Private equity group Essex Woodlands has snapped up a 16% stake in surgical peripheral nerve solutions company AxoGen. The company raised $17.5 million to back its existing regenerative medicine products, as well as to develop new candidates for nerves severed during prostate cancer surgery and lower extremity nerve injuries. The financing is expected to put the company in the black for the first time.
Shares of Patterson Companies were down more than 7% to $45.53 on Thursday morning, after the distributor announced disappointing results for its fiscal first quarter. The company reported sales of $1.1 billion and earnings of $46.9 million, or $0.47 a share. Even though earnings were up more than 17% year-over-year, analysts had been expecting EPS of $0.54 on sales of $1.8 billion.
Israeli Viola Private Equity will invest up to $28.4 million in an Israeli publicly listed micro-cap medical device company Itamar Medical. The investment will make the firm the largest shareholder in the cardiovascular and sleep apnea specialist.
Private equity players took wound care company Kinetic Concepts private in a $5 billion buyout in 2011. Then these investors rolled in wound care peer Systagenix for $485 million in October 2013. Prior to that, KCI had already beefed itself up with the 2008 acquisition of tissue regeneration player LifeCell for $1.7 billion.
Rehovot, Israel-based Advanced Inhalation Therapies (AIT) has thrown its hat in the ring to raise up to $36.2 million in an IPO on the Nasdaq Exchange. That's despite the recent rocky market and a dearth of med tech IPOs of late.
MediBeacon will nab $22.4 million via a staged financing from Pansend, which is a subsidiary of diversified holding company HC2 Holdings. The cash will go to bring its first product to market--a real-time, noninvasive kidney monitor.
Palo-Alto, CA-based MocaCare has raised $2 million to launch a tiny handheld monitor that purports to evaluate cardiovascular health. The startup is aiming for a September launch of its device, MocaHeart, with its accompanying smartphone app with a price point of $149.99.
Minimally disruptive spinal implant specialist NuVasive is slated to build-out a new medical device manufacturing facility. The company expects to select a site by the end this year, with the expectation that the new facility will be up and running by the end of 2016.
Insightra Medical has raised $5 million to back its Freedom Octomesh Ventral Hernia System that was cleared by the FDA in May. The Octomesh implant has 8 integrated, radiating arms that are tunneled through the abdominal muscles. This is thought to more effectively hold the implant in place without the need for sutures or hernia tackers, which are suspected culprits in causing post-operative pain.
TriVascular Technologies has managed to raise $10 million in debt--despite a market cap of only about $90 million. Shareholders weren't too pleased--sending the stock down 15% in early trading on the news. That puts it off about 65% for the year so far.