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Augmedics taps former Medtronic AI expert as new VP of R&D

Augmedics announced today that it appointed former Medtronic leader Dr. Tal Davidson as its VP of research & development.

Davidson most recently served as artificial intelligence (AI) research director site lead for Medtronic’s Visionsense. The medtech giant’s R&D site leads the development of intraoperative visualization and AI opportunities in minimally invasive surgery.

News of Davidson’s appointment comes after Augmedics recently acquired digital health assets from Surgalign and Holo Surgical. Augmedics won a competitive auction for the digital health assets with a cash purchase price of $900,000. The acquisition strengthened the company’s augmented reality (AR) and AI portfolio.

“The future of spine navigation exists at the intersection of best-in-class advanced visualization and decision support,” said Augmedics president & CEO Kevin Hykes. “Tal’s multidisciplinary leadership in intraoperative imaging & artif…

Augmedics to acquire digital health assets from Surgalign auction

Augmedics announced today that it successfully bid for the digital health assets of Surgalign and Holo Surgical following an auction.

Surgalign conducted the court-supervised marketing and sale process following its Chapter 11 bankruptcy filing in June. It conducted the auction process in accordance with bidding procedures approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

According to Surgalign, Augmedics bid for the digital health assets with a cash purchase price of $900,000. It also includes the assumption of certain liabilities.

The Chicago-based augmented reality-based surgical navigation technology developer says the purchase strengthens its portfolio with IP and other digital health assets. Augmedics expects the sale to close pending Bankruptcy Court approval at a hearing set for Aug. 8.

This news follows last month’s announcement of an $82.5 million fundraising round for Augmedics.

“We…

Augmedics closes $82.5M Series D, marks 4,000 U.S. patients treated with Xvision

The Xvision Spine System. [Image from Augmedics]Augmedics announced today that it closed a Series D financing worth $82.5 million just after recording the 4,000th U.S. patient treated with Xvision.

The Xvision Spine System uses augmented reality to give surgeons “x-ray vision” during surgery. It launched new, FDA-cleared features and indications for the system in March. The system superimposes critical data onto the surgical field, allowing surgeons to visualize patient anatomy through the skin and tissue.

CPMG led the financing round, with Evidity Health Capital added as a syndicate partner. Chicago-based Augmedics received participation in the funding round from current investors H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures and more.

The company said in a news release that it plans to use funds to support its “rapidly expanding” U.S. commercial footprint. Augmedics also plans to use it to deliver next-generation plat…

AI is part of Augmedics’ Xvision Spine System expansion

The Xvision Spine System. [Image from Augmedics]Augmedics announced today that it launched new, FDA-cleared features and indications for its Xvision Spine System.

Updates to Xvision come just weeks after the company hit its 3,000-patient milestone for the system. It marks Xvision’s largest expansion since its commercial launch.

Chicago-based Augmedics said in a news release that the launch creates a technical foundation for future platform developments, too.

Augmedics added new features including artificial intelligence (AI)-based image enhancement functionalities. Xvision now also features new customizable views to expand its advanced visualization and customization capabilities.

The system now includes new cervical and iliosacral indications, joining existing thoracic, lumbar and sacral indications. This expands Xvision navigation to cover nearly the entire spine. Surgeons can now utilize the advantages of its navigation in posterior cervical…

Augmedics founder leaves company

Augmedics founder Nissan Elimelech [Image courtesy of Elimelech]More than eight years after founding Augmedics, Nissan Elimelech is leaving the developer of augmented reality surgical guidance systems.

Elimelech stepped down from the corner office in January to make way for former Bardy Diagnostics CEO Kevin Hykes. Elimelech stayed on in a chief product officer role.

But in a LinkedIn post today, Elimelech said: “Building a successful startup is maybe the hardest thing ever, but the reward and satisfaction [is] worth the effort.”

He later cited “significant changes in the company and disagreements with the new management and board” for his departure. “I am now sitting on the sidelines in the cheerleading role, hoping that the company and the technology we have built will be as successful and transformative as we all hoped it will be.”

Hykes responded in a comment, saying, “Thank you, Nissan. Good luck in your…

The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

Augmedics adds former J&J, Medtronic executives to leadership positions

Augmedics announced today that it appointed a new independent director to its board and a new chief marketing officer.

Chicago-based Augmedics confirmed that Nadav Tomer will join as an independent director, while Reed Krider will be chief marketing officer (CMO).

Tomer joins with 23 years of global experience, having retired from Johnson & Johnson in January after most recently serving as the global president of spine for J&J’s DePuy Synthes Companies.

Augmedics’ addition of Tomer to its board of directors follows the January appointment of former Bardy Diagnostics CEO Kevin Hykes as president and CEO.

“Nadav’s experience at the helm of one of the most comprehensive spine portfolios in the world is an invaluable addition to our board,” Hykes said in a news release. “We are excited to leverage his expertise to continue to build on our position as the market-leading AR surgical guidance system for spinal procedures. I am thrille…

Former Bardy Diagnostics CEO assumes corner office at Augmedics

Augmedics announced that it appointed former Bardy Diagnostics CEO Kevin Hykes as its new president & CEO.

Hykes, a 30-year medical device veteran, previously served as an operating partner at Revival Healthcare Capital. Before that, he was president & CEO at Bardy Diagnostics, having held the same roles at Relievant Medsystems before that.

Additionally, Hykes has been an operating partner at Versant Ventures and chairman & CEO at Metavention. Before Metavention, he was president & CEO of Cameron Health, which was bought by Boston Scientific in 2012.

The appointment of Hykes follows the September hiring of 28-year industry veteran Raj Asarpota as CFO of the company, which develops the xvision system for augmented reality-based surgical guidance.

“I am thrilled to welcome a commercial CEO of Kevin’s caliber,” Augmedics Founder Nissan Elimelech, who will stay with the company as chief product officer, said in a news release. “Our abi…

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…

MedTech 100 roundup: Industry continues climb

One week after hitting an all-time best mark, the medtech industry has done it again, reaching new heights on Wall Street.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — continued its rise, finishing the week (July 9) at 114.79 points, a rise of 0.2% from the 114.59-point mark registered a week prior on July 2.

The new high comes in was just 0.21 points ahead of the 114.58-point mark set in April — the industry’s all-time best performance before last week beat it by one point.

Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 24.3% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus an 84.6% increase from the mid-pandemic low of 62.13 (March 23, 2020).

The positive movement in medtech aligns with an uptick in the overall markets this past week, as the S&P 500 Index ri…

Augmedics adds J&J, Stryker veterans to board leadership

Augmedics announced that it appointed Rick Anderson as executive chairman of its board and Bradley Paddock as the board’s independent director.

Chicago-based Augmedics said yesterday in a news release that Anderson joined the board in March upon the closing of Augmedics’ oversubscribed $36 million Series C financing round. Paddock then joined in May and both will assume their new roles effective immediately.

Anderson spent more than three decades as an executive, investor and board member for emerging growth and market-leading healthcare companies. He also serves as the chairman of Revival Healthcare Capital, having previously served as chairman & CEO of ConvaTec, as well as company group chairman at Johnson & Johnson.

Paddock holds over 25 years of experience in medical devices and currently serves as president & CEO at CeQur. Other executive roles for Paddock include global president of spine at Stryker, VP of global sales &…

Augmedics raises $36M in oversubscribed Series C

Augmented reality-based imaging company Augmedics announced that it raised $36 million in an over-subscribed Series C financing round.

Having closed a $21 million Series B round eight months ago, Chicago-based Augmedics has raised $63 million to date, according to a news release. The company plans to use the funds to continue commercialization efforts, develop the next generation of products, expand to new indications and to garner CE mark approval for sales in Europe.

H.I.G. Capital, Revival Healthcare Capital and Almeda Ventures led the financing round, while existing investor XR Invest and new investor HCA Healthcare Health Insight Capital also participated. As part of the financing, Bruce Robertson of H.I.G. and Rick Anderson of Revival will join Augmedics’ board and Almeda’s Amir Blatt will join as a board observer.

Augmedics develops the Xvision Spine, which it touts as the first AR guidance system to be used in surgery. The system is …