The medtech companies potentially affected by Silicon Valley Bank’s closure

The California Department of Financial Protection and Innovation today closed Silicon Valley Bank, which could expose medtech companies with relations to the bank.

According to SVB’s website, half of all U.S. VC-backed tech and life science companies used the Santa Clara, California–based bank.

The FDIC — appointed as receiver in the closing — created the Deposit Insurance National Bank of Santa Clara (DINB). This protects insured depositors, the FDIC said in a news release. At the time of closing, the FDIC immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

Silicon Valley Bank’s reach extends to medtech

BTIG analysts issued a list of companies that could be exposed to Silicon Valley Bank. This includes exposure through loan agreements, revolving credit facilities, and more.

The analysts stressed that the list is only based on these companies’ most recent filings. It lacks full additional detail that …

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Lensar announces first patients treated with Ally adaptive cataract treatment

[Image from Lensar]Lensar today announced the first commercial cases were performed with its Ally adaptive cataract treatment system.

The first procedures were performed by Dr. Robert Weinstock at The Eye Institute of West Florida, where he performed 15 laser-assisted cataract surgery cases following the recent installation of the Ally system.

Ally was FDA cleared in June 2022 and was designed by Lensar to facilitate completing the entire cataract surgery procedure in a single, sterile setting to reduce the overall time and improving the experience for the patient and surgeon.

“This marks the culmination of our dedication and focus to bringing the next generation technology to cataract surgeons. We are proud to partner with Dr. Weinstock as the first surgeon to integrate Ally into his renowned practice for refractive cataract surgery. Dr. Weinstock brings a wealth of surgical expertise and is leading this paradigm shift for cataract surgeons,” CEO Nick Curt…

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