Medical Alley startups achieve ‘relatively normal’ funding despite pandemic

Medical Alley Association member startups pulled in more than $256 million in funding through June, signaling a “relatively normal” first half of the year 2020 despite the COVID-19 pandemic and battered economy, according to the Minnesota-based trade group.

In total, 40 companies raised $256,406,357 in the first 6 months of the year. The $1.75 million median raise falls behind last year’s record $1.99 million as the second highest median raise for a first half in the last 5 years, indicative of a class of companies that took earlier-stage rounds in previous years and have successfully grown and matured.

Get the full story on our sister site, Medical Design & Outsourcing.

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Medtech 100 roundup: Stocks peak to end May

Medtech stocks hit their highest point since before the COVID-19 pandemic rocked the markets as May came to a close last week.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 87.17 points at the end of last week (May 29). That total represents a 2.3% gain from the 85.22-point total at the same time a week prior (May 22).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 40.3% growth in total, marking the highest rise the index has seen since its previous mid-pandemic high of 85.77 on May 4.

However, the stocks are down 5.6% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19, although that is the smallest margin of decline over the past three months.

Compared to the S&P 500 Index, which experienced a 3% increase from May 22 to May 29, the medtech index took a similarly sizeable leap. The Dow Jones Index f…

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Conventus Orthopedics acquires Flower Orthopedics

Conventus Orthopaedics announced today that it acquired single-use, sterile-packaged implant and instrument kit maker Flower Orthopedics.

Flower Orthopedics develops the sterile FlowerCube system for eliminating expensive set processing, enabling surgical facilities to complete back-to-back cases, enhance efficiency and maximize resources, according to a news release.

In addition to its fixation portfolio, Flower also drew interest from Conventus with its extension into the wound care market for orthopedic and podiatric surgeons.

“Flower is an excellent strategic fit with Conventus,” Conventus CEO Rick Epstein said in the release. “With ongoing concerns over viral and infection risks associated with heavy reusable orthopedic implant trays, Flower’s Ready-for-Surgery platform reduces exposure to bioburden while enhancing OR efficiencies.

We will continue to develop and acquire innovative products and companies that improve p…

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