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July 8, 2022
2 Min Read
In a shocking end to the Theranos trial drama, a jury found ex-COO Ramesh "Sunny" Balwani guilty on all 12 criminal charges against him. In January, Elizabeth Holmes, Balwani's ex-girlfriend and the founder/CEO of Theranos, was convicted of four charges of defrauding investors.
Just when we thought the 2021 trend of medtech special purpose acquisition corporation (SPAC) mergers was dead, two startups in recent weeks have proved us wrong. Last year, companies began using SPAC mergers as an alternative method of going public. This year, we've seen several companies back out of SPAC deals, citing challenging market conditions. Now, Orchestra BioMed and Human Longevity have each announced SPAC mergers, suggesting a possible return to the SPAC trend we saw in 2021.
Period tracker and fertility apps landed in the crosshairs after the Supreme Court overturned Roe v. Wade, with some experts urging women to delete all traces of digital menstural tracking from their devices. Popular period app developers such as Flo, however, are responding to privacy concerns by beefing up security around their apps and adding annonymous mode options for users to continue tracking their cycle annonomously.
And in case you missed our last Medtech in a Minute report...
An administrative judge from the International Trade Commission (ITC) has ruled that Apple has infringed on AliveCor’s electrocardiogram technology. Now the full ITC will preside over the issue. The ITC has scheduled its final determination for October 26. The spat between the two companies began in December 2020 when AliveCor filed a federal lawsuit regarding the patent infringement. In April 2021, AliveCor said it wanted to block the importation of all the Apple Watches in the United States, and filed a patent infringement complaint with the ITC.
Citing economic challenges and a drop in government funding for COVID-19 testing, Cue Health slashed its manufacturing workforce by 170 people. The White House is reportedly diverting more than $10 billion it had planned to spend on testing and personal protective equipment to buy new vaccines and treatments. A Cue spokesperson told MD+DI in an email that the company is confident in its long-term strategy as it continues to broaden its customer base and advance its menue of future care offerings.
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