stem cells to differentiate into new bone.
Bioventus plans to continue working with BioStructures' current network of distributors, but is aiming to expand the product lines' U.S. footprint.
Aurora Spine reported condensed 3Q:15 financial results. Gross revenue was $1.2 million in 3Q:15, with net sales exhibiting an increase of 116% compared to $0.5 million in 3Q:14. The company's TiNano interbody portfolio represented roughly 60% of 3Q:15 revenues. Sales outside of the U.S. represented approximately 7% of the company's revenues in 3Q:15.
Ellipse Technologies, Inc. filed an S-1 to raise up to $75 million through an initial public offering (IPO) of common shares. The price range and number of shares to be sold in the offering has not yet been determined. The company intends to use the proceeds to expand sales and marketing and research and development initiatives, pay down its term loan credit facility, working capital and general corporate purposes, and to potentially to acquire or invest in complementary products, technologies or businesses.
SI-BONE closed on a new credit facility comprised of a $35.2 million senior secured term loan and a $4 million line of credit from Oxford Finance and Silicon Valley Bank. The company expects to use the funds to accelerate the marketing of its iFuse Implant System for sacroiliac joint fusion surgery.
Vertebral Technologies closed the first tranche of a $3.5 million Series B financing, raised through the company's EB-5 immigrant investor program, which is an investor visa program administered by the U.S. Citizenship and Immigration Services (USCIS). The new capital will help the company expand its manufacturing and inventory capacities concurrent with its sales team, accelerating the commercialization of its expandable, modular- interbody device suite designed to alleviate painful spine conditions.
Zyga Technology completed a round of financing comprised of $15 million in debt supplemented with $5 million in equity. The company intends to use the proceeds to support the growing sales, market development and expansion of clinical studies of its SImmetry Sacroiliac Joint Fusion System and Glyder Facet Restoration Device. Oxford Finance and Bridge Bank co-led the debt refinance and the equity financing included all existing major investors.
St. Jude Medical received approval from the FDA for its Proclaim Elite Spinal Cord Stimulation System, a patient-centric, recharge-free spinal cord stimulation (SCS) system available to people suffering from chronic back pain. The approval includes conditional magnetic resonance (MR) labeling for the system, which aims to allow patients to safely undergo head and extremity MRI scans.
PRODUCT INTRODUCTION & UPDATE
MiMedx received three patents from the U.S. Patent & Trademark office (USPTO) since Nov. 1, 2015. Two of these three patents cover the company's amniotic membrane tissue allografts and the other was related to its CollaFix technology.
Ortho Regenerative Technologies (Ortho RTi) filed a preliminary non-financing prospectus with the securities regulatory authorities of Canada for a proposed distribution by Manitex Capital of a maximum of 1,256,127 Class "A" common shares of Ortho RTi to holders of Manitex common shares as a dividend-in-kind. The dividend would be paid on the basis of one Class "A" common share of Ortho RTi for every ten Manitex common shares which are outstanding.
Ellipse Technologies, Inc. filed an S-1 to raise up to $75 million through an initial public offering (IPO) of common shares. The price range and number of shares to be sold in the offering has not yet been determined.
The company intends to use the proceeds to expand sales and marketing and research and development initiatives, pay down its term loan credit facility, working capital and general corporate purposes, and to potentially to acquire or invest in complementary products, technologies or businesses.
Ellipse develops magnetically adjustable orthopedic implant systems based on the company's proprietary MAGnetic External Control (MAGEC) technology platform. Ellipse's systems are differentiated from conventional orthopedic implant systems because they are able to be adjusted at the time of implantation and non-invasively over the course of treatment in order to accommodate a sub-optimal implantation or the changing clinical needs of patients as they heal, grow or age. Surgeries to adjust traditional implants are highly invasive and associated with significant complications, such as soft tissue disruption, high rates of wound infection, post-operative pain and lengthy recovery times.
The company has commercialized two product families: MAGEC-EOS spinal bracing and distraction system for treatment of early onset scoliosis and PRECICE limb lengthening system, or PRECICE LLD, for treatment of limb length discrepancy. To date, these systems have been used to treat over 4,000 patients worldwide. The company's product pipeline consists of products incorporating its MAGEC technology for a wide range of orthopedic markets, including trauma, knee osteoarthritis and degenerative spine disease.
For the 2014 fiscal year, Ellipse reported total revenue of $25.7 million, representing an increase of 113% on a reported basis compared to $12.0 in 2013. Gross margin increased to 76.1% in 2014 from 69.0% in 2013. As of June 30, 2015, Ellipse's LTM revenues were $35.7 million.
The company plans to list on the NASDAQ Global Market (NasdaqGM) under the ticker symbol "MGEC". Piper Jaffray, William Blair and Canaccord are acting as Lead Bookrunners on the deal, while Oppenheimer will serve as a Co-manager.