August 15 – August 21, 2005
Aug 21st: OSI Pharmaceuticals, Inc. Buying Eyetech
Pharmaceuticals, Inc. For $935 Million
OSI Pharmaceuticals, Inc. and Eyetech Pharmaceuticals, Inc. today
announced that they have entered into a definitive merger agreement
whereby OSI has agreed to acquire Eyetech, a biopharmaceutical
company that focuses on the development and commercialization of
novel therapeutics to treat eye diseases. Under the merger
agreement, OSI will acquire all outstanding shares of Eyetech common
stock at a price of $20 per share in a combination of cash and OSI
common stock, for an aggregate purchase price of approximately $935
million, representing a 43 percent premium over Eyetech's $13.99
closing share price on August 19, 2005. The merger agreement calls
for 75 percent of the purchase price, or $15 per share, to be paid
in cash with the remaining 25 percent to be paid in OSI common stock
using an exchange ratio of 0.12275 OSI shares for each share of
Eyetech. The acquisition is subject to a number of closing
conditions, including Eyetech stockholder approval and regulatory
approvals, and the parties expect to close the transaction by the
end of 2005. Eyetech will seek stockholder approval of the
transaction at a special meeting called to consider the merger, the
date of which will be announced following completion of initial
regulatory filings.
Aug 19th: Guidant to Launch New Wireless Heart Failure
Communication Technology System in U.S.; Guidant Announces Full
Availability of Cardiac Rhythm Management Product Line
Guidant Corporation announced U.S. Food and Drug Administration
(FDA) approval of its CONTAK RENEWAL(R) 3 RF cardiac
resynchronization therapy defibrillator (CRT-D) for heart failure
patients and the ZOOM (R) LATITUDE(TM) programmer. The RENEWAL 3 RF
CRT-D is Guidant's first wandless cardiac resynchronization therapy
device. The ZOOM LATITUDE programmer is a next generation programmer
designed to interface with devices that include remote monitoring
capability, such as the RENEWAL 3 RF, as well as the current global
implant base of Guidant devices.
This wireless system is designed to save physicians and patients
time during implant and at follow-up, with device interrogations
that can be three times faster than Guidant's previous programmer.
In addition, Guidant's wireless communication technology removes the
programmer wand from the sterile implant field. Guidant plans to
introduce these products in the U.S. during the fourth quarter of
this year.
Aug 18th: Medtronic Reports Record First Quarter Revenues of
$2.7 Billion; Growth in Cardiac Rhythm Management, Spinal and
Diabetes Businesses Highlight First Quarter’s Results
Medtronic recorded first quarter fiscal year 2006 revenues of
$2.690 billion, a 15 percent increase over the $2.346 billion
recorded in the first quarter of fiscal year 2005.
"Medtronic entered this fiscal year with very solid momentum and we
are pleased to see that momentum continue through the first
quarter," said Art Collins, chairman and chief executive officer of
Medtronic. "Together, our ICD, Spinal and Diabetes businesses
represented more than 50 percent of our overall revenues and
collectively grew more than 25 percent over the same quarter last
fiscal year."
"In addition to strong growth in our largest businesses, Medtronic
recently received CE Mark approval for the Endeavor stent for use in
most markets outside the United States, and we are very encouraged
by market acceptance of Endeavor thus far," added Collins.
Aug 17th: American Journal of Cardiology Study Finds TAXUS Has Lower
MACE Rate than Cypher
Angiotech Pharmaceuticals, Inc. corporate partner, Boston Scientific
("BSC"), today welcomed the results of an independent study
demonstrating that BSC's TAXUS(R) Express2(TM) paclitaxel- eluting
stent system had lower incidents of major adverse cardiac events
(MACE) than Johnson & Johnson's Cypher(R) sirolimus-eluting stent
system. The results of the study were published in the August 1
edition of the American Journal of Cardiology.
The study showed a safety trend in favor of TAXUS over Cypher in the
cumulative one-year MACE rate, the study's primary endpoint, which
was 15.6 percent for TAXUS versus 20.4 percent for Cypher. Of the
three MACE components, the results favored TAXUS over Cypher in the
cumulative rates of target vessel revascularization (TVR, or
retreatment rate) (5.9 percent for TAXUS versus 10.3 percent for
Cypher) and myocardial infarction (10 percent for TAXUS versus 14.1
percent for Cypher). For the third MACE component, cumulative
mortality, the results were essentially equivalent (7.2 percent for
TAXUS versus 7.7 percent for Cypher).
Aug 17th: Millipore acquires NovAseptic AB: broadens offering
to biotech and pharmaceutical industry
Millipore Corp has completed the acquisition of over 90% of the
shares of NovAseptic AB from the company's majority shareholders.
Millipore is in the process of acquiring the remaining shares from
the minority shareholders. NovAseptic, based in Gothenburg, Sweden,
provides a range of innovative solutions for aseptic processing
applications in biotech and pharmaceutical manufacturing operations.
Millipore is a leading bioprocess and bioscience products and
services company, organized into two divisions. The Bioprocess
division offers solutions that optimize development and
manufacturing of biologics. The Bioscience division provides high
performance products and application insights that improve
laboratory productivity.
Aug 16th: ProRhythm Announces Receipt of European CE Mark for
HIFU Ablation System
ProRhythm, Inc., a developer and manufacturer of medical devices
for the treatment of atrial fibrillation (AF) today announced it has
received the European CE Mark for its High Intensity Focused
Ultrasound (HIFU) Ablation System for the treatment of AF. The CE
Mark certification allows ProRhythm to begin marketing its system
throughout the European Union.
ProRhythm's proprietary balloon catheter to treat tissue in the left
atrium of the heart is used in an AF ablation procedure commonly
called pulmonary vein isolation. The HIFU balloon is inserted
through a vein in the leg of the patient and advanced into the left
atrium. Controlled, discrete ablation lesions around the pulmonary
veins, created with the HIFU catheter and controlled by ProRhythm's
proprietary automated system, stop unwanted electrical impulses from
disrupting the heart's normal rhythm.
Aug 16th: FDA Clears Siemens ARCADIS Avantic Mobile C-Arm;
System Offers a Wide Range of Clinical Applications for Use in
Surgery
The U.S. Food and Drug Administration (FDA) has granted Siemens
Medical Solutions 510(k) clearance for the ARCADIS Avantic, a new
mobile C-arm system. Siemens' new mobile surgery C-arm is the latest
in the ARCADIS family, and is best suited for advanced imaging
requirements in trauma and spine surgery, general surgery and
urology, orthopaedic surgery and pain management, gastroenterology,
and vascular surgery -- representing a capabilities milestone for
the technology.
Aug 15th: 50 Early-Stage Orthopedic and Spine Companies to
Present at Medtech Insight and Windhover Information's 'IN SPINE &
ORTHOPEDICS: Strategic Partnering and Investing in Musculoskeletal
Technology' Conference
Medtech Insight has announced that nearly 30 innovative young
orthopedic and spine technology companies seeking funding and/or
strategic partnership are already confirmed to present at the
company's upcoming "IN SPINE & ORTHOPEDICS: Strategic Partnering and
Investing in Musculoskeletal Technology" conference, out of the 50
companies that will present in all. IN SPINE & ORTHOPEDICS will be
held at the Westin Stonebriar Resort in North Dallas on Nov. 2 and
3, prior to the 3rd Trans Atlantic Spine Congress, and is being
organized in collaboration with the Texas Back Institute and the
Swiss Spine Institute.
The event will provide a focused, single-track forum for a select
group of emerging spine and orthopedics companies to present to an
audience of venture capitalists, investment bankers, corporate
business development executives, and clinicians for purposes of
funding, acquisition, and/or strategic partnership. In addition to
new spine technologies such as dynamic stabilization and disc,
nucleus, annulus repair and replacement, company presentations will
include new developments in arthroscopy, soft tissue
repair/replacement (e.g., cartilage, meniscus, ligaments, patch
materials), image-guided surgery, joint replacement, and trauma,
among others.
Companies confirmed to present thus far include: Affinergy, Angstrom
Medica, Axial Biotech, Biowave, CeraPedics, Clearant, CryoLife, Disc
Dynamics, GMReis, HydroCision, Innovative Spinal Technologies,
Kensey Nash, LDR Spine, Life Spine, MINRAD, ORTHOCON, Paradigm
Spine, Pegasus Biologics, Scil Technology, Silicon Valley Medical,
Spinemark, SpineVision, and Spine Wave, among many others. (For
regularly updated event details, see the Medtech Insight Web site at
http://www.medtechinsight.com/inspine-02.html .)
<< Previous Page
>>
