Novo Nordisk Foundation, Harvard, MIT launch research center with focus on diabetes

The Novo Nordisk Foundation, the Broad Institute of MIT and Harvard have launched an initiative to gain insights into disease mechanisms.

In an effort to accelerate efforts to mine genetic data for insights into mechanisms, and eventually rationally designed treatments, the trio of entities launched the Novo Nordisk Foundation Center for Genomic Mechanisms of Disease based at the Broad Institute in Cambridge, Massachusetts.

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Stryker launches new Citrelock tendon fixation device system

[Image from Stryker]Stryker (NYSE:SYK) announced today that its trauma & extremities division launched its Citrelock tendon fixation device system.

According to a news release, the Citrelock system offers surgeons a differentiated design through a tendon thread featuring a resorbable technology — Citregen — that has unique chemical and mechanical properties for orthopedic surgical applications.

Citrelock features a controlled and homogeneous resorption process designed to prevent bulk degradation and chronic inflammation while offering strength comparable to cortical bone with a modulus comparable to cancellous bone, Stryker said.

Additionally, Citregen contains citrate, calcium and phosphate molecules that are inherent to the bone anatomy, while the platform includes a material polymer structure designed to mimic the extracellular matrix protein network. Citregen maintains its structural integrity during the healing phase, too, while the implant is rep…

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Augmedics appoints chief financial officer

Augmedics announced today that it appointed Raj Asarpota as its new executive vice president and chief financial officer.

Chicago-based Augmedics said in a news release that Asarpota, whose role becomes effective today, will lead the company’s global finance organization and will be responsible for accounting, treasury, financial planning and analysis, tax and investor relations.

The augmented reality-based imaging technology developer added that Asarpota’s appointment to the CFO position and experience in the medical device space will complete Augmedics’ senior leadership team.

“I am pleased to welcome Raj Asarpota to our leadership team,” Augmedics CEO Nissan Elimelech said in the release. “His extensive experience in leading the financial operations of spine-focused medical device business – as well as driving successful M&A transactions – will make him an immediate asset to the future of the Augmedics business. He, as well as hi…

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First witnesses in Elizabeth Holmes federal fraud trial take the stand

Former Theranos CEO Elizabeth Holmes leaves after a hearing at a federal court in San Jose, Calif., on July 17, 2019. [Image courtesy of Reuters/Stephen Lam]Two of the prosecution’s witnesses took the stand yesterday on the second day of Elizabeth Holmes’ federal fraud trial.

Theranos’ former financial controller San Ho Spivey, who is referred to as Danise Yam, took the stand and testified the company’s financial condition during its heyday.

Yam told Assistant U.S. Attorney Robert Leach that Theranos had net losses of $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012 and $92 million in 2013, CNBC reports. Yam also testified that Theranos made no revenue in 2012 and 2013 and that the company was spending nearly $2 million per week in 2013.

Theranos had losses of $585 million by 2015, Yam said. Prosecutors, in return, presented a document that was given to investors and showed a revenue forecast of $140 million in 2014 …

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Ivantis to pay $60M in patent litigation settlement with Glaukos

Glaukos (NYSE:GKOS) announced today that it entered into a settlement with Ivantis to terminate a three-year-old patent infringement lawsuit.

San Clemente, California-based Glaukos’ patent infringement lawsuit, initiated on April 14, 2018, in the U.S. District Court for the Central District of California, Southern Division, concerned Ivantis’ Hydrus Microstent for reducing eye pressure in glaucoma patients.

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Medtronic CFO Karen Parkhill honored for financial excellence

Medtronic CFO Karen Parkhill (Photo courtesy of Medtronic)

Medtronic CFO Karen Parkhill has been named as an outstanding finance executive by the Minneapolis/St. Paul Business Journal in Minnesota.

Parkhill is one of 14 individuals who will be honored in the newspaper’s 2021 CFO of the Year awards in November. She was one of two winners in the public company category, joined by Piper Sandler Cos. CFO Tim Carter.

Parkhill joined Fridley, Minnesota-based Medtronic (NYSE:MDT) in 2016. She was previously CFO and vice chair of Comerica. 

In addition to leading Medtronic’s global finance organization and supporting functions (treasury, controller, tax, internal audit, investor relations, corporate strategy and business development), Parkhill also leads IT and the enterprise excellence restructuring program.

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Zimmer Biomet spinoff to be called ZimVie

Zimmer Biomet (NYSE:ZBH) announced today that the planned spinoff of its spine and dental businesses will be called ZimVie.

The news came at the same time that the Warsaw, Ind.–based ortho device giant announced more leadership appointments for the spinoff, including Richard J. Heppenstall as EVP and CFO. Heppenstall most recently served as CFO of Breg and previously held senior leadership positions at Orthofix International, Solera Holdings, Flowserve and Coopervision, among others. He’ll report directly to Vafa Jamali, a former Medtronic executive announced as the spinoff’s CEO earlier this year.

“Rich is joining ZimVie at an instrumental time for the company, as we continue to shape our operating model and business plans in preparation for the planned spin-off,” Jamali said in a news release. “His extensive experience across all areas of finance within the medtech space will be critically important as we advance toward the forma…

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Ibex appoints new CMO, moves CEO to Boston to lead U.S. expansion

Ibex Medical Analytics announced today that it appointed Dr. Douglas Clark as its new chief medical officer.

In addition to appointing Clark to its executive team, Ibex announced that co-founder & CEO Joseph Mossel will relocate to the U.S. to lead the company’s North American expansion efforts from its Boston headquarters.

Clark previously served as CMO at TriCore, having recorded tenures as a physician, professor of pathology and senior executive across his career. He was the chair of the department of pathology at the University of New Mexico School of Medicine and a professor of pathology and oncology at The Johns Hopkins Medical Institutions.

“I am very excited to join the Ibex team and work closely with physicians and providers as they enhance the quality of cancer diagnosis with Ibex’s strong AI,” Clark said in a news release. “My entire career has been dedicated to driving innovation in the pathology laboratory a…

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Cepheid wins EUA for new version of COVID-19, flu, RSV combination diagnostic

[Image from Cepheid]Cepheid announced today that it received FDA emergency use authorization (EUA) for its Xpert Xpress CoV-2/Flu/RSV Plus diagnostic.

Sunnyvale, California-based Cepheid designed its Xpert Xpress Plus as a rapid molecular diagnostic test for the qualitative detection of the viruses causing COVID-19, Flu A, Flu B and respiratory syncytial virus (RSV).

Nearly one year ago, the company received EUA for the Xpert Xpress testing platform. According to a news release, the “plus” version of the test offers a third gene target for SARS-CoV-2 detection to meet the challenge of future viral mutations.

The company touts the test as capable of delivering results in approximately 36 minutes. It expects to begin shipping to U.S. customers in the next few weeks.

“This respiratory season, healthcare providers may encounter a range of viral infections with symptoms that overlap with COVID-19, including Flu A, Flu B, and respirator…

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Scancell picks PharmaJet’s needle-free injection systems to deliver COVID-19 vaccine candidates

PharmaJet announced today that its partner, Scancell, chose its needle-free injection platform to administer its COVID-19 vaccine candidates.

Scancell selected Golden, Colorado-based PharmaJet’s devices to administer two SARS-CoV-2 DNA-based vaccine candidates, SCOV1 and SCOV2. The vaccines will be exclusively administered using the PharmaJet Tropis and PharmaJet Stratis needle-free injection systems.

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Court denies injuction in Medtronic’s non-compete suit against former Medicrea CEO

[Image from Unsplash]A federal court in New York has denied Medtronic a preliminary injunction in its non-compete-agreement lawsuit against former Medicrea CEO Joseph Walland.

Judge Edgardo Ramos of the U.S. District Court of Southern New York, in a Sept. 10 order, ruled that the agreement between Walland and Medtronic was covered by the law in California, where Walland has resided the majority of the time in recent years, and not New York.

Under California law, “every contract by which anyone is restrained from engaging in a lawful profession, trade, or business of any kind is to that extent void,” Ramos wrote.

“An injunction would impose a hardship on Walland because it would bar him from his current employment, and given Medicrea’s nationwide market, he would likely be barred from working anywhere else in the country that overlaps with his specialty,” Ramos said. “Further, if enjoined, Walland will be deprived of the benefits of C…

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Drug delivery tech developer Virpax Pharmaceuticals prices $40M offering

Virpax Pharmaceuticals (NSDQ:VRPX) announced today that it priced an underwritten public offering worth approximately $40 million.

Berwyn, Pennsylvania-based Virpax’s offering includes 6.67 million shares of common stock priced at $6 per share, totaling just over $40 million before deducting underwriting discounts and offering expenses.

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