Smith & Nephew expands robotics R&D footprint in Pittsburgh

Smith & NephewSmith & Nephew (NYSE:SNN) is slated to open a new robotics R&D and medical education center in Pittsburgh in 2020, according to a report from the Pittsburgh Post-Gazette.

The facilities are located in the city’s Strip district, according to the report, and will triple the floor space for London-based Smith & Nephew’s robotics business, which currently employs approximately 100 individuals in the area, according to the report.

“Pittsburgh is the R&D headquarters of our rapidly expanding robotics business and we are very excited to be the first tenants at The Stacks at 3 Crossings. This state-of-the art facility will be a key innovation center for Smith & Nephew that will provide an engaging environment for both current and prospective new employees to create next generation surgical robotic platforms,” Smith & Nephew R&D robotics and surgical enablers VP Brian McKinnon told the Post-Gazette.

The new facility will focus on robotics and allow an expansion of Smith & Nephew’s Navio surgical system and the development of next-generation products, according to the report. It will also include a medical training center focused on the company’s robotic platforms.

Earlier this month, Smith & Nephew said that it inked a deal to acquire patient monitoring system developer Leaf Healthcare for an undisclosed amount.

The 10 largest orthopedic device companies in the world

skeleton bones orthopedic device companies orthopedics ortho

[Image courtesy of Unsplash]

Robot-assisted surgery continues to generate headlines in the orthopedics space. But there is so much more going on among the world’s largest orthopedic device companies.

Go to our sister site Medical Design & Outsourcing and discover what’s new among the 10 largest companies in the medical device industry’s ortho sector.

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Note: Medical Design & Outsourcing drew on research for its annual Big 100 list of largest medical device companies to create the 10 largest orthopedic device companies list.

 

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Report: Smith & Nephew IT worker helps police nab laptop thief

Smith & Nephew

An IT worker at a Smith & Nephew (NYSE:SNN) facility in North Attleboro, Mass. has aided officials in arresting a man accused of breaking into six businesses in the area and stealing laptops and other items, according to a report from the Mansfield News.

The suspect, 56-year-old Reginald Shepard, allegedly began breaking into businesses in the Mansfield industrial park last August, with the first theft reported as having occurred at Alpha Analytical Labs on August 31. Three more break-ins were reported to have occurred on November 12, according to the report.

Shepard and his vehicle were identified using surveillance video, “particularly with the help and footage from an information technology employee at Smith & Nephew,” according to the Mansfield News report.

Last December, Shepard was arrested on traffic-related violations, and admitted to the larcenies after being questioned, according to the report.

Earlier this week, Smith & Nephew said that it inked a deal to acquire patient monitoring system developer Leaf Healthcare for an undisclosed amount.

Smith & Nephew to acquire patient monitor dev Leaf Healthcare

Smith & Nephew, Leaf Healthcare

Smith & Nephew (NYSE:SNN) said today that it inked a deal to acquire patient monitoring system developer Leaf Healthcare for an undisclosed amount.

London-based Smith & Nephew said that the acquisition follows a successful two-year partnership deal with Pleasanton, Calif.-based Leaf Healthcare in which Smith & Nephew served as its exclusive distributor and as a strategic investor.

Leaf Healthcare’s flagship product is their Leaf patient monitoring system, which features a wearable wireless sensor designed to track patient movement and notify caregivers to prevent immobility-related health complications, such as pressure ulcers or injuries.

Smith & Nephew said that the Leaf system will join the Allevyn Life, Allevyn Gentle Border and Secura skin care products in its pressure injury prevention portfolio.

“The benefits of patient turning and improved patient mobility are well recognized, including the potential for shorter hospital stays. We are proud of the impact our technology has already made through our existing relationship with Smith & Nephew. We are excited by this new opportunity to deploy our award-winning pressure injury prevention technology through Smith & Nephew’s extensive advanced wound management portfolio,” Leaf Healthcare co-founder & CEO Dr. Barrett Larson said in a prepared statement.

Smith & Nephew said that it expects the acquisition to close during the second quarter of this year, and added that it will finance the purchase from existing cash and debt facilities.

“Consistent with our initial strategic investment, Smith & Nephew is focused on providing not just products to treat conditions, but also supporting clinicians with technologies designed for prevention as well as treatment, and helping healthcare facilities reduce the cost of care. The Leaf patient monitoring system is highly complementary to Smith & Nephew’s existing wound portfolio and we are excited by the opportunities of expanding this product within our global portfolio,” Smith & Nephew advanced wound management prez Simon Fraser said in a press release.

Last week, a group of Osiris Therapeutics (NSDQ:OSIR) shareholders announced they are suing to block its $660 million acquisition by Smith & Nephew because the purchase price is too low.

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Sterilization plant closures: Here’s why you need to care

(Image by Jose Fontano on Unsplash)

The recent shutdown of a Sterigenics medical device sterilization plant in Willowbrook, Ill. has affected medtech giants such as Becton Dickinson (NYSE:BDX), Boston Scientific (NYSE:BSX), Medtronic (NYSE:MDT), Smith & Nephew (NYSE:SNN) and Stryker (NYSE:SYK), according to an FDA list of devices processed at the sterilization plant.

Medium-sized and smaller firms, including Teleflex Medical (NYSE:TFX), Arthrex and ArthroCare also had devices processed there. The Willowbrook plant sterilized 594 types of devices, including sutures, clamps, knives, stents and needles. With a Viant sterilization plant in Grand Rapids, Mich. slated to close later this year, the FDA is warning of spot shortages, and smaller medtech companies may be the hardest hit.

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

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Osiris shareholders sue to block $660m merger with Smith & Nephew

Smith & Nephew to acquires Osiris TherapeuticsA group of Osiris Therapeutics (NSDQ:OSIR) shareholders is suing to block its $660 million acquisition by Smith & Nephew (NYSE:SNN) because the purchase price is too low.

Earlier this month the British orthopedics and wound care giant put $19 per share on the table to acquire Osiris and its regenerative medicine portfolio, representing a 37% premium on the 90-day volume-weighted average for OSIR shares.

The deal is structured as a two-step tender offer, with Osiris chairman & co-founder Peter Friedli agreeing to commit his 30% stake. The acquisition is slated to close during the second quarter, with the 360 people employed by Osiris joining S&N, that company said. Osiris put up profit growth of 334.9% to $36.9 million last year, on sales growth of 20.5% to $142.8 million.

The lawsuit, brought by lead plaintiffs Elizabeth Recupero and Raymond Morrison in the U.S. District Court for Maryland against Friedli and fellow directors Thomas Knapp, Willi Miesch and Charles Reinhart III, alleges that the $19-per-share price “does not adequately reflect Osiris’s future growth prospects.” The suit disputes the calculation by Cantor Fitzgerald, which advised Osiris on the deal, saying that it’s based on revenue projections that are roughly half of the actual revenue growth from the prior four years.

“Over the prior four-year period, Osiris has grown revenues at 20%+ per year. At a valuation of $19.00 per share, Cantor Fitzgerald’s discounted cash flow analysis utilizes management’s projections which reflect revenue growth of just 10%, 10%, 9%, and 9% for 2019, 2020, 2021, and 2022, respectively,” according to the lawsuit. “Using Cantor Fitzgerald’s DCF model and the application of more appropriate revenue growth rates during the forecast period of 15% – 18%, (rather than 9%-10%) results in implied value per share of approximately $24.00, an increase of $5.00 per share over the offer price.”

That would make Osiris worth something more like $834 million.

The lawsuit seeks to block the merger “until such time that the individual defendants have adequately undertaken all appropriate and available methods to obtain a transaction which is in the best interests of Osiris’s stockholders,” according to the compliant.

Should the deal go through, the lawsuit asks the court to rescind the merger and award compensatory and rescissory damages. Either way the lawsuit wants the plaintiff’s legal costs to be covered by the defendants.

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10+ orthopedic products from AAOS 2019 you need to know

Attendees line up to register for the American Academy of Orthopaedic Surgeons annual meeting in Las Vegas this week. More than 30,000 people were expected. (Image from AAOS)

The American Academy of Orthopaedic Surgeons (AAOS) annual meeting in Las Vegas is abuzz about robotics, according to industry analysts from SVB Leerink.

While the SVB Leerink analysts termed Stryker’s  (NYSE:SYK) Mako platform “best-in-class,” it’s an expanding category. Other major orthopedics companies are using this week’s AAOS meeting to introduce new offerings or tout updates to existing ones.

Johnson & Johnson (NYSE:JNJ), for example, said it plans to debut its Orthotaxy total knee system in 2020, with spine, hip and eventually shoulder indications likely to follow. J&J bought the French robot-assisted surgery startup in 2018, and didn’t have any photos of the prototype to share. But the analysts said it attaches to the patient table and includes a saw/bone cutting capability, like Mako. Unlike Mako, it will not have haptic capability. Rather, it gets the surgeon locked into a cutting plane and preserves the surgeon’s control of the saw (side to side and front to back) on that plane.

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

 

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Smith & Nephew acquires Brainlab assets, teases next-gen robotic surgical platform

Smith & Nephew

Smith & Nephew (NYSE:SNN) said yesterday that it acquired Brainlab‘s orthopedic joint reconstruction business and teased the unveiling of a next-generation surgical robotics platform for later this year.

The London-based company said that its acquisition of Brainlab’s orthopaedic joint reconstruction business included its associated salesforce, which it plans to fold into its surgical robotics division. It added that it will look to install Brainlab’s hip software onto its currently-in-development Navio 7.0 handheld surgical system, which it plans to release during the second half of this year.

Along with the acquisition, Smith & Nephew said that it inked a collaborative development deal with Brainlab to develop additional applications for its advanced automation platform.

“The near term commercial opportunities with the innovation of our robotics platform and the integration of the Brainlab hip software are very compelling. Not to mention, the strong collaboration on design and development of next generation technology that will bring our customers more differentiated advanced surgical capabilities.  We’re excited to work together with Brainlab to bring the future of the digitally integrated O.R. to life and into the hands of surgeons world-wide,” prez Skip Kiil said in a prepared statement.

In the same release, the company said that it expects to complete development of its next-generation surgical robotics platform some time later this year, with a full commercial release in 2020. It teased that the new platform will have a dramatically reduced footprint and be able to be incorporated into the company’s sports medicine tower, and that the system will be faster than its still-in-development Navio 7.0.

Smith & Nephew added that its research & development program is looking to add augmented reality, stand-alone robotic arms and machine learning to the platform, and that it plans to open a new R&D and education center focused on robotics in Pittsburgh.

“Smith & Nephew is making a long-term commitment to bring together advanced technologies in robotics, digital surgery, and machine learning as well as augmented reality to empower surgeons and improve clinical outcomes. Over time these digital surgery and robotic assets will be deployed across all surgical specialities and healthcare settings where Smith & Nephew’s operates, starting with orthopaedic reconstruction and sports medicine,” CEO Namal Nawana said in a press release.

Yesterday, Smith & Nephew said that it agreed to put $660 million on the table to acquire Osiris Therapeutics (NSDQ:OSIR) and its regenerative medicine portfolio.

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HydroCision names Tranchemontagne as CEO | Personnel Moves – March 12, 2019

HydroCision CEO Tranchemontagne

HydroCision said early this month that it tapped former Smith & Nephew (NYSE:SNN) exec Alain Tranchemontagne as its new chief executive officer.

Prior to joining Boston-based HydroCision, Tranchemontagne held a position as U.S. business commercial development senior VP at Smith & Nephew. Before joining Smith & Nephew, Tranchemontagne also held positions at Covidien in senior marketing roles in the patient care division.

We are delighted to have Alain spearhead the next growth chapter in HydroCision’s future. The board was impressed with Alain’s proven track record at major medical device companies, his leadership and market development experience, as well as his passion and energy to broaden the use of our patented, proprietary technology,” board chair John Schulte said in a press release.

“I’m incredibly honored to be joining HydroCision, and I look forward to working closely with the dedicated HydroCision employees and the Board to deliver on the enormous opportunity that lies ahead. I’m also eager to quickly accelerate HydroCision’s growth trajectory, particularly leveraging our unique and differentiated technology into new surgical applications,” Tranchemontagne said in a prepared statement.

 Senseonics taps Kaufman as chief medical officer

Senseonics (NYSE:SENS) said this month it named Dr. Francine Kaufman as its new chief medical officer, effective immediately.

Kaufman previously served as a director at the Comprehensive Childhood Diabetes Center and head of the Children’s Hospital of Los Angeles’ Center for Endocrinology, Diabetes and Metabolism, Germantown, Md.-based Senseonics said.

“We are pleased to have Fran join the executive leadership team at Senseonics. As chief medical officer, she will be instrumental in helping drive forward our innovation platform and the clinical value proposition of the Eversense system. Fran is one of the world’s leading endocrinologists and her deep understanding of the global medical, research, and clinical diabetes community coupled with her track record of applying novel technologies to advance diabetes care for patients make her ideally suited for the role. We are confident that with her leadership, we will further transform and elevate the Eversense platform and bolster our US commercialization efforts at this critical point,” prez & CEO Tim Goodnow said in a press release.

“I am very excited to join the Senseonics team, especially at this point where I feel I have an opportunity to help lay the foundation for the first long-term implantable continuous glucose monitoring system. I have spent my career exploring the treatment and management of diabetes to improve outcomes for patients. I believe in the clinical value the Eversense system provides and am eager to help patients and providers realize its benefits,” Kaufman said in a prepared statement.

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 Camber Spine Tech appoints Dickinson as sales & new biz dev VP

Camber Spine Technologies said last week that it appointed Ryan Dickinson as its new sales and new business dev VP.

Prior to joining King of Prussia, Penn.-based Camber Spine, Dickinson has held positions with Verticor Spine and Invictus Medical, which he helped found.

“After leaving corporate America in 2017 and moving to West Palm Beach I vowed never to return to it again. It only took a few interactions with the founders of Camber Spine to see that they had something truly special brewing. Once I saw the efficacy and revolutionary technology of their implants I was hooked. That coupled with the testimonials of my own doctors using their products, I wanted in, I needed to be a part of what they were doing.  There’s a sense of magic in their implants, a magic that is going to catapult them to limitless heights. I am very excited to join the Camber Spine team. I believe the potential for growth is tremendous given the smart and passionate people that I have already met in the company and a very strong brand portfolio including their two very exciting proprietary technology platforms Spira and Enza,” Dickinson said in a prepared statement.

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 Qure.ai taps former GE Health exec Singh as CCO

Qure.ai said last week that it named former GE Healthcare exec Chiranjiv Singh as its new chief commercial officer.

Prior to joining Qure.ai, Singh served in a number of marketing and sales roles with GE Healthcare including X-ray division chief marketing officer, the San Mateo, Calif.-based company said.

“Chiranjiv’s track record of delivering growth in diverse geographies combined with his recent experience of leveraging the power of artificial intelligence to deliver improved patient outcomes, is aligned to Qure.ai’s key objectives. Over the last 3 years, we have been on a mission to deploy our solutions in the emerging markets, including a strong focus on Tuberculosis, the leading infectious cause of mortality worldwide. Chiranjiv’s global experience will help us reach new markets and drive adoption globally,” co-founcer & CEO Prashant Warier said in a press release.

“I’m proud to join a team that has recently published its 5th peer reviewed journal publication in the last year, including the first AI publication in The Lancet. The data science teams from Qure.ai have also presented more than 20 scientific abstracts at leading Radiology conferences such as RSNA and ECR. While there are many companies building algorithms, the fact that we are one of the few AI healthcare companies that is backing up the technology with both academic and industry validations is proof of the quality of our solutions. I see a huge opportunity for market creation and growth by understanding clinical needs and embedding Qure.ai solutions into user workflows to deliver maximum impact. I’m excited to be part of this journey to deliver value to patients and our healthcare system,” Singh said in a prepared statement.

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 Aethlon Medical names Boswell as quality systems, regulatory affairs director

Aethlon Medical (NSDQ:AEMD) said last week that it appointed Lisa Boswell as its quality systems and regulatory affairs director.

Prior to joining San Diego-based Aethlon Medical, Boswell held positions in quality assurance and regulatory affairs at Zoll Data Systems as well as positions in quality control at GlobeImmune.

“Lisa’s leadership will be critical as we move the Hemopurifier through the next stages of development.  Given the recent designation of the Hemopurifier as a Breakthrough Device by the FDA, it is extremely important that robust Quality Systems and Manufacturing processes are in place to support ongoing development and planned clinical trials,” interim CEO Dr. Timothy Rodell said in a press release.

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Smith & Nephew puts up $660m for Osiris Therapeutics

Smith & Nephew to acquires Osiris TherapeuticsSmith & Nephew (NYSE:SNN) said today that it agreed to put $660 milli0on on the table to acquire Osiris Therapeutics (NSDQ:OSIR) and its regenerative medicine portfolio.

The British orthopedics and wound care giant said the $19-per-share deal is a 37% premium on the 90-day volume-weighted average for OSIR shares. It’s structured as a two-step tender offer, Smith & Nephew said, with Osiris chairman & co-founder Peter Friedli agreeing to commit his 30% stake. The acquisition is slated to close during the second quarter, with the 360 people employed by Osiris joining S&N, that company said.

“Greater presence in the fast-growing regenerative medicine market enhances our portfolio and will help immediately accelerate our wound management business as well as provide longer term innovations in additional channels and indications. We sought out a fast growing portfolio with strong clinical evidence addressing critical needs in the marketplace,” CEO Namal Nawana said in prepared remarks.

“I am immensely proud of the business we have built from our research into advanced regenerative technologies. Smith & Nephew is the best new owner to take these products forward, widening access to more customers and restoring quality of life for more patients,” Friedli added.

Osiris put up sales of $102 million for the nine months ended Sept. 30, 2018 and $36.5 million during last year’s third quarter. Fourth-quarter and full-year results are on tap for March 15, Smith & Nephew said.

The cash-and-debt transaction is expected to add to S&N’s adjusted earnings per share starting next year, with return on invested capital topping the cost of capital three years after closing, the company said.

OSIR shares closed up 0.9% at $18.88 each yesterday. SNN shares, which closed up 0.8% at $38.79, were up 0.7% to $39.04 apiece just before the open today.

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