Originally Published MX May/June 2005
MILESTONES
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| Chen |
ACMI Corp. (Southborough, MA) has announced the creation of a gynecology and surgical specialties business unit. The new unit will focus on areas of endoscopy and minimally invasive procedures in which ACMI has strong clinical and technological expertise, including gynecology, laparoscopy, and anesthesia. Larry Hicks, who previously worked at Karl Storz Endoscopy, will assume the title of vice president of sales and marketing. "These organizational changes will increase our overall competitiveness as well as create a more-unified, resourceful organization," said Herald Chen, CEO of ACMI.
Genzyme Corp. (Cambridge, MA) has acquired Verigen AG (Leverkusen, Germany) for $10 million, with potential payments of up to $40 million if regulatory approval and sales milestones are met during the next six years. Genzyme said that Verigen's matrix-induced autologous chondrocyte implantation cartilage repair therapy will fit well with its existing orthopedic products. In addition, Genzyme will take over Verigen's cell-culture facilities in Europe and Australia.
CHF Technologies Inc. (Danville, CA), a manufacturer of devices for congestive heart failure surgery, has changed its name to BioVentrix. The name change became effective in mid-February. The company manufactures the Blue Egg Sizer, a tool used to resize the left ventricle during heart resizing, a set of minimally invasive procedures developed by the company.
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| Zizic |
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| Murphy |
BioniCare Medical Technologies Inc. (Sparks, MD), manufacturer of the Bio-1000 system, a pulsed electrical stimulation device for osteoarthritis of the knee, has signed a partnership agreement with RS Medical (Vancouver, WA). Under the deal, RS Medical will sell the Bio-1000 to more than 150 metropolitan markets across the United States. "RS Medical has a deep understanding of our marketplace and customers," said Thomas Zizic, MD, president, CEO, and cofounder of BioniCare. Founded in 1990, RS Medical provides physician-prescribed home electrotherapy devices to patients. "We are pleased to add BioniCare's unique technology to our therapy options for patients, further enhancing our position in physician-prescribed electrotherapy devices," said Randy Murphy, vice president of marketing for RS Medical.
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| McGraw |
Medical device incubator and technology brokerage firm Hatch Medical LLC (Duluth, GA) has signed an exclusive, worldwide license agreement with J. Kevin McGraw, MD, for his percutaneous spinal stabilization system. The technology involves an image-guided series of curved stabilization devices to link adjacent vertebrae.
Cleveland BioLabs (Cleveland), a spin-off from the Cleveland Clinic, has received $5.9 million from a group of institutional and private investors to support initial clinical trials for its cancer treatment therapies. The company's compounds shield healthy cells and tissues from chemotherapy agents and radiation therapies. Researchers have also found the product to be potentially useful in protecting against radioactive biological warfare weapons.
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| Reid-Anderson |
Dade Behring Holdings Inc. (Deerfield, IL) has announced plans to refinance its debt. Under an agreement with a consortium of banks, the company will receive a $600 million revolving credit facility. "The new facility will reduce our borrowing costs, greatly increase the company's financial flexibility, and provide adequate liquidity to repay our senior subordinated notes," said Jim Reid-Anderson, chairman, president, and CEO of Dade Behring. In 2004, Dade Behring posted revenues of just under $1.6 billion.
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| Hildebrandt |
Recom Managed Systems Inc. (Los Angeles) has completed private placement financing of $5 million. The company also issued warrants to purchase an additional 1,500,000 shares at $1.60 per share. Recom anticipates using the money to commercialize its Model 100 heart monitor 12-lead electrocardiograph technology. "With our proprietary technology and the Model 100 heart monitor ready for commercial distribution, we have enormous confidence in the company's immediate and long-term future," said Rodney Hildebrandt, COO, secretary, and a board member of Recom.
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