A cost-cutting drive will be launched by Siemens Healthineers in hopes of saving over $293 million, with results expected to be apparent in 2020, as it gears up for an approximately $49 billion initial public offering. The company, which expects to see modest earnings increase this year, said its goal is "to achieve continuous productivity improvements going forward."
Data from India's Department of Industrial Policy and Promotion showed the medtech sector saw a drop in foreign direct investment during the first nine months of last year to $173 million, compared with $416.7 million in the same period last year. The decrease was attributed to the government's order to cap prices of certain medical devices, as well as to changes in the country's regulatory environment.
The second closing of a debut financing round brought in $25 million for early-stage venture capital firm pi Ventures, bringing the company closer to its goal of $30 million. So far, the firm has made investments in four companies, including wearable medical device startup ten3T and medtech startup SigTuple Technologies.
An equity offering pulled in $24,550 for Fort Collins, Colo.-based MyoCardioCare, bringing the company closer to its target of approximately $59,000. The company, which manufactures an invasive medical device for use in responding to cardiac arrest, is also looking to raise funds from government agencies to advance its device to FDA clinical trials and commercialization.
The state of medtech investment has improved since 2012, and now, venture firms are looking for reasonable expectations, management quality, business opportunity and a company's relationship with investors, among other things, in their search for investees, according to a panel at the Redefining Early Stage Investment meeting. The panelists said investors avoid companies that are evasive about possible pitfalls, as well as those that have too positive of an outlook and unrealistic timelines for completion of transactions.
The opioid epidemic is one of the deadliest problems facing the US today. "A key solution to the current national crisis of opioid abuse is providing access to alternative pain management solutions for the people who need them," said Shaye Mandle, CEO of the Minnesota-based Medical Alley Association. "The medical device industry currently delivers many non-opioid alternatives and can play a leadership role in addressing this epidemic." For example, Myoscience uses cryoablation therapy to ablate signal-carrying members of nerves, stopping pain signals from traveling to the brain. Nevro, Stimwave and St. Jude Medical (now part of Abbott) are just a couple of companies that are currently marketing spinal cord stimulation or neurostimulation to treat acute and chronic pain. Read the story.
Several tech firms showed off digital health devices at CES, including InteraXon, a Canadian startup creating a neurofeedback headband, and Looxid Labs, a Korean company developing a headset for reading brain waves. Also, virtual reality is being considered as a health tool, and Brennan Spiegel, research director at the Cedars-Sinai medical center in Los Angeles, believes that its uses in pain management could help ease issues with opioid dependence.
Two-year outcome data from a trial presented at the North American Neuromodulation Society meeting showed that among 42 patients who used Abbott Laboratories' implantable spinal cord stimulators for chronic pain, the company's BurstDR stimulation waveform was preferred by 81%, compared with traditional stimulation that was preferred by 10%. A company spokeswoman said the results are "consistent with Abbott's vast breadth of clinical evidence and continues to yield strong results, especially in the real world."
A first-in-human study of RenalGuard Solutions' RenalGuard System, presented at the Device Therapies for Heart Failure Congress, showed the technology, intended for contrast-induced acute kidney injury prevention, can manage fluids in diuretic therapy in patients with heart failure. Meanwhile, another presentation showed the system did not demonstrate a fluid loss rate higher than the rate set by clinicians in the system.
Singapore's Health Sciences Authority gave Histoindex a Class A license for its stain-free Laennec digital pathology imaging system, which is intended to facilitate clinical diagnosis of chronic liver diseases, including liver fibrosis. The technology enables tissue scanning and generation of digital images showing affected cells and collagen fibers using a novel Second Harmonics Generation and Two-Photon Excitation technology.
European regulators gave Becton Dickinson and Dutch company Check-Points Health CE mark approval for the BD MAX Check-Points CPO assay, designed for use in screening patients for the presence of antibiotic-resistant carbapenemase-producing organisms. The next-generation, PCR-based test, which operates on the fully automated BD MAX system, takes less than 2.5 hours to produce results and comes with an additional target and improved workflow, compared with the earlier version.
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