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Orthopedic and Dental Industry News Complete Archive »

Musculoskeletal News Roundup 19-Nov-09 BY LAUREN UZDIENSKI, NOVEMBER 19, 2009

Earnings
ArthroCare restated its earnings from 2004 through 2Q:09. The company reported total revenue for 2008 of $314.2 million, up 12% over 2007. Relative to prior-year periods, 1Q:09 revenues increased 2% to $78.8 million; 2Q:09 revenues decreased 6% to $80.8 million based on unfavorable currency translations. Segment data was not released for these periods. The company plans to file 3Q:09 "as soon as is practicable."

M&A
TiGenix announced plans to acquire Orthomimetics, Ltd. for EUR 16 million ($23.7 million) in an all-stock transaction. Orthomimetics is developing a scaffold for tissue regeneration comprised of collagen, glycosaminoglycans and calcium phosphate, while TiGenix recently launched ChondroCelect, an ACI product.

Funding
Cardo Medical raised $6.2 million from the sale of common stock, which the company plans to use for working capital, general corporate purposes and research and development, including the integration of its recent acquisitions and the launch of its total knee system. Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for this transaction.

NuOrtho closed a $1.0 million Series B round from private investors. The company is developing a probe that uses low-level radio frequencies to smooth and contour damaged knee cartilage. The funds will support a 510(k) application and scaling up manufacturing operations in preparation for a 2010 launch.

Regulatory
Bonovo Orthopedics received clearance from the Chinese government to market Pioneer Surgical's spinal fusion portfolio.

Doctors Research Group received FDA 510(k) clearance to market KRYPTONITE bone cement for use in cranioplasties.

Ellipse Technologies received clearance under the CE mark for its MAGEC Technology for the treatment of spinal deformity. MAGEC allows for the non-invasive adjustment of spinal implants via remote control.

Spineology received FDA clearance for its Capture Facet Screw System, an MIS system designed to treat lumbar degenerative disc disease. The system delivers bilateral facet screws using an over-the-wire technique. The screws feature a double-head design for simplified handling.

Product Introduction and Update
CONMED Linvatec released the Bullseye Anatomic Cruciate Reconstruction System, which allows for single-bundle and double-bundle cruciate reconstructions. The Bullseye System will be supported with new, smaller sizes of the company's Matryx biocomposite interference screws, which are made from beta tri-calcium phosphate.

Medtronic launched the TSRH 3Dx Spinal System for multiple spinal pathologies. The system features a Multi Planar Adjusting screw option, which offers a variable-angle posted screw. The system also includes the Osteogrip, which has a dual-lead thread pattern that the company says reduces toggle at the bone-screw interface.

Wright Medical Group initiated a limited rollout of the VALOR Ankle Fusion Nail, which can be used to treat arthritis, skeletal deformity or diabetes. The company says the VALOR offers multiple implant sizes, lengths and configurations, and each nail features a compression device that "allows surgeons to control the compression between the bone surfaces" to aid in fusion.

Legal
MicroAire filed a patent infringement suit against Arthrex over a surgical instrument.

Clinical
Integra LifeSciences suspended new patient enrollment in its clinical study for DuraGen Plus Adhesion Barrier Matrix in spinal surgery. The company says that a "significantly larger" study population would be necessary to demonstrate a statistically significant difference between control and the study arm.

Collaborations
curasan signed an agreement with Ben-Gurion University in Israel to co-develop bone regeneration materials. curasan will invest EUR 0.9 million ($1.3 million) to assist the university in pairing a protein matrix with a carrier; in return, curasan will be granted exclusive licensing rights for all resulting products.

Distribution
Misonix entered into a three-year distribution agreement with Chirugia whereby Chirugia will sell Misonix's SonaStar ultrasonic surgical aspirator and BoneScalpel ultrasonic bone cutter in Argentina. The agreement includes minimum purchase requirements.

Appointments
Wright Medical Group appointed Lance A. Berry as Senior Vice President and Chief Financial Officer, replacing John K. Bakewell, who is accepting a position with another company. The transition is effective December 11th.

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