Zimmer Biomet Announces Closing of €1 Billion Senior Notes Offering and Early Settlement of Its Cash Tender Offers for Certain Outstanding Debt Securities

Posted On December 14, 2016 By OrthoSpineNews In Financial /

WARSAW, Ind., Dec. 13, 2016 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) (the “Company”) today announced that it has completed an offering of €500 million aggregate principal amount of 1.414% Notes due 2022 (the “2022 Notes”) and €500 million aggregate principal amount of 2.425% Notes due 2026 (together with the 2022 Notes, the “Euro Notes”) in an SEC registered offering. The Company used the net proceeds from the sale of the Euro Notes to pay for the debt securities identified in the table below (collectively, the “Tender Offer Notes”) purchased in its previously-announced cash tender offers (the “Offers”). The completion of the offering of the Euro Notes satisfies the financing condition to the Offers as set forth in the Offer to Purchase dated November 21, 2016 (the “Offer to Purchase”) and the related Letter of Transmittal (the “Letter of Transmittal”), each as amended by the Company’s press releases dated December 5, 2016and December 6, 2016.

The Company today also announced that it has accepted for purchase the aggregate principal amount of each series of Tender Offer Notes validly tendered and not validly withdrawn on or before 5:00 p.m., New York City time, on December 5, 2016 (the “Early Tender Deadline”), as shown in the following table. Because the aggregate purchase price for certain series of validly tendered Tender Offer Notes exceeded the aggregate purchase price (excluding accrued and unpaid interest to, but not including, the settlement date and excluding fees related to the Offers) of $1.25 billion (the “Maximum Tender Amount”), the Tender Offer Notes were accepted for purchase subject to the Acceptance Priority Levels (as defined in the Offer to Purchase) and proration, each as described in the Offer to Purchase and Letter of Transmittal. Settlement of such Tender Offer Notes accepted for purchase occurred today.

Title of Security	CUSIP Number	Acceptance Priority Level	Aggregate Principal Amount Tendered	Aggregate Principal Amount Accepted
5.750% Senior Notes due 2039	98956PAB8	1	$ 182,227,000	$ 182,227,000
4.450% Senior Notes due 2045	98956PAH5	2	$ 854,576,000	$ 854,576,000
4.250% Senior Notes due 2035	98956PAG7	3	$ 319,295,000	$ 246,583,000
3.550% Senior Notes due 2025	98956PAF9	4	$ 1,060,858,000	—
4.625% Senior Notes due 2019	98956PAA0	5	$ 171,447,000	—

Holders of Tender Offer Notes validly tendered and not validly withdrawn on or prior to the Early Tender Deadline received the Total Consideration (as defined in the Offer to Purchase), which included an early tender premium of $30 per $1,000 principal amount of Tender Offer Notes validly tendered by such holders and accepted for purchase by the Company. Accrued interest up to, but not including, today, December 13, 2016, was paid in cash on all validly tendered Tender Offer Notes accepted for purchase by the Company in the Offers. Tender Offer Notes purchased in the Offers were retired and cancelled. Validly tendered Tender Offer Notes that were not accepted for purchase pursuant to the Offers will be returned to holders.

Although the Offers are scheduled to expire at 11:59 p.m., New York City time, on December 19, 2016, because holders of Tender Offer Notes subject to the Offers validly tendered and did not validly withdraw Tender Offer Notes on or prior to the Early Tender Deadline for which the aggregate purchase price exceeded the Maximum Tender Amount, the Company has not accepted, and will not accept, for purchase any tenders of Tender Offer Notes after the Early Tender Deadline.

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities.

About Zimmer Biomet

Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare. We design, manufacture and market orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; office based technologies; spine, craniomaxillofacial and thoracic products; dental implants; and related surgical products.

We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives.

We have operations in more than 25 countries around the world and sell products in more than 100 countries. For more information, visit www.zimmerbiomet.com, or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding the cash tender offers for certain outstanding senior notes of the Company and the offering of Euro Notes of the Company. Forward‑looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” and “seeks” or the negatives of such terms or other variations on such terms or comparable terminology. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. For a list and description of some of such risks and uncertainties, see the Company’s filings with the Securities and Exchange Commission (the “SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in its periodic reports. Accordingly, such forward‑looking statements speak only as of the date made. Readers of this communication are cautioned not to place undue reliance on these forward‑looking statements, since, while management believes the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this communication.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/zimmer-biomet-announces-closing-of-1-billion-senior-notes-offering-and-early-settlement-of-its-cash-tender-offers-for-certain-outstanding-debt-securities-300377513.html

SOURCE Zimmer Biomet Holdings, Inc.

News Provided by Acquire Media

Five ways Tom Price could change U.S. healthcare policy in a hurry

Posted On December 13, 2016 By OrthoSpineNews In Financial, Regulatory /

Dec 9, 2016 – By JULIE ROVNER

Prospective Health and Human Services Secretary Tom Price, currently the chairman of the House Budget Committee, brings a distinctive to-do list to the agency. And, if confirmed by the Senate, he will have tremendous independent power to get things done.

While he will report to the president, heads of major agencies like HHS — with a budget of more than $1 trillion for the current fiscal year — can interpret laws in different ways than their predecessors, and rewrite regulations and guidance, which is how many important policies are actually carried out.

“Virtually everything people do every day is impacted by the way the Department of Health and Human Services is run,” said Matt Myers, president of the Campaign for Tobacco-Free Kids. HHS responsibilities include food and drug safety, biomedical research, disease prevention and control, as well as oversight over everything from medical laboratories to nursing homes.

Price, a Georgia physician who opposes the Affordable Care Act, abortion and funding for Planned Parenthood, among other things, could have a rapid impact without even a presidential order or an act of Congress.

Some advocates are excited by that possibility. “With Dr. Price taking the helm of American health policy, doctors and patients alike have sound reasons to hope for a welcome and long-overdue change,” said Robert Moffit, a senior fellow at the conservative Heritage Foundation, in a statement.

Others are less enthusiastic. Asked about what policies Price might enact, Topher Spiro of the liberal Center for American Progress said: “I don’t know if I want to brainstorm bad ideas for him to do.”

READ THE REST HERE

Amplitude Surgical: Acquisition of a 50% Stake in SOFAB Orthopédie, a Strategic Industrial Subcontractor

Posted On December 13, 2016 By OrthoSpineNews In Financial /

December 12, 2016

VALENCE, France–(BUSINESS WIRE)–Regulatory News:

Amplitude Surgical (Paris:AMPLI) (ISIN: FR0012789667, Ticker: AMPLI, PEA-PME eligible), a leading player on the global surgical technology market for lower-limb orthopedics, announces having acquired a 50% stake in SOFAB Orthopédie, a longstanding strategic industrial subcontractor.

Commenting on this newly-acquired stake, Olivier Jallabert, Chairman and CEO of Amplitude Surgical, says: “Following the construction of a logistics site and the launch of work to create our own ‘clean room’, the acquisition of a stake in SOFAB Orthopédie – an industrial subcontractor – is another strategic investment aimed at consolidating our industrial base and our supply chain within a context of the pursuance of our buoyant business growth.”

Yann Quinkal, CEO of the SOFAB Orthopédie group, adds: “This deal with Amplitude Surgical will enable us to continue our development alongside a longstanding partner that shares our vision of total quality.”

Founded in July 2007 and based near Valence in the Rhone valley, the SOFAB Orthopédie group incorporates FIRM Industrie, POLI ALPES and POLI-TECH’, three ISO 9001 and ISO 13485 certified companies specializing in the end-to-end manufacturing of implants and ancillaries, from machining to polishing and engraving. The Group employs close to 80 staff and generates annual revenue of almost €5 million, 80% of which comes from Amplitude Surgical. Yann Quinkal will continue to head this activity in close collaboration with the Amplitude Surgical teams.

Amplitude Surgical will consolidate in full SOFAB Orthopédie from the second half of 2016-17 and expects this transaction to provide a net positive contribution from 2017-18.

Next financial press release: H1 2016-17 sales, Wednesday February 15, 2017, after market.

About Amplitude Surgical

Founded in 1997 in Valence, France, Amplitude Surgical is a leading French player on the global surgical technology market for lower-limb orthopedics. Amplitude Surgical develops and markets high-end products for orthopedic surgery covering the main disorders affecting the hip, knee and extremities, and notably foot and ankle surgery. Amplitude Surgical develops, in close collaboration with surgeons, numerous high value-added innovations in order to best meet the needs of patients, surgeons and healthcare facilities. A leading player in France, Amplitude Surgical is developing abroad through its subsidiaries and a network of exclusive distributors and agents. Amplitude Surgical operates on the lower-limb market through the intermediary of its Novastep subsidiaries in France and the United States. Amplitude Surgical distributes its products in more than 30 countries. At June 30, 2016, Amplitude Surgical had a workforce of almost 300 employees and recorded sales of over 80 million euros.

Contacts

Amplitude Surgical
Philippe Garcia, +33 (0)4 75 41 87 41
CFO
philippe.garcia@amplitude-ortho.com
or
NewCap
Investor Relations
Marc Willaume, +33 (0)1 44 71 00 13
amplitude@newcap.eu
or
NewCap
Media Relations
Nicolas Merigeau, +33 (0)1 44 71 98 55
amplitude@newcap.eu

GE Makes Significant Progress with Investments in Additive Equipment Companies

Posted On December 13, 2016 By OrthoSpineNews In Financial /

December 12, 2016

BOSTON–(BUSINESS WIRE)–GE (NYSE: GE), the world’s leading digital industrial company, executed on its agreement to acquire a 75% stake in Concept Laser GmbH of Germany. The agreement, announced in late October, allows for GE to take full ownership over the next several years.

In addition, GE recently concluded its tender offer for the shares of Arcam AB of Sweden, first initiated in September, and purchased 76.15% of the company.

GE now has controlling shares of two important producers of additive manufacturing machines and technology, and has committed significant investments to enhance the portfolios of both companies.

Privately-held Concept Laser has more than 200 employees and is headquartered in Lichtenfels, Germany, with significant operations in the United States (Grapevine, Texas), China, and a global network of more than 35 distributors and agents. Concept Laser is a pioneer in the field of metal additive manufacturing. Concept Laser designs and manufacturers powder bed-based laser additive manufacturing machines. Its customer base is focused on the aerospace, medical and dental industries, with a meaningful presence in automotive and jewelry.

Arcam AB, based in Mölndal, Sweden, invented the electron beam melting machine for metal-based additive manufacturing, and also produces advanced metal powders. Its customers are in the aerospace and healthcare industries. Arcam has approximately 285 employees. In addition to its Sweden site, Arcam operates AP&C, a metal powders operation in Canada, and DiSanto Technology, a medical additive manufacturing firm in Connecticut, as well as sales and application sites worldwide.

“GE has made significant long-term commitments to both Arcam and Concept Laser to enhance their complementary technologies,” said Mohammad Ehteshami, vice president for Additive Integration at GE Additive. “Both companies are important players in the growing additive manufacturing movement, and are foundational to GE’s journey into this revolutionary manufacturing space.”

Additive manufacturing involves taking a digital design from computer aided design (CAD) software and melting/sintering together in a layer-by-layer manner, using either a laser or an electron beam as the energy source. Additive components are typically lighter and more durable than traditional forged parts because they require less welding and machining. Because additive parts are essentially “grown” from the ground up, they generate far less scrap material. Freed of traditional manufacturing restrictions, additive manufacturing dramatically expands the design possibilities for engineers.

GE is a leading end user and innovator in the additive manufacturing space. GE has invested approximately $1.5 billion in manufacturing and additive technologies at GE’s Global Research Center (GRC), and has developed additive applications across six GE businesses, created new services applications across the company, and earned 346 patents in powder metals used for the additive process.

About GE:

GE Additive is part of GE, the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE Additive offers a full line of metal additive manufacturing machines, materials and engineering solutions to customers in many industries including aerospace, medical, automotive and luxury goods. Visit GE Additive at www.geadditive.com.

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, including @GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

Contacts

GE Additive
Rick Kennedy, +1 513 607 0609
rick.l.kennedy@ge.com

UnitedHealth Adopts Bundled Payment Model for Orthopedic Care

Posted On December 13, 2016 By OrthoSpineNews In Financial /

By Vera Gruessner – December 12, 2016

Healthcare payers are finding that their reimbursement totals show higher spend for hip, knee, and spine surgeries and other orthopedic care when compared to other forms of treatment. Along with the higher spend, members regularly show poor health outcomes, said Michelle Lobe, Vice President of Network Strategy and Innovation at UnitedHealthcare. To counter these problems, UnitedHealthcare announced this month in a press release its new prospective bundled payment model for hip, knee, and spine surgeries.

“The main reason for developing a [bundled payment] program is that, in most large companies, high spend is really associated with orthopedic procedures,” Lobe told HealthPayerIntelligence.com. “For the most part, about 17 percent of company spend is in the orthopedic arena. Hip, knee, and spine procedures constitute about 33 percent of that.”

“Many companies are looking for ways to streamline payment and provide quality centers for their members to have more efficient, high-quality surgery,” Lobe continued. “That was the birth of why we focused on centers of excellence for spine and joint surgery.”

With 17 percent of all healthcare spending based on treating musculoskeletal conditions and 33 percent for hip, knee, or spine treatment, “to put a real number on that, 17 percent of average healthcare spend is about $45 dollars per member per month. That’s real cost for a company,” said Dr. Jon R. Friedman, Chief Medical Officer of Complex Medical Conditions at Optum.

With a large percentage of payer reimbursement based in orthopedic care, health insurance companies that implement bundled payment models and partner with high-quality providers may see a decrease in cost for orthopedic surgeries. The decrease in cost may be related to members spending fewer days in the hospital and stronger population health results, said Lobe.

“We measure across the whole continuum,” Lobe added. “We looking at reductions in a number of measures. We’re looking at population measures. We’ve seen results in reduction in readmission rates and reduction in length of stays.”

Bundled payment models would be a beneficial solution for cutting costs. Bundles hold healthcare providers accountable for quality of care and patient safety. For instance, providers looking to boost their revenue would be incentivized through a bundle to ensure fewer costly hospital-acquired infections.

By partnering with high quality providers, payers may also find their members experience better outcomes and decreased cost, the UnitedHealthcare press release stated.

READ THE REST HERE

Medovex Corp. Completes Sale of Assets of Streamline, Inc. to Skytron, LLC

Posted On December 13, 2016 By OrthoSpineNews In Financial /

ATLANTA, GA–(Marketwired – Dec 12, 2016) – Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that it has successfully completed the sale of substantially all of the assets of Streamline®, Inc. to Skytron®, LLC.

Specific details of the completed sale of Streamline to Skytron are set forth in the Current Report on Form 8-K filed today by Medovex with the U.S. Securities and Exchange Commission.

The sale proceeds will continue to be used to fund Medovex’s general operating needs, including ongoing development of its patented DenerveX™ System, which is designed to provide longer lasting relief of pain associated with the facet joint. Lower back pain is the second most common cause of disability in the U.S. for adults. Studies indicate that 10% of the U.S. adult population suffers from lower back pain and that 31% of lower back pain is attributed to facet joint pain.

Jarret Gorlin, Medovex’s Chief Executive Officer, stated, “We’re pleased to have successfully closed the sale of Streamline to Skytron. These proceeds, when combined with the additional $1 million investment made earlier this week by our Co-founder, Steve Gorlin, VP of Business Development, Jesse Crowne, and another private investor, will help complement our balance sheet and better position us for future growth.”

Medovexs DenerveX System consists of the DenerveX Rotational Ablation Denervation Device Kit, a single use medical device and the DenerveX Pro-40 Power Generator, both designed to be less invasive with faster recovery time than current surgical treatment options. It consists of two procedures combined into one device and is expected to provide for a longer lasting treatment solution while offering potential savings to the health care system. DenerveX System is not yet CE marked or FDA cleared and is not yet commercially available.

About Medovex
Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The company’s first pipeline product, the DenerveX device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about the company, visit its website at www.medovex.com.

Safe Harbor Statement
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Medovex believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the company’s filings with the U.S. Securities and Exchange Commission. Thus, actual results could be materially different. Medovex expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

CONTACT INFORMATION

CONTACT INFORMATION
Medovex Corp.
Jason Assad
470-505-9905
Email Contact

J&J Deserves More Respect from Wall Street

Posted On December 12, 2016 By OrthoSpineNews In Financial /

By RESHMA KAPADIA – December 10, 2016

Many investors hang on to Johnson & Johnson shares for the same reason they stock their cabinets with the company’s Band-Aids and baby shampoo: comfort and safety. Johnson & Johnson offers a diverse business mix, including pharmaceuticals, medical devices, and consumer products; a $40 billion cash kitty; and steady, mid-single-digit earnings growth. Add a dividend yield near 3%, and the stock soothes many a portfolio, especially when markets are roiled.

J&J’s shares (ticker: JNJ) are up 8% this year, to a recent $111, but down 5% since Donald J. Trump’s election. Trump has vowed to reduce drug prices, but J&J is less susceptible to changes in pricing than its peers. Moreover, the New Brunswick, N.J.–based company could prosper as a result of Trump’s plans to lower corporate taxes.

Internally, J&J is making substantial improvements in its consumer and medical-device businesses. In addition, reduced concern about competition for Remicade, its blockbuster rheumatoid arthritis treatment, could help bolster the stock. Some analysts see J&J shares rallying to the mid-$130s in the next year, delivering a total return around 20%.

“J&J is misunderstood as a defensive stock,” says Micky Jagirdar, an analyst for Ariel Global fund, which owns shares of the drugmaker. “While it grows at only a single-digit pace, its diverse businesses make that growth more sustainable for a longer time.”

Johnson & Johnson is expected to earn $18.6 billion this year, or $6.71 a share, an increase of 8% over last year, on a 3% jump in revenue, to $72.1 billion. Wall Street sees earnings per share rising 6% in 2017, to $7.13, on revenue of $75.5 billion.

Founded in 1886 as a surgical-dressing concern, J&J now generates 45% of its revenue and almost 60% of its operating profit from pharmaceuticals. Medical devices produced a bit more than a third of revenue and operating profit last year, while the company’s iconic consumer business contributed just under 20% of revenue and 9% of profit.

READ THE REST HERE

New Orthopedic Device Technology Moves From Lab Toward Operating Room With Help From Philadelphia-Based Start-Up OrthoMend Research, Inc.

Posted On December 9, 2016 By OrthoSpineNews In Extremities, Financial /

PHILADELPHIA, Dec. 9, 2016 /PRNewswire-USNewswire/ — A platform of orthopedic device technologies developed by researchers from Temple University are moving one step closer to becoming viable options for repairing broken bones and orthopedic applications. OrthoMend Research, Inc., a start-up company from Philadelphia, PA., recently acquired the exclusive license for these novel absorbable bone fixation and regenerative repair technologies and plans to develop them for commercial use. The company has leased space within the University City Science Center.

“OrthoMend Research, Inc. has licensed exclusive commercial rights from Temple University for Nano-Diamond technology in bone fixation which has the potential to evolve current therapies to fix, repair and regenerate bones and orthopedic “drug delivery applications,” OrthoMend Research, Inc. CEO Joseph P. Connell said. “It is our desire to commercialize the technology to improve clinical outcomes, reduce costs and alleviate pain and suffering for our patients.”

“OrthoMend Research represents the important role startups have in our commercialization process by bringing together the inventors, technology and business leadership to advance this orthopedic device to patients in need,” said Stephen Nappi, associate vice president for technology commercialization and business development at Temple.

“We are very excited to begin our next phase by manufacturing and testing the devices. We plan to make considerable contributions to clinical outcomes and improve patient’s lives by repairing broken bones without leaving hardware behind in a patient’s body.” said Connell.

Peter Lelkes, chair of bioengineering and director of the Institute for Regenerative Medicine and Engineering at Temple is equally enthusiastic about the licensing agreement and the potential for collaborative research and development opportunities.

“The licensing of our invention to OrthoMend Research is an important milestone in our efforts to translate our basic research from the bench to the bedside and will, without a doubt, result in commercial products that will benefit patients around the globe,” Lelkes said.

About OrthoMend Research: OrthoMend Research, Inc. is an emerging Regenerative Orthopedic Device Company pioneering new technologies intended to revolutionize bone fixation after orthopedic, surgical and trauma situations. OrthoMend Research, Inc. is involved with commercializing technologies licensed from Temple University for an absorbable suite of bone fixation and drug delivery devices. We will develop, test and launch absorbable screws, pins and possibly plates to repair the millions of broken bones occurring each year. We are steadfast to be the leader in orthopedic devices delivering real-world technologies to impact the lives of those in need. For more information, visit www.orthomend.com

About Temple University’s Department of Bioengineering: Founded in January 2012, the Dept. of Bioengineering in the College of Engineering has grown significantly in the past four years to about 300 undergraduate students, nearly 50 graduate students, 11 core faculty members and two dozen affiliated faculty from across the entire university. The Department is the home of a first-rate, nationally and internationally recognized bioengineering research enterprise that is supported by extramural funds from NIH, NSF, DoD and others. Its newly renovated, state-of-the-art research facilities (ca. 20,000 square feet) attract graduate students, postdocs, visiting scientists and scores of undergraduate students who pursue exciting basic and translational bioengineering research.

News media contacts:
Joseph P. Connell, CEO, OrthoMend Research, Inc., 910-233-0806, jpconnell1@gmail.com

SOURCE Temple University

Abyrx® Announces Expansion of Exclusive, Worldwide License Agreement with Bezwada Biomedical; Completes $10M Equity Financing.

Posted On December 8, 2016 By OrthoSpineNews In Financial /

IRVINGTON, N.Y., Dec. 6, 2016 /PRNewswire/ — Abyrx^®, Inc., a privately-held specialty biosurgical products company, today announced the expansion of its exclusive, worldwide license agreement with Bezwada Biomedical, LLC to include the development, manufacture, and commercialization of Bezwada’s proprietary adhesive technology for soft tissue applications. Previously, in 2011, Abyrx and Bezwada announced a similar partnership for hard tissue (bone) applications. With this new partnership, Abyrx gains exclusive access to proprietary materials and manufacturing that it will use to develop products for surgical site hemostasis, sealing, and fixation.

In addition to its announcement of the new technology license with Bezwada, Abyrx also announced it recently completed a $10Mequity financing with strong support from inside investors. The new funds will be used to manage the growing demand for Abyrx’s bone putty products and to accelerate Abyrx’s pipeline development activities.

John J. Pacifico, Abyrx’s President and Chief Executive Officer, said the additional rights to use Bezwada’s technology for soft tissue applications and the new financing come as growth of Abyrx’s existing commercial business is accelerating. “We are very pleased by the support of our investors and thrilled to be broadening the scope of our manufacturing and technology platforms with Dr. Bezwada and his team to include new capabilities for soft tissue products,” Mr. Pacifico commented. “These new developments enhance the level of service we deliver to providers of care and deepen our relevance in the surgical procedures we support.”

“We have been very impressed by Abyrx’s ability to advance our technology platforms from lab-scale production to finished products that solve unmet needs,” stated Rao Bezwada, Ph.D., President and Chief Executive Officer of Bezwada Biomedical. “Given Abyrx’s history of success in developing and commercializing new products, and the support Abyrx continues to receive from the venture capital community, we are excited about our future with Abyrx and we are dedicated to ensuring Mr. Pacifico and his team have everything they need to achieve their objectives for the bone and soft tissue marketplaces.”

Abyrx and Bezwada recently initiated development programs to advance their new products towards commercialization. Both Abyrx and Bezwada believe they have a significant opportunity to address the limitations of other marketed products for soft tissue hemostasis, sealing, and fixation because of the high rate of reactivity and unique tunability of the Bezwada polymer technology.

The terms of the $10M equity financing were not disclosed but the company named members of its executive team as participants in addition to Canaan Partners, MedEdge, and BB BIOTECH VENTURES through their respective entities.

ABOUT ABYRX

Founded in 2013, Abyrx develops, manufactures, and provides specialty biosurgical products for use during surgical procedures. Abyrx’s products are protected by over forty issued and pending patents covering a broad range of compositions and methods.

Abyrx is located in Irvington, New York. For more information, please visit www.abyrx.com.

ABOUT BEZWADA BIOMEDICAL

Bezwada Biomedical designs and manufactures raw materials for use in the production of biocompatible polymers. Bezwada’s technology is protected by over thirty issued and pending patents covering a broad range of compositions and methods.

Bezwada Biomedical has laboratories, production facilities, and offices in India and Hillsborough, NJ. For more information, please visit www.bezwadabiomedical.com.

SOURCE Abyrx, Inc.

JLL Partners and Water Street Announce New Investment in Medical Device Services Provider

Posted On December 7, 2016 By OrthoSpineNews In Financial /

CHICAGO and NEW YORK, Dec. 7, 2016 /PRNewswire/ — Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, and JLL Partners, a leading middle-market private equity firm, announced today that they have acquired MedPlast, Inc. Headquartered in Tempe, Arizona, MedPlast is a leading global services provider to the medical device industry.

MedPlast offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers (OEMs) with producing diagnostic, orthopedic, surgical and other medical products. The company employs more than 1,800 engineers, technicians and assembly workers who specialize in technical molding, advanced processing, device assembly and implantables with expertise in plastics. Over the past five years, MedPlast has expanded its operations to encompass 11 ISO-certified facilities across the United States, China, Mexico and the United Kingdom.

“MedPlast has well-established and trusted relationships with the world’s leading medical manufacturers who value the company’s high-quality standards that meet their demanding industry regulations. We will work with MedPlast’s team to expand its suite of capabilities into new areas to form a comprehensive, integrated portfolio of end-to-end product solutions,” said Peter Strothman, partner, Water Street.

A $40 billion-dollar market, medical device services continues to grow as increasing numbers of original equipment manufacturers turn to outsourcing providers to generate cost and time efficiencies. It is a highly fragmented sector with hundreds of providers offering design, engineering, manufacturing supply chain and logistical services.

“MedPlast stands out for its health care expertise, extensive global footprint and breadth of high- quality capabilities,” said Daniel Agroskin, partner, JLL Partners. “Together with Water Street, we will invest our expertise and resources to expand MedPlast’s services into high-value areas and build on its strong base of long-term customer relationships.”

MedPlast is the second collaboration between JLL Partners and Water Street. The firms recently worked together to build Bioclinica, Inc. into one of the world’s leading providers of specialty outsourced clinical trial solutions.

“Our partnership with JLL and Water Street is an important step toward achieving our goal of building MedPlast into an end-to-end services provider focused on the health care industry,” said MedPlast Chief Executive Officer Harold Faig. “For the past eight years, we have optimized our capabilities toward health care. This acquisition will give us access to expertise and resources to grow our core competencies into areas that will bring considerable value to our customers.”

Financial terms of the acquisition are not being disclosed.

About JLL Partners

JLL Partners is a leading middle-market private equity firm with a 28-year track record of adding value to complex investments through its financial and operational expertise. Since its founding in 1988, JLL Partners has committed approximately $5 billion across seven funds, and developed significant expertise in the health care sector. JLL Partners is a control investor and sources its deals from its deep network of industry contacts, applying its proven, value-oriented and growth-driven investment approach to provide limited partners with attractive risk-adjusted returns throughout all investment cycles. The firm is headquartered in New York. For more information about JLL Partners, visit jllpartners.com.

About Water Street

Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world’s leading health care companies on its investments including Johnson & Johnson, Medtronic, Smith & Nephew and Walgreen Co. Water Street’s team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit waterstreet.com.

SOURCE Water Street Healthcare Partners