November 1, 2008
Cohera Medical Inc. (Pittsburgh) has been named the winner of the Pittsburgh Technology Council's 2008 Tech 50 Rising Star award. "We are extremely pleased that Cohera Medical's tissue adhesive technology has been recognized for its innovation and economic potential," said Cohera CEO Patrick Daly. The council's Rising Star award is given to an entrepreneurial company less than three years old that offers the most distinctive products or services among the contending companies, and shows promise of becoming a significant economic force in the area.
Since peaking above $6 in November 2007, the share price for Ivivi Technologies Inc. (Montvale, NJ) has undergone a slow and irregular decline. In September, the company received a deficiency notice from the Nasdaq stock exchange, after its stock closed below the minimum bid price of $1.00 per share for 30 consecutive business days.
News got a little better in October, when FDA agreed to reopen premarket notification (510(k)) review for the company's noninvasive electrotherapy system. "We are extremely pleased that FDA has taken the time to review the data submitted in support of our appeal, and has agreed to reopen our 510(k) covering the SofPulse M-10, Roma (3), and Torino II targeted pulsed electromagnetic field products," commented Steven Gluckstern, Ivivi chairman, president, and CEO. In spite of that news, however, the company's share price has remained well below $1.00.
Cook Medical (Bloomington, IN) has announced the launch of a new biosurgery strategic business unit dedicated to growing the company's tissue-regeneration technology. Under the new unit, Cook will offer the latest generation of its Biodesign technology for hernia repair and other soft-tissue repair procedures.
In October, a surgical team at Sahlgrenska University Hospital (Göteborg, Sweden) performed Sweden's first implant of the CardioWest temporary total artificial heart by SynCardia Systems Inc. (Tucson, AZ). The recipient was a 31-year-old male patient who was said to be just hours from death.
Celera Corp. (Alameda, CA) and Abbott (Abbott Park, IL) have entered into a research collaboration to identify genetic markers for one of Abbott's investigational compounds. A key aim of the collaboration is to investigate whether genetic variants that Celera has identified can predict how patients may respond to treatment. Any resulting companion diagnostic product could be developed by Celera and commercialized through its existing strategic alliance with Abbott.
Medtronic Inc. (Minneapolis) is acquiring CryoCath Technologies Inc. (Montreal) in a deal valued at approximately $380 million. "Medtronic's offer reflects its endorsement of our cryoablation technology and the role that our flagship product, Arctic Front, will play in treating atrial fibrillation patients around the world," said CryoCath president and CEO Jan Keltjens.
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