Investors Show Love to Exo, BioIntelliSense, and MedRhythms
The venture capital community has been rather kind to medtech players as of late, especially in fast-growing spaces with technology aimed at decentralizing care. Exo (pronounced echo) reported raising $220 million in a series C round to support commercialization of its handheld ultrasound device and point-of-care ultrasound workflow solution; BioIntelliSense, developer of a wearable sensor for monitoring patient vital signs, raised $45 million in an oversubscribed series B round; and MedRhythms raised $25 million in a series B financing to advance its digital therapeutics platform.
The firm acquired Tepha, developer of a bioresorbable scaffold for soft tissue support and to repair, elevate and reinforce deficiencies where weakness or voids exist. This marks the company's sixth acquisition in fiscal year 2021.
And in case you missed our last Medtech in a Minute report...
FDA has granted Endologix a breakthrough device designation for the ChEVAS System, an endovascular abdominal aortic aneurysm (AAA) sealing technology that combines the Nellix 3.5 endograft with parallel visceral stents to enable treatment of patients with juxtarenal, pararenal and suprarenal AAA. Endologix has been plagued with a series of challenges since 2016, when FDA said the company's Nellix EndoVascular Aneurysm Sealing System might need to be reviewed by an advisory committee. Additional roadblacks ultimately led to Chapter 11 bankruptcy last year, followed by an agreement to go private.
Hillrom wanted to opt-out of acquiring Bardy Diagnostics because it claimed Medicare rate cuts for long-term cardiac monitoring constituted a material adverse event to the merger agreement. The Delaware Chancery Court denied Hillrom’s claim, however. BardyDx developed the Carnation Ambulatory Monitor Patch, a device designed to promote patient compliance, streamline clinical workflow, and yield clinically actionable data in a report. Hillrom now says it will evaluate its strategic options, and that it plans to appeal the court's decision.
Just as the electrophysiology (EP) market is really heating up, Royal Philips has added a new 3D intracardiac echocardiography (ICE) catheter to the mix. Philips says its new real-time 3D intracardiac echocardiography (ICE) catheter has the potential to improve standard of care for structural heart disease and EP procedures.