NYC makes a play to become a hub for medical device startups. NuVasive Sued. Stryker wants to expand into China with purchase of Trauson. Hackers can steal patient data from medical devices.
Can New York City Become a Medical Device Hub?
New York City is stepping up its efforts to become an attractive locale for medical device and life science technology startups. Though many companies are based in NYC, findings show that investment is leaving the NY area and traveling as far as San Francisco. Now universities and public/private partnerships are devising plans to attract medical entrepreneurs to the area. [Xconomy]
Stryker Moves to Acquire Trauson
In efforts to expand in the Chinese orthopedic market Stryker Corp. announced this week that it will make a voluntary general offer to purchase Hong Kong-based Trauson Holdings Co Ltd for $764 million in cash. Trauson is the leading trauma manufacturer in China and a major competitor in the spine segment. In a press statement, Kevin Lobo, president and CEO of Stryker, says, "The acquisition of a leading player in the Chinese trauma and spine market underscores our commitment to strengthening our presence globally. With its research and development expertise, manufacturing capabilities, and strength of its distribution network, Trauson is a compelling opportunity for Stryker to drive growth in China and other emerging markets for years to come." [Stryker
NuVasive Sued for Breach of Contract
Andrew Cappuccino, M.D., a renowned orthopedic surgeon, noted as the orthopedic surgeon for the Buffalo Bills, has filed a lawsuit accusing NuVasive Inc. of breach of contract. Cappuccino charges NuVasive with failure to pay a $660,000 "milestone payment" tied to FDA approval of a medical device used for cervical disc replacement. The device, the PCM, was developed by Cervitech, a company in which Dr. Cappuccino was a prime investor and which was acquired by NuVasive. The case is ongoing. [PR Newswire
|Image via SC Magazine
Medical Device Hack Reveals Patient Data
It's getting to a point where it'd be more surprising to find a medical device that wasn't vulnerable to hackers. Researchers have recently found vulnerabilities in two popular medical management platforms that could give malicious hackers access to patient data and records. The companies involved have disputed claims of these exploits. [SC Magazine]