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Milestones

Originally Published MX May/June 2006

MILESTONES

Siemens Medical Solutions (Malvern, PA) has entered a licensing agreement with Cleveland Clinic to market multipinhole reconstruction and calibration software developed by Cleveland Clinic researchers. The company plans to release a new multipinhole solution based on the technology. In related news, Siemens also recently announced its collaboration with Chongqing Haifu Technology Co. Ltd. (Chongqing, China), a manufacturer of therapeutic ultrasound systems, to develop a magnetic resonance imaging-guided high-intensity focused ultrasound therapy system.

Anderson

Affinergy Inc. (Research Triangle Park, NC), a Duke University spinout that develops site-specific biological delivery systems, has closed on a $3 million round of funding that was led by existing investors. "Affinergy is grateful for the continued support of our shareholders in accelerating our growth," said Peyton Anderson, CEO of Affinergy. "We have many unique and exciting opportunities to leverage our technology platform to improve the performance of medical devices, which will ultimately help many healthcare patients. Affinergy's plan for 2006 is to add new scientists, expand our base of partners, initiate several preclinical programs, and begin developing our own proprietary products. This new funding allows us to begin these investments immediately."

Terumo Corp. (Tokyo), a provider of general hospital, cardiac and vascular, and home healthcare products, has entered an agreement to acquire privately held MicroVention Inc. (Aliso Viejo, CA), which develops and commercializes devices for the minimally invasive, endovascular treatment of cerebral vascular aneurysms. "As Terumo continues to expand its cardiac and vascular businesses, we believe that the acquisition of MicroVention provides a great strategic opportunity for Terumo to further strengthen our intervention business by entering the high-growth area of endovascular coiling," said Takashi Wachi, Terumo's chief executive officer.

Syncro Medical Innovations Inc. (Macon, GA), which manufactures a magnetically guided enteral feeding tube under the name Gabriel, has closed a first-round financing of $2.2 million. The funding, which was led by Norwich Ventures (Cambridge, MA), will allow the company to ramp up sales and marketing efforts for its device.

Precision Therapeutics Inc. (Pittsburgh), a developer of individualized cancer-treatment support tools, has closed a $20 million round of funding. The funds will be used to commercialize the company's cell-based assay test, ChemoFx, designed to quantify a patient's likely tumor response to chemotherapeutic agents. Quaker BioVentures (Philadelphia) led the funding.

Transoma Medical (St. Paul, MN) a manufacturer of implantable wireless monitoring systems, has purchased the assets of the LDS Life Sciences business from LDS Test and Measurement LLC, a subsidiary of SPX Corp. (Charlotte, NC). The LDS business unit produces software and hardware-based systems for the acquisition and analysis of physiological signals. Transoma plans to integrate these products into its wireless implanted sensor systems.

Brady

Moog Inc. (East Aurora, NY), a manufacturer of precision-control components and systems for various high-technology industries, has agreed to acquire the assets of infusion pump manufacturer Curlin Medical LLC (Huntington Beach, CA), as well as the net assets of two affiliated companies. The purchase, valued at about $75 million, will expand Moog's participation in the medical products market. "We've had great success supplying components in the medical equipment field," said R.T. Brady, chairman and CEO of Moog. "We've made an extensive search to find a product platform that would allow us to become more of a systems supplier. Curlin is the ideal answer. The product fits our technical capabilities, sales are growing rapidly, and, after a heavy write-off of purchase accounting adjustments in fiscal 2006, we expect that Curlin will be nicely accretive in future years."

Hinson

Cardiac Science Corp. (Bothell, WA), a manufacturer of cardiac monitoring and defibrillation products, has signed an agreement with software provider Greenway Medical Technologies (Carrollton, GA) that allows for the interfacing of Cardiac Science's Burdick brand electrocardiogram (ECG), exercise stress, and Holter monitoring devices with Greenway's electronic health record (EHR) PrimeSuite solution. PrimeSuite is Greenway's ambulatory software suite that includes integrated practice management, EHR, and managed-care functions. "The integration of our Burdick brand ECG, stress, and Holter devices will enhance the functionality of PrimeSuite by enabling physicians' offices to utilize the market-leading devices that they prefer," said John Hinson, chief executive officer of Cardiac Science. "In the past, EHR integration almost always required physicians to incur significant costs associated with replacing their existing devices."

C. R. Bard Inc. (Murray Hill, NJ) reports that it has acquired assets from PST LLC (Gainesville, FL) related to self-expanding nitinol stent technology. "The PST device currently in development represents an excellent strategic fit and enhancement to Bard's stent portfolio," said Timothy M. Ring, chairman and CEO of Bard. "The related technology and intellectual property also provide a platform for the development of further generations of products. We expect this acquisition to play an important role in the future of our self-expanding stent franchise." Terms of the transaction were not disclosed.

DePuy Orthopaedics Inc. (Warsaw, IN), a Johnson & Johnson company, has concluded its acquisition of Hand Innovations LLC (Miami, FL), a privately held manufacturer of fracture-fixation products for the upper extremities. The transaction, terms of which were not disclosed, provides DePuy with firm footing in what it calls "the fastest-growing and most-underpenetrated segment of the worldwide extremities market." DePuy will integrate with the Hand Innovations' sales team, and Jorge Orbay, MD, Hand Innovations' founder, will remain as a consultant to the company.

OrthoHelix Surgical Designs Inc. (Akron, OH), a developer of surgical instruments and implants for use in foot, hand, and ankle surgery, has closed a multimillion-dollar round of funding led by Mutual Capital Partners (Cleveland). The funding will help the company accelerate the marketing efforts for its existing product lines, complete the development of additional product lines, and support overall business growth.

Klemm

Becton Dickinson (BD; Franklin Lakes, NJ) has agreed to acquire GeneOhm Sciences Inc. (San Diego), a molecular diagnostics company. GeneOhm's product portfolio includes nucleic acid-based molecular diagnostic tests for the rapid detection of bacterial microorganisms. The company reports that GeneOhm CEO Peter Klemm will remain as president of the new BD Diagnostics–GeneOhm.

Copyright ©2006 MX

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