Miracor Medical closes $35m Series D

Miracor Medical Systems said today it raised $34.6 million (EU €30 million) Series D round of financing to help support the development and commercialization of its PiCSO Impulse System.

The round was led by Ming Capital and co-led by a strategic investor, the Belgium-based company said. The round was also joined by newly invested Belgian investment fund Quest for Growth and existing investors Ming Capital, SFPI and Meusinvest.

The company’s PiCSO therapy is designed to be used during stenting procedures for patients affected by acute myocardial infarcts to improve pressure in the coronary venous system to improve microcirculatory flow and improve perfusion in the infarcted area.

Data from a recent trial of the PiCSO device, presented at the EuroPCR 2018 conference, indicates that use of the PiCSO impulse system is associated with early improvement of coronary microvascular function, and that therapy with the system results in significantly lower Index of Microcirculatory Resistance scores at 24 to 48 hours compared to control treatments.

“These clinical results are very encouraging. The additional funds enable us to validate the technology in new clinical studies including a randomized clinical trial to start this year in Europe, and launch the PiCSO therapy to help patients, CEO Olivier Delporte said in a press release.

In January, Miracor Medical said that it closed a $30.2 million (EU €25 million) round of funding as part of Series D financing round with funds slated to support further development and commercialization of its PiCSO impulse system, and announced it moved its headquarters from Austria to Belgium.

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Exosome therapeutics dev Evox raises $45m in Series B

Exosome therapeutics company Evox Therapeutics said today that it raised $45.4 million (GBP £35.5 million) in a Series B round of financing.

The funding round was led by Redmile Group, new investments from GV, formerly known as Google Ventures, and Cowen Healthcare Investments, the Oxford, U.K.-based company said. The round was joined by Panacea Healthcare Venture, Borealis Ventures and existing investors Oxford Sciences Innovation and Oxford University.

Read the whole story on our sister site, Drug Delivery Business News

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Magnolia Medical launches Sterpaith Gen2 system

Magnolia Medical Technologies said yesterday it launched its Steripath Gen2 blood collection system.

The next-generation device features mechanical initial specimen diversion and improved usability based on input from end users, the Seattle-based company said.

“Our team is very pleased with the 83 percent reduction in blood culture contamination we have achieved using Steripath. Based on this success, we are now expanding and standardizing its use throughout all Lee Health hospitals,”  Jessica Plante of Lee Health said in a press release.

“At Magnolia, we are committed to eliminating blood culture contamination by empowering healthcare providers with the advanced technologies they need to significantly reduce false positive diagnostic results for sepsis, and the associated patient safety risks, global antibiotic resistance implications and avoidable costs to our healthcare system. Our customers have demonstrated reproducible, sustained results in hospital settings ranging from large academic and government institutions to small community hospitals. We look forward to continued partnership and support of our hospital customers in establishing a new standard of care in sepsis testing accuracy,” CEO Greg Bullington said in a prepared statement.

Last April, Magnolia Medical Tech said that it raised $7.3 million in a round of funding to support its Steripath blood collection system.

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Ortho start-up Embody raises $2m

Orthopedic-focused medtech startup Embody raised $1.5 million to help support its tendon and ligament-treating products, according to a Hampton Roads Business Journal report.

The round was led by 757 Angels and the Center for Innovative Technology, according to the report.

Embody is using proprietary manufacturing techniques to produce advanced collagen matrices intended for use in tendon and ligament repairs, according to the company’s website.

The company is pursuing FDA approval of its products and is hopeful for a launch next year, according to the Hampton Roads Business Journal report.

The new funds add to the $12 million in funding the company received from a Defense Advanced Research Projects Agency grant as well as a $150,000 loan from the Norfolk Economic Development Authority’s Innovation Fund, according to the report. The company also won $800,000 in funding from the Virginia Bioscience Health Research Corporation to work with the University of Virginia and Old Dominion University.

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Nanovis raises $6m

Regenerative life sciences company Nanovis said this month it raised $5.5 million in a new funding round slated to support its nano-technology enhanced spinal implants.

The round was brokered by Commenda Securities and joined by key investors Elevate Ventures, 1st Source Capital Corporation, Purdue’s Foundry Investment Fund, Commenda Capital and Ellipsis Ventures, the Carmel, Ind.-based company said.

“Our investment in Nanovis is consistent with our mission to support the ongoing development and success of entrepreneurial businesses across Indiana. This latest round of funding will provide Nanovis the growth capital they need as a high-performing, high-growth business,” Elevate Ventures CEO Chris LaMothe said in a prepared statement.

Funds raised in the round will be used to support working capital and sales needs as the company looks to meet demand for its spinal implants.

“Investors recognized that Nanovis’ technology portfolio offers interbodies with the best combination of a deeply porous bone interface scaffold with a tailored nanotube surface and bridging bone visualization. Nanovis’ nanotube surface is the only nanotechnology in the spine market with which scientists can customize and control the spacing of the nanofeatures. Appropriate nanofeature design and control is important in optimizing bone growth. As a result, our distribution partners are already seeing rapid sales growth and hospital approvals for Nanovis’ FortiCore interbodies. In addition, we are receiving strong interest from surgeons in participating in our nanotube enhanced FortiCore interbody launch,” CEO Matt Hedrick said in a press release.

In March 2016, Nanovis said that it won a grant from the National Institute of Health’s National Institute on Aging to fund pre-clinical studies of its FortiCore interbody fusion device.

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Philips buys military health-monitoring software

Chief Master Sgt. Robert Bean, an Air Force pararescue jumper, demonstrates how Batdok can be worn on the wrist, displaying the health status of multiple patients. (Photo by
Richard Eldridge/US Air Force)

Philips Healthcare has signed a non-exclusive patent license agreement with the U.S. Air Force Research Laboratory for a mobile software application that provides integrated, real-time patient monitoring.

Known as Batdok, an acronym for Battlefield Assisted Trauma Distributed Observation Kit, the software application was developed by the 711th Human Performance Wing at Wright-Patterson Air Force Base. Designed as a wearable technology, it allows a medic to efficiently monitor multiple casualties in the field using a smartphone or tablet. Adaptation for civilian applications will advance telemedicine capabilities, the company said.

Get the full story on our sister site, Medical Design & Outsourcing.

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Alcon withdraws all CyPass micro-stents, says it will not affect spin-off

Novartis (NYSE:NVS)’s Alcon said this week it is voluntarily withdrawing its CyPass micro-stents from the global market, but that the withdrawal will not affect its planned spin-out.

The decision to pull the devices comes off the analysis of five-year post-surgery data from the Compass-XT study of the device, which showed that patients treated with the stent had statistically significant loss of endothelial cells as compared to a control group. Endothelial cells are believed to be vital in maintaining visual functionality.

The company advised surgeons to immediately cease further implantation of the devices and return any unused devices to Alcon, and added that it will be communicating with surgeons with recommendations for evaluating and managing patients who have already been implanted with the device.

“We believe that withdrawing the CyPass micro-stent from the market is in patients’ best interest and is the right thing to do. Although we are removing the product from the market now out of an abundance of caution, we intend to partner with the FDA and other regulators to explore labeling changes that would support the reintroduction of the CyPass Micro-Stent in the future,” chief medical officer Dr. Stephen Lane said in a press release.

The withdrawal won’t affect Alcon’s planned spin-off from Novartis, according to a Reuters report, and should be immaterial to the company’s total sales.

Novartis’ Alcon won FDA clearance for the CyPass micro-stent, with indications for reducing intraocular pressure in patients suffering from glaucoma, in July 2016.

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Philips acquires pulse oximetry sensor maker Xhale Assurance

Royal Philips (NYSE:PHG) said this week it acquired pulse oximetry sensor maker Xhale Assurance for an undisclosed amount.

Xhale Assurance produces a disposable pulse oximetry sensor designed to be placed on the wing of the nose to monitor heart rate and blood oxygenation under low perfusion conditions, which Amsterdam-based Philips said can be challenging with conventional fingertip sensors.

Philips said that the acquisition will differentiate its existing oxygen saturation monitoring solutions protfolio and allow it to expand into an underserved clinical segment.

“Xhale Assurance’s nasal alar sensor offers exceptional clinical capabilities and strengthens our patient monitoring offering with a next-generation pulse oximetry sensor technology. The sensor technology also offers opportunities to develop measurements of further physiologic parameters. I am excited that this will augment our ability to offer solutions that enhance patient safety, support clinical workflow, improve caregiver efficiency, and help our customers implement value-based healthcare,” Philips monitoring & analytics biz leader Felix Baader said in a press release.

Earlier this week, a report emerged suggesting Philips is looking to cut another 280 jobs from its Andover, Mass.-based facilities.

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Bovie Medical closes $97m sale of core electro-cautery biz to Symmetry Surgical

Bovie Medical (NYSE:BVX) said today it closed the $97 million sale of its core electro-cautery business, including the Bovie brand, to Symmetry Surgical.

The all-cash sale comes as Clearwater, Fla.-based Bovie looks to pivot toward the cosmetic surgery market, and includes transition services, patent licensing, disposables supply and generator manufacturing agreements. The deal also includes terms which will position Bovie as an OEM supplier to Symmetry for at least 10 years.

The sale, originally announced last month, leaves the advanced energy business and a pair of sites in Clearwater and Sofia, Bulgaria under the company’s belt as it looks to commercialize its J-Plasma and Renuvion offerings.

Bovie said that shareholders voted to approve the divestiture at an annual meeting today.

“The closing of the divestiture and sale of our core business segment to Symmetry is an important milestone for our organization as it allows us to further focus on our strategic objective of commercializing our J-Plasma technology under the Renuvion brand in the cosmetic surgery market. We believe this transaction has already created significant value for our shareholders and positions us to aggressively pursue the extremely compelling opportunity our Advanced Energy business has in serving the cosmetic surgery market. We look forward to sharing more details about the future growth and profitability profile of our Company – as well as updating our fiscal year 2018 financial guidance – on our corporate update call on September 5, 2018,” CEO Charlie Goodwin said in a press release.

Shares in Bovie Medical are up approximately 5.7%, at $5.24 as of 2:37 p.m. EDT.

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Report: Boston Scientific to expand Clonmel, Ireland-based facilities

Boston Scientific (NYSE:BSX) is planning on expanding its Clonmel, Ireland-based facilities at the end of the year, according to a new report from The Nationalist.

The expansion is dependent upon final planning approval which is slated for September, according to the report.

The Marlborough, Mass.-based company plans to add an approximately 34,000 square-foot administration building to its facilities in the area, as well as an additional 155 parking spaces.

Boston Scientific has already won conditional approval from the Tipperary County Council for the expansion, according to The Nationalist.

“We are very positive about this substantial investment in the site’s future,” the company said, according to the report.

Earlier this month, Boston Scientific said that it plans to submit the final technical module for the FDA premarket approval application for its Lotus Edge aortic heart valve system by the end of next week.

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