The Star Tribune of Minneapolis has a device-industry story with an angle not often seen in the mainstream media: A small device company battling back after being left for dead by investors. Possis Medical (Coon Rapids, MN), maker of a system that breaks up and removes blood clots, saw its share price plunge 40% in August 2004 after unfavorable results of a clinical trial were released. A good chunk of its sales force decided to leave the company. Yet the worth of its technology remained.
September 11, 2006
(The unfavorable trial had shown it was of little help to heart-attack patients. Its value has been proven for other patient populations.) On my trip to the Twin Cities a year ago, Possis Medical was one of my stops. I was impressed by how those who remained had great faith in the technology and were determined to see through a company turnaround. Now, with seven applications for new products or new uses for existing products pending before FDA -- and concern that drug-eluting stents may cause blood clots -- Possis may be about to execute that turnaround. Kudos to Star Tribune reporter Janet Morse for taking note.
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