Medtech in a Minute: Stolen Medtronic Devices, and More
06 Oct 2023
Acquisition
Stolen Medtronic Devices Are Being Peddled Online
Medtronic alerted customers that stolen defective McGrath Mac video laryngoscopes are being offered for sale by unauthorized third parties on multiple social media sites. The products, according to the company, were designated for destruction after failing quality tests. But before the devices could be destroyed, they were stolen.
Another Medtech SPAC Bites the Dust
Medtech companies holding out hope for going public via a special purpose acquisition corporation (SPAC) merger should probably reconsider that strategy. Medtech SPAC deals were all the rage in 2021 but the trend died out in 2022. Earlier this year, Avertix Medical announced a SPAC merger with Bios Acquisition, renewing hope in the exit strategy. That hope died this week, however, when the companies agreed to scrap the merger. Avertix is developing an implantable heart attack warning system.
Robotics Company Raises €38M
Microsure raised €38M in a series B2 round to finalize the development of its newest microsurgical robot MUSA-3 for clinical studies, followed by submissions for FDA clearance and a CE mark.
And in case you missed our last Medtech in a Minute report...
Edwards Raided Over Antitrust Suspicions
Edwards Lifesciences has found itself in the crosshairs of an antitrust investigation in Europe. A week after the European Commission said it had carried out an unannounced inspection at a cardiovascular medical device company, Edwards revealed that antitrust regulators raided one of its facilities in Europe. Few details are known at this time, but the company said it is cooperating with the investigation.
Philips Accused of Putting Profits Over Patients
ProPublica and the Pittsburgh Post-Gazette published an investigative report on the Philips Respironics recall. Based on a year-long investigation involving more than 200 interviews and a review of thousands of complaints (including 370 deaths), the report accuses the company of putting profits over patients for more than a decade before initiating its massive 2021 recall of ventilators and sleep apnea machines.
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