1. Articles from massdevice.com

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    1. Avinger to lay off a third of workforce

      Avinger to lay off a third of workforce

      Avinger said yesterday that it plans to lay off a third of its workforce and examine its “strategic alternatives” as it focuses on its Pantheris peripheral artery device. The layoffs, affecting 131 workers, are slated to be complete this week, the Redwood City, Calif.-based company said, including cutting its field sales force by nearly half, from 60 to 32. “The plan is designed to focus the company’s commercial efforts on driving catheter utilization in its strongest markets, around its most productive sales professionals,” Avinger said. “This workforce reduction is designed to reduce operating expenses while continuing to support ...

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      Mentions: Avinger
    2. SpectraScience taps Advanced Medical German Co as Middle East distributor

      SpectraScience taps Advanced Medical German Co as Middle East distributor

      SpectraScience said today it inked a distribution deal with Kuwait’s Advanced Medical German Co. Through the deal, AMG will operate as SpectraScience’s exclusive distributor for the Middle East region, the San Diego, Calif.-based company said today. “We are pleased to be working with the premier distribution company for gastroenterology in the Middle East. We believe that with our innovative products and the sales, marketing, and distribution acumen of AMG in the Middle East we are poised to bring a new level of diagnostic capability to clinicians in colorectal cancer screening,” SpectraScience CEO Michael Oliver said in prepared ...

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    3. St. Jude announces layoffs, restructuring and an executive shuffle following bleak quarter

      St. Jude announces layoffs, restructuring and an executive shuffle following bleak quarter

      Following a tough 2nd quarter, St. Jude Medical plans to cut about 300 positions as it restructures its product divisions into separate implantable electronics and cardiovascular & ablation divisions, announcing an executive shakeup along the way. Medtech titan St. Jude Medical (NYSE:STJ) announced a company-wide overhaul, including mass layoffs, general restructuring and an executive shake-up. The medical device company plans to restructure its entire business from 4 divisions into 2 new operating units: the Implantable Electronic Systems Division (IESD) and the Cardiovascular and Ablation Technologies Division (CATD). St. Jude will also centralize certain support functions, such as information technology, human ...

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      Mentions: St. Jude Medical
    4. Buyout: Terumo aims to merge with a post-scandal Olympus Corp

      Buyout: Terumo aims to merge with a post-scandal Olympus Corp

      Japan's Terumo Corp. proposes a merger with Olympus Corp., aiming for a buyout to block rival companies' advances. Asian medical device giant Terumo Corp. (TYO:4543) confirmed rumors of a proposed buyout of Olympus (PINK:OCPNY) in the aftermath of a $1.7 billion accounting scandal. Terumo offered a $640 million investment into Olympus, sending OCPYNY shares up 6% to a closing price of $17.44 last night. Terumo confirmed that it had proposed an investment and is looking to form a committee to investigate a joint holding company. The move tops that of rival buyer Sony Corp. (TYO ...

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    5. Volcano backs out of building

      Volcano backs out of building
      Volcano Corp. (NSDQ:VOLC) won't be putting down roots in Massachusetts after all, having cancelled a $7.5 million bid for a building in Billerica. The building, at 1 Fortune Drive, is still home to San Diego, Calif.-based Volcano's subsidiary Axsun Technologies Inc, which develops micro-electro-mechanical optical engines for medical imaging and telecommunications. The $250,000 deposit Volcano put down on the 65,000 square foot building has been refunded, according to SEC filings.
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    6. Volcano Corp. goes bi-coastal

      Volcano Corp. goes bi-coastal
      Volcano becomes officially bi-coastal with the $7.5 million purchase of a building in Billerica, Mass. to complement its main headquarters in California. Volcano Corp. (NSDQ:VOLC) put down a $250,000 deposit on the $7.5 million purchase of a building in Billerica, Mass. The building, at 1 Fortune Drive, was already home to Volcano subsidiary Axsun Technologies Inc. The company is headquartered in San Diego, Calif., but the new building gives them a foothold on the east coast. The building contains just under 65,000 square feet of space and the deal must close prior to the end ...
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    7. St. Jude's LightLab Imaging sues Volcano and Axsun Technologies – again

      St. Jude's LightLab Imaging sues Volcano and Axsun Technologies – again
      esh from a $5.1 million court win over Volcano Corp. (NSDQ:VOLC) and its Axsun Technologies subsidiary in Massachusetts, St. Jude Medical Inc. (NYSE:STJ) is suing the duo again in a Delaware state court. St Jude's LightLab Imaging Inc. unit, acquired last year, won $600,000 in damages and $4.5 million in legal fees from would-be Volcano pick-up Axsun Technologies Inc. Judge Margaret Hinkle of the Mass. Superior Court wrapped up three trials (including a jury trial) in her final decision, finding San Diego, Calif.-based Volcano and Billerica, Mass.-based Axsun guilty of breaching certain ...
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    8. Bioptigen signs two partners for eye surgery device development

      Bioptigen signs two partners for eye surgery device development
      Bioptigen signs two partners for eye surgery device developmentMass DeviceThe system employs technology called optical coherence tomography, or OCT. The technology is analogous to ultrasound but uses low power light instead of sound waves. OCT provides resolution 100 times finer than ultrasound. This device can be used to ...
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    9. FDA slaps Bioptigen with warning over marketing claims

      FDA slaps Bioptigen with warning over marketing claims
      Bioptigen receives a warning letter from the Food & Drug Administration that says the medical imaging firm is marketing its eye imaging scanner without proper regulatory approvals. The Research Triangle Park, N.C.-based company makes a medical device that allows for imaging of the inner areas of the eye. The company has marketed the product for research as well as medical applications. The FDA’s Feb. 9 letter raised a warning about Bioptigen’s hand-held imaging device. The company won 510(k) clearance in 2006 for a tabletop scanner for use in the “evaluation of ophthalmic tissue in routine clinical ...
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    10. St. Jude Medical wins $5 million in case against Volcano Corp

      St. Jude Medical wins $5 million in case against Volcano Corp
      A Massachusetts judge handed St. Jude Medical Inc. (NYSE:STJ) a $5.1 million win in a long-running legal battle with Volcano Corp. (NSDQ:VOLC) involving two of their subsidiaries. St Jude's LightLab Imaging Inc. unit, acquired last year, won $600,000 in damages and $4.5 million in legal fees from would-be Volcano pick-up Axsun Technologies Inc. Judge Margaret Hinkle of the Mass. Superior Court wrapped up three trials (including a jury trial) in her final decision, finding San Diego, Calif.-based Volcano and Billerica, Mass.-based Axsun guilty of breaching certain terms of a development and supply ...
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      Mentions: St. Jude Medical
    11. Legal roundup: St. Jude wins; Covidien, Masimo settle; Novartis sues

      Legal roundup: St. Jude wins; Covidien, Masimo settle; Novartis sues
      The Mass. Superior Court found that San Diego, Calif.-based Volcano and Billerica, Mass.-based Axsun violated state law "through a pattern of inappropriate conduct directed at key technology used in the company’s Optical Coherence Tomography product platform," St. Jude said in prepared remarks. The statutory violations arose in connection with Volcano’s acquisition of Axsun Technologies, a LightLab supplier, in 2008. The court also found that these violations were knowing and willful and entitle LightLab to recover attorneys’ fees. In its decision, the court found that Volcano viewed the Axsun acquisition as a means of "impeding the growth ...
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    12. St. Jude Medical closes Q4, 2010 on a roll

      St. Jude Medical closes Q4, 2010 on a roll
      St. Jude Medical Inc. ended 2010 on a roll, posting near-double-digit sales and earnings increases for both the fourth quarter and full year. St. Jude Medical Inc. (NYSE:STJ) wrapped up 2010 and put a bow on it with near-double-digit boosts to its top and bottom lines. The St. Paul, Minn.-based medical device maker's fourth-quarter profits rose 8.9 percent to $206.4 million, or 62 cents per diluted share, on sales of $1.35 billion during the three months ended Jan. 1. That compared with profits of $189.7 million, or 57 cents per diluted share, on ...
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    13. MassDevice New Year's Special | Brian DeChristopher

      MassDevice New Year's Special | Brian DeChristopher
      Looking forward, I’m focused on areas that either improve efficiency or improve appropriate device utilization. A prime example of this is intravascular ultrasound (IVUS), fractional flow reserve (FFR) and the emergence of optical coherence tomography (OCT). The government is investigating stent over-utilization, a problem these technologies help solve by better locating precisely where and how stents should be placed and providing hard data for physicians to use to justify the implant in the first place.
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    14. Massachusetts court rejects St. Jude's trade secret claims against Volcano

      Massachusetts court rejects St. Jude's trade secret claims against Volcano
      Volcano Corp. (NSDQ:VOLC) declared victory in the latest round of a legal battle with St Jude Medical Inc. (NYSE:STJ) subsidiary LightLab Imaging Inc. The Superior Court of Massachusetts rejected LightLab's claims for protection of five alleged trade secrets relating to laser technologies and denied all of the coronary imaging firm's requests for permanent injunctions, according to Volcano. "We are pleased with this ruling as it validates our position regarding these purported trade secrets. Volcano will continue to vigorously defend the remaining claims in this litigation as we focus on executing our growth strategy," Volcano CEO Scott ...
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    15. St. Jude Medical alleges patent infringement, stolen trade secrets

      St. Jude Medical alleges patent infringement, stolen trade secrets
      St. Jude Medical Inc. files a patent infringement lawsuit against Volcano Corp. over cardiac guidewires and accuses a former group president of pilfering trade secrets in his move to crosstown rival Medtronic Inc. St. Jude Medical Inc. (NYSE: STJ) filed a pair of lawsuits accusing two of its rivals of patent infringement and stealing trade secrets. The Little Canada, Minn.-based medical device maker filed a lawsuit against Volcano Corp. (NSDQ:VOLC) in the U.S. District Court for Delaware, accusing it of violating a quintet of patents St. Jude acquired in its 2008 buyout of Radi Medical Systems AB ...
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    1-16 of 16
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