MILESTONES
AngioDynamics Inc. (Queensbury, NY) plans to acquire RITA Medical Systems Inc. (Fremont, CA) for $220 million plus the assumption of approximately $3.3 million in net debt. A provider of medical devices for the diagnosis and treatment of peripheral vascular diseases, AngioDynamics reports that the merger will create a diversified medical technology company with a broad line of access, diagnostic, and therapeutic products that enable interventional physicians and surgeons to treat peripheral vascular diseases and cancerous tumors. "The combination of AngioDynamics and RITA will create a leader in serving the needs of interventional radiologists, vascular surgeons, and other medical specialties with a compelling product portfolio of exciting technologies," said Eamonn P. Hobbs, president and CEO of AngioDynamics. "Interventional oncology is a large and growing area for our existing customer base, and RITA's leadership position, premium products, and excellent reputation fit our strategy perfectly."
Magellan Biosciences (Chelmsford, MA) has acquired Trek Diagnostic Systems (Cleveland), a provider of clinical diagnostic products for infectious diseases. Trek will operate as a wholly owned subsidiary of Magellan and continue to serve customers under the Trek Diagnostic Systems brand name. The existing management team and the company's approximately 150 employees are expected to remain with the company. "This transaction accelerates our strategy to become a leading diagnostics company focused on products for hospital-based labs and near-patient testing," said Robert J. Rosenthal, PhD, president and CEO of Magellan.
 |
| Valeriani |
Johnson & Johnson Inc. (J&J; New Brunswick, NJ) plans to acquire cardiovascular device company Conor Medsystems Inc. (Menlo Park, CA) for approximately $1.4 billion. J&J reports that the acquisition will provide its subsidiary Cordis Corp. (Miami Lakes, FL) with a unique controlled drug-delivery technology. The technology is employed on Conor's CoStar stent system, which is currently sold outside the United States. "Cordis led the transformation of the treatment of coronary artery disease with the introduction of the first coronary stent, and later reinvented the category with the creation of the Cypher sirolimus-eluting stent," said Nicholas J. Valeriani, J&J worldwide chairman for cardiovascular devices and diagnostics. "With Conor Medsystems, we are positioned to lead the development of next-generation technologies aimed at advancing the standard of care in the treatment of coronary artery disease."
 |
| Lucas |
DNA-based genetic tests developer Tm Bioscience Corp. (Toronto) has announced that its board of directors has initiated a process to explore strategic alternatives to enhance shareholder value. Such alternatives include—but are not limited to—the sale or merger of the company with another entity. "We have recently received several inquiries and believe this interest shows that there is awareness of our market leadership and the attractive qualities of our business," said Paul M. Lucas, chairman of Tm Bioscience. "We believe this indication of interest demonstrates that it is an ideal time to explore our options."
Toshiba America Medical Systems Inc. (Tustin, CA) announced the grand opening of the Toshiba Education Center. A $6 million, 4840-sq-ft expansion to the Toshiba Training Academy, the center provides a full complement of state-of-the-art classrooms and laboratories equipped with Toshiba's advanced computed tomography, magnetic resonance, and vascular products. "Toshiba's commitment to customer care starts at the beginning of every customer relationship," said Anita Bowler, manager of customer education at the Toshiba Learning Center. "Ensuring that technologists and physicians are as educated as possible on our systems ultimately results in improved patient care."
 |
| Watson |
Optos plc (Dunfermline, Scotland), a medical technology company that manufactures retinal imaging devices, has entered into a license agreement with the University of Rochester (Rochester, NY) that provides the company with exclusive access to certain patents for using adaptive optics to improve the diagnostic capability and resolution of retinal images. "Adaptive optics has the potential to significantly enhance our product offering and overall value proposition in helping eye and healthcare practitioners deliver state-of-the-art, efficient, and altogether higher levels of clinical care to their patients," said Allan Watson, Optos plc interim CEO and CFO. "This agreement reflects our commitment to innovation and to maintaining a leading-edge position in the field of retinal imaging."
Avantis Medical Systems Inc. (Sunnyvale, CA) has raised $12 million in a series B round of financing. Avantis is developing the Third Eye retroscope, a device for the detection of colon cancers and polyps that are hidden from the view of a standard colonoscope. The series B financing will be used to fund development and commercialization of the product in the United States, including ramping up manufacturing and distribution. The round of financing was led by Montreux Equity Partners (Menlo Park, CA) and joined by existing investors.
 |
| Hayes |
Radiant Medical Inc. (Redwood City, CA), a private medical technology company focused on the research and development of endovascular therapeutic hypothermia, has initiated the cool radiocontrast nephropathy trial, a safety and efficacy study of catheter-based cooling in patients undergoing cardiac catheterization who are at risk of developing radiocontrast nephropathy (RCN). "Patients with preexisting renal insufficiency or diabetes are at particularly high risk of developing RCN after cardiac catheterization," said Kenneth G. Hayes, president and CEO of Radiant Medical. "In recent years, numerous RCN studies have investigated preventive therapies with mixed results. One new potential therapy is mild hypothermia to protect the kidneys of high-risk patients while they are undergoing cardiac catheterization."
NeoGuide Systems Inc. (Los Gatos, CA), a developer of technology to prevent and treat colorectal cancer, has raised $25 million in a series C round of financing. NeoGuide is developing a computer-assisted colonoscopy system designed to enhance physician control of the colonoscope and to eliminate looping. The series C financing will be used to fund commercialization of the system in the United States, including ramping up manufacturing and the sales and service organizations. The round of financing was led by Advent Venture Partners (London).
 |
| Gindes |
Affinergy Inc. (Research Triangle Park, NC), a Duke University spinout that develops site-specific biological delivery systems, has been awarded a phase 2 small business innovation research grant for more than $1.8 million. The multiyear grant is funded through the National Institutes of Health by the National Institute of Arthritis and Musculoskeletal and Skin Diseases (Bethesda, MD). "Affinergy is very excited to move forward with this important program," said Jonathan Gindes, Affinergy's CFO and senior vice president of business development. "This further validates our technology as reviewed by scientific peers and acknowledges the progress that was demonstrated by our staff during phase 1 of the program. Affinergy and our shareholders are grateful for the ability to continue these programs without the need for external funding."
 |
| Ganske |
Axela Biosensors Inc. (Toronto) and Abnova Corp. (Taipei City, Taiwan) have signed a collaborative agreement to codevelop reagents and biomarker panels for use on Axela's dotLab system. The dotLab System accelerates the analysis, validation, and commercialization of protein biomarkers by providing real-time protein detection. "We are very pleased to be collaborating with the world's largest monoclonal antibody manufacturer to develop these biomarker panels," said Rocky Ganske, president and CEO of Axela Biosensors. "This is yet another step in Axela's continued contribution to the translation of biomarker discoveries into medical and commercially valuable assays."
 |
| Bates |
Paragon Intellectual Properties LLC (Charleston, WV), the holding company for six medical device development subsidiaries, has attained initial commitments of $15 million in funding. The investments come primarily from private investors in West Virginia, in addition to equity stakes from two major medical device manufacturers. The company reports that the funding will enable Paragon to obtain the engineering talent and infrastructure required to fulfill its near-term goal of optimizing and commercializing two of its therapies in the field of minimally invasive treatments for cardiovascular disease. "We are pleased to have achieved this funding milestone, which will allow Paragon to accelerate its mission of giving hope to patients with complex medical conditions through a pioneering device development model," said Mark C. Bates, MD, Paragon founder and CEO.
Teleflex Inc. (Limerick, PA) has acquired the assets of Taut Inc. (Geneva, IL), a provider of instruments and devices for minimally invasive surgical procedures. The business will become part of Teleflex Medical, a division of Teleflex Inc. Prior to the transaction, terms of which were not disclosed, Teleflex was already a distributor of Taut products in Europe. "The Taut product lines are a great fit with the Teleflex Medical family of brands," said Ernest Waaser, president of Teleflex Medical. "Teleflex has already achieved success as a distributor of Taut products in Europe, and our global sales force will be able to promote and extend the product line."
