MedTech 100 roundup: Another rebound as markets continue to fluctuate

Medtech stocks rebounded from a significant dip earlier in June last week, continuing to highlight the topsy-turvy nature of the markets during the COVID-19 pandemic.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 85.00 points at the end of last week (June 19). That total represents a 3.5% increase from the 82.12-point total at the same time a week prior (June 12), demonstrating another uptick after a -6% drop-off just one week before.

Meanwhile, the S&P 500 Index experienced a 1.9% increase from June 12 to June 19, and the Dow Jones Index fared slightly worse with a 1% increase over the same period of time. Both indexes mirrored medtech’s rebound, having posted -4.8% and -5.6% decreases, respectively, the week before.

Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 36.8% growth in total. Stocks i…

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Pandemic forces Proteus into bankruptcy

Proteus Digital Health has filed for Chapter 11 bankruptcy protection, noting that its efforts to raise money or sell the company fell victim to the COVID-19 pandemic.

The Redwood City, Calif.-based company missed a $100 million funding target in December. Once valued at $1.5 billion, Proteus previously raised $420 million from investors including Novartis Venture Fund and Kaiser Permanente Ventures, according to an April report by Forbes.

Proteus’ products combine oral medications with an ingestible sensor. The sensor-embedded pill was approved by the FDA in November 2017. Otsuka Pharmaceutical (TYO:4578) and Proteus developed the Abilify MyCite pill to treat schizophrenia, manic and mixed episodes linked with bipolar I disorder and depression in adults. Otsuka and Proteus signed an $88 million deal in 2018 in which Proteus would help Otsuka develop more digital medicines while commercializing the smart pill technology.

The first cancer patients were tr…

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