MedTech 100 roundup: Markets skid after strong stretch

Following a strong performance over the last couple of weeks, the medtech market experienced one of its most significant drop-offs in recent months amid investor worries over a rise in COVID-19 cases in some states.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.12 points at the end of last week (June 12). That total represents a -6% decrease from the 87.37-point total at the same time a week prior (June 5), highlighting a significant drop from one of the strongest stretches the medtech market had seen since the COVID-19 pandemic hit.

Meanwhile, the S&P 500 Index experienced a -4.8% decrease from June 5 to June 12, and the Dow Jones Index fared even worse with a -5.6% increase over the same period of time. The drop-off is stark compared to this time a week ago, when both indexes saw sizeable growth — rising 3.14% and 6.81%, respectively.

The earlier market surge came on the back of t…

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Okami Medical raises $7.2m to support vascular occlusion system

The LOBO vascular occlusion system [Image courtesy of Okami Medical]

Months after the first use of its LOBO vascular occlusion system on patients, Okami Medical has raised more than $7.2 million.

The Aliso Viejo, Calif.–based company raised the money from 18 investors, according to an SEC Form D filed June 10.

After securing FDA clearance in late 2019, Okami Medical announced the first use of LOBO on a patient in March. The LOBO (Low-Profile Braided Occluder ) system’s creators designed it to provide interventional physicians with a single-device, one-and-done solution for the occlusion of various arterial targets without the need for multiple embolic devices.

The system’s HDBraid technology is meant to create a highly occlusive pore structure to substantially reduces blood flow and accelerate vessel closure. The LOBO-3 occluder is meant for use in 1.5 to 3 mm diameter vessels.

T…

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