Mazor Robotics and Medtronic Enter Next Phase of Strategic Partnership; Medtronic to Make a $40 million Third Tranche Investment in Mazor

CAESAREA, Israel–(BUSINESS WIRE)– Mazor Robotics Ltd. (MZOR), a pioneer and a leader in the field of surgical guidance systems, today announced that it has entered the next phase of its strategic partnership with Medtronic earlier than planned and their existing agreements have been amended accordingly. The agreements provide for the conversion of the commercial relationship between the parties, with Medtronic assuming exclusive worldwide distribution of the Mazor X system, and Medtronic making a $40 million third tranche investment in Mazor. These developments are a result of the early achievement of certain sales and marketing milestones by both companies, as well as higher than expected global market acceptance and demand for the Mazor X system. Medtronic and Mazor originally entered into a strategic agreement in May 2016.

Key Highlights Include:

  • Medtronic assumes exclusive global spine market commercial responsibility for the Mazor X Surgical Assurance Platform and its accessories.
  • The implementation of annual minimums for purchase of Mazor X systems by Medtronic with a cumulative potential of hundreds of Mazor X systems over a four and a half-year period.
  • Approximately 30 members of the current Mazor sales organization are expected to join Medtronic to assure continuation of the current momentum.
  • Co-development of future products for the spine market that combine Mazor Robotics’ core expertise in surgical planning and precision-guided surgical systems with Medtronic’s navigation capabilities and implant systems. The first results of this combined and synergistic effort are expected to be demonstrated this fall.
  • Mazor will continue to provide service to the global installed base of the Mazor X.
  • A shared economic incentive to continue developing products and services that maintain innovation leadership and utilization of Mazor Robotics clinical solutions.
  • Medtronic will invest $40 million in Mazor Robotics’ American Depository Shares (ADS) at a price of $38.46 per ADS, which represents the weighted average of the closing price of Mazor’s ADS on Nasdaq over the past 20 trading days. This third tranche of investment in Mazor by Medtronic will bring Medtronic’s total investment in Mazor to $72 million, representing approximately 11.9% of the outstanding shares post investment and 10.6% of the fully diluted shares outstanding post investment. Mazor will also issue to Medtronic warrants to purchase an additional 1.21 million Mazor ADSs at an exercise price of $44.23 per ADS. The exercise price represents a 15% premium over the per share price for the $40 million equity investment. Medtronic has the right to exercise the warrants immediately in whole or in part, for cash, and they expire after 18 months. Assuming the full exercise of the warrants, Medtronic’s investment in Mazor will reach $125 million and its ownership could increase to 4.2 million ADSs, or 14.2%, based on the current number of ADSs outstanding on a fully diluted basis. Closing of the $40 million equity investment is expected to take place on or around September 12, 2017.

“Medtronic is our valued strategic partner and together we have achieved the desired outcome for Phase I well ahead of our original plan,” commented Ori Hadomi, Chief Executive Officer. “I believe that the move to this next phase reinforces our significant leadership position in the growing market for surgical guidance systems for spine procedures. Our strategic partnership will allow hospitals in new markets around the world to have access to the Mazor X and gain the clinical benefits that this technology offers.

“The strategic partnership between Mazor and Medtronic has already resulted in 59 Mazor X system orders since the October 2016 launch and reflects an accelerated sales cycle due to customers’ eagerness to adopt our solutions for the spine market,” added Mr. Hadomi. “Now, as commercial responsibility for the Mazor X in the spine market shifts to Medtronic, the annual minimums for sale of Mazor X systems agreed to by the two companies are expected to drive substantial improvement in Mazor’s financial results during the next several years. Together we will be able to further advance our robust jointly-developed product pipeline for the spine market, to make a difference for patients while Mazor also pursues new opportunities to apply our innovative technologies to other medical needs.”

“Moving to the next phase of our strategic partnership demonstrates our shared passion for transforming how spine surgery is done,” said Doug King, senior vice president & president of the Medtronic Spine division, which is part of Medtronic’s Restorative Therapies Group. “Mazor Robotics’ technology and Medtronic’s navigation capabilities and implant systems provide spine surgeons with complete procedural solutions that advance the standard of care and will help surgeons maximize predictability and efficiency.”

Mazor will continue to manufacture and recognize revenues for Mazor X system sales, disposable kits and service fees all of which will be sold at contractual pricing agreed with Medtronic. The contracted pricing is at a lower rate than Mazor realized through its direct sales channel. In addition, Mazor will be entitled to certain synergy fees associated with the use of Medtronic implants in Mazor Robotics’ installed base. Moving from direct sales to a strategic distribution model is expected to immediately reduce Mazor’s annual operating expenses by approximately $13 million. Trailing 12-month operating expenses for Mazor totaled $52.7 million.

The proceeds from the investment will further strengthen Mazor’s balance sheet and provide the resources to continue to collaborate with Medtronic to develop innovative solutions for the spine market, as well as develop innovative solutions for other potential markets.

Mazor will continue to independently develop and market globally the Renaissance Surgical Guidance System, which was first launched in 2011. Efforts for Renaissance will be focused on certain market segments for which the Renaissance provides significant customer added value.

CONFERENCE CALL INFORMATION

The Company will host a conference call to discuss today’s announcement at 8:30 AM EDT (3:30 PM IDT). Investors within the United States interested in participating are invited to call 1-800-289-0498. Participants in Israel can use the toll-free dial-in number 1-80-925-8350. All other international participants can use the dial-in number 1-719-325-4818. For all callers, refer to Conference ID 1217133.

A replay of the event will be available for two weeks following the conclusion of the call. To access the replay, callers in the United States can call 1-866-375-1919 and reference the Replay Access Code: 1217133. All international callers can dial 1-719-457-0820, using the same Replay Access Code. To access the webcast, please visit www.mazorrobotics.com and select ‘Investor Relations.’

About Mazor

Mazor Robotics believes in healing through innovation by developing and introducing revolutionary technologies and products aimed at redefining the gold standard of quality care. Mazor Robotics Guidance System enables surgeons to conduct spine and brain procedures in an accurate and secure manner. For more information, please visit www.MazorRobotics.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Any statements in this release about future expectations, plans or prospects for the Company, including without limitation, statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions are forward-looking statements. These statements are only predictions based on Mazor’s current expectations and projections about future events. There are important factors that could cause Mazor’s actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. For example, Mazor is using forward-looking statements in this press release when it discusses the outcome of the Phase II agreements with Medtronic, when it states that the results of combined development efforts are expected to be launched this fall, when it states that sales minimums are expected to drive substantial improvement in Mazor’s financial results during the next several years, when it discusses that the strategic partnership will allow hospitals in new markets around the world to have access to the Mazor X and gain the clinical benefits that this technology offers, when benefits spine surgeons will get from the combination of Mazor’s technology and Medtronic’s navigation capabilities and implant systems are discussed, when it discusses advancing its robust, jointly-developed product pipeline for the spine market while pursuing exclusive efforts to apply its innovation to other medical needs, when it discusses that moving from direct sales to a strategic distribution model is expected to immediately reduce its annual operating expenses, when it discusses continuing to independently develop and market globally the Renaissance Surgical Guidance System and where it will focus its efforts with regard to this system, and when it discusses the timing of the closing of the Medtronic purchase of ADSs and the potential exercise of warrants as well as the use of proceeds from the sale of such securities. Those factors include, but are not limited to, the impact of general economic conditions, competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results, and other factors indicated in Mazor’s filings with the Securities and Exchange Commission (SEC) including those discussed under the heading “Risk Factors” in Mazor’s annual report on Form 20-F filed with the SEC on May 1, 2017 and in subsequent filings with the SEC. For more details, refer to Mazor’s SEC filings. Mazor undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law.

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EVC Group
Michael Polyviou, 212-850-6020
mpolyviou@evcgroup.com
or
Doug Sherk, 646-445-4800
dsherk@evcgroup.com

Source: Mazor Robotics Ltd.

Globus Medical Appoints David M. Demski as CEO

AUDUBON, Penn., Aug. 29, 2017 (GLOBE NEWSWIRE) — Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced that, the Board of Directors has named David M. Demski as the Company’s Chief Executive Officer, effective immediately.  Mr. Demski will report to David C. Paul, the Company’s founder, Chairman of the Board, and Chief Executive Officer since its inception in 2003.  Mr. Paul will remain in the role of Executive Chairman.

Mr. Demski has been a Globus Medical senior executive since 2003, serving initially as Chief Financial Officer from 2003 until 2008.  In 2008, he became President and Chief Operating Officer of the Company, responsible for all of its domestic and international commercial operations, including sales, marketing, manufacturing, and finance.  During Mr. Demski’s tenure as President and COO, Globus Medical consistently delivered above-category growth and profit margins, culminating in the Company’s successful initial public offering in 2012.  In 2015, Mr. Demski became President, Emerging Technologies, and assumed responsibility for overseeing the Company’s expansion into the areas of imaging, navigation, and robotics, as well as orthopedic trauma, both of which are expected to contribute to the Company’s growth over the next decade.

Mr. Paul will continue to focus on strategic initiatives and will spend less time on day-to-day operational matters.  The Company reported that the timing of these management changes was designed to allow Mr. Paul to recover from a health condition. Mr. Paul is expected to make a full recovery over the next several months and plans to remain actively involved with the Company both during his recovery and thereafter.

“No one is or could be more well suited to be CEO of Globus Medical than Dave,” said David Paul.  “He has been with us since the very start of this Company, has led virtually every aspect of its operations, and has been a significant contributor to the Company’s success to date.  During the seven years when Dave served as President, among his many responsibilities were direct leadership of both our domestic and international sales forces.  During that time, and as he took over responsibility for our Emerging Technologies division, Dave honed a talent for optimizing sales team performance and developing and commercializing new products.  His skill set is precisely what we need to continue our focus on profitable growth.

“With Dave taking over day-to-day management of the Company, I can focus on the things I am most passionate about and the areas in which I can bring the most value to our shareholders: strategy and technology innovation.  Globus Medical was built on delivering groundbreaking solutions to surgeons and their patients, and we will not stray from our core mission.  We have built a strong company and will move forward with the same vision and passion for which we are known. I look forward to being part of the Company’s continued success.”

Conference Call Details:
Globus Medical will hold a teleconference to discuss the press release with the investment community at 5:30 p.m. Eastern Time. Globus invites all interested parties to join the call by dialing:

1-855-533-7141 United States Participants
1-216-562-0337 International Participants

There is no passcode for the teleconference.

For interested parties who do not wish to ask questions, the teleconference will be webcast live and may be accessed through a link on the Globus Medical website at www.globusmedical.com/investors.

The call will be archived until Tuesday, September 5, 2017. The audio archive can be accessed by calling 1-855-859-2056 in the U.S. or 1-404-537-3406 from outside the U.S. The passcode for the audio replay is 7826-9364.

About Globus Medical, Inc.                                      
Globus Medical, Inc. is a leading musculoskeletal solutions company based in Audubon, PA.  The company was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders.

Safe Harbor Statements
All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms and specifically include statements regarding Mr. Paul’s medical prognosis. These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends. Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted. These risks and uncertainties include, but are not limited to, changes in Mr. Paul’s medical condition, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to successfully integrate the international operations acquired from Alphatec, both in general and on our anticipated timeline, our ability to transition Alphatec’s international customers to Globus Medical products, our ability to realize the expected benefits to our results from the Alphatec acquisition, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, and other risks. For a discussion of these and other risks, uncertainties and other factors that could affect our results, you should refer to the disclosure contained in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission, including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our Forms 10-Q, Forms 8-K and other filings with the Securities and Exchange Commission. These documents are available at www.sec.gov. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof.

Contact:
Daniel Scavilla
Senior Vice President, Chief Financial Officer
Phone: (610) 930-1800
Email: investors@globusmedical.com
www.globusmedical.com

OrthoPediatrics and Mighty Oak Medical Team Up to Bring Pediatric-Friendly Spinal Navigation to Children’s Hospitals

WARSAW, Ind., Aug. 28, 2017 (GLOBE NEWSWIRE) — OrthoPediatrics and Mighty Oak Medical are pleased to announce a navigation partnership that can provide unsurpassed screw placement accuracy in the pediatric population.  Mighty Oak Medical is the manufacturer of FIREFLY® Pedicle Screw Navigation Guides, which are 3D printed and patient-specific at each planned vertebral level. FIREFLY® Guides address the clear market need for a navigation solution that does not rely on intraoperative radiation, and is ideally suited for longer construct cases. OrthoPediatrics regards scoliosis surgeries as an excellent application of FIREFLY® Technology, and has been granted the exclusive distribution rights for FIREFLY® Pedicle Screw Navigation Guides in pediatric hospitals in the United States. The FIREFLY® Pedicle Screw Navigation Guides can be used with any Spinal Deformity Correction system, including the OrthoPediatrics RESPONSE Spinal Deformity System.

David Bailey, Executive Vice President of OrthoPediatrics, said, “Our partnership with Mighty Oak Medical is one more way OrthoPediatrics is advancing the field of pediatric orthopedics.  The FIREFLY® Technology will be a valuable addition to our spine portfolio, and we are pleased to partner with another company that is Leading Innovation in Pediatric Orthopedics!”

“This distribution relationship is going to highlight the stark differences between robotic and optical navigation systems, which can cost up to a million dollars and are highly complex and radiation heavy, with the 3D printed patient-specific disposable solution of FIREFLY®.  In the capable hands of the OrthoPediatrics team, we believe the FIREFLY Guides’ validated 99.7% accuracy, combined with ease of use, should quickly bring a safe and reliable navigation tool to pediatric facilities across the United States”, stated Heidi Frey, President of Mighty Oak Medical.

About OrthoPediatrics Corp. 
Founded in 2006, OrthoPediatrics is the only orthopedic company focused exclusively on providing a comprehensive product offering to the pediatric orthopedic market to improve the lives of children with orthopedic conditions. OrthoPediatrics currently markets 21 surgical systems that serve three of the largest categories within the pediatric orthopedic market. This offering spans trauma and deformity, complex spine and ACL reconstruction procedures. OrthoPediatrics’ global sales organization is focused exclusively on pediatric orthopedics and distributes its products to 35 countries outside the United States.
Investor Contacts: The Ruth Group, attn: Zack Kubow; (646) 536-7020  zkubow@theruthgroup.com.

About Mighty Oak Medical
Mighty Oak is a medical device incubator and a leader in patient-specific solutions for the spine. Our robust patent portfolio, both US and worldwide, and pipeline of patient-specific devices for the spine, is unparalleled. By combining the talents of experienced spine surgeons and biomedical engineers, spine surgeries can be made safer and more efficient. Our mission is to improve surgical outcomes in a manner that is both cost-effective and patient-centered. We have the freedom to focus on innovative solutions, and our team is developing many exciting and disruptive products that meet these objectives. For more information, please contact info@mightyoakmedical.com.

NuVasive Announces World-Class Innovation Center At San Diego Headquarters

SAN DIEGOAug. 29, 2017 /PRNewswire/ — NuVasive, Inc. (NASDAQ: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, today announced the expansion of its San Diego global headquarters, including the creation of an innovation center of excellence where surgeons from around the world will be educated and trained on the latest NuVasive spine technology and procedures designed to drive clinical predictability and improve patients’ lives.

NuVasive, founded in 1997 as a local San Diego medical technology startup, pioneered minimally invasive, lateral spine surgery and earned its reputation as one of the most innovative spine companies in the industry. Today, the Company ranks third in the global spine market and anticipates surpassing the $1 billion revenue mark at the end of this year.

As the Company continues to grow at an accelerated rate, it plans to renovate and further build out its world headquarters starting in January 2018. The Company’s growth is reflected in several areas, including training more than 500 surgeons annually on its products and procedures at its San Diego campus, a commitment to increasing its R&D spend as a percent of revenue from 5 to 7 percent over the next several years, and creating jobs, locally and globally.

NuVasive’s San Diego campus, located at 7475 Lusk Boulevard in Sorrento Valley, will increase by more than 100,000 square feet, bringing the total space to approximately 250,000 square feet. Expansion plans include renovating the current two buildings on campus and adding a third building. The newly renovated campus will include an innovation center of excellence, showcasing the Company’s state-of-the-art product and procedural offerings and highlighting its world renowned surgeon education. Additional features of the campus include:

  • an expanded surgeon education lab for onsite surgeon training and education;
  • a prototype design facility with 3D printing capabilities;
  • state-of-the art biomedical testing center; and
  • a new amenities building which will include an onsite café, fitness center and meeting space to accommodate up to 750 attendees.

“Our headquarters expansion reflects our commitment to the San Diego region where medical technology companies and the life sciences industry have significantly contributed to the growth for decades,” said Gregory T. Lucier, NuVasive’s chairman and chief executive officer. “Our new facility will offer NuVasive the unique opportunity to have our design facility, lab space and product development in one location where visiting surgeons and our product development teams can collaborate closely on our newest technologies. With the support of Mayor Faulconer and the San Diego Regional Chamber of Commerce, we are eager to continue our investment into the San Diego area with a facility that attracts, retains and grows the high-performing employee talent we have here at NuVasive.”

NuVasive worked closely with city and state officials to re-invest in the area and continue the commitment of bringing surgeons from around the world to train at the onsite cadaver lab.

“It’s an exciting day for NuVasive and a proud moment for San Diego,” said San Diego Mayor Kevin Faulconer. “NuVasive is a homegrown company that’s supporting our innovation economy, creating jobs for San Diegans and leading the world in transformative spinal surgeries. We will continue to create an environment in San Diego where companies like NuVasive can grow and thrive.”

Mayor Faulconer and other state and local officials visited the San Diego campus earlier this year.

San Diego’s business community applauds the expansion of the NuVasive campus,” said Jerry Sanders, San Diego Regional Chamber of Commerce’s president and chief executive officer. “NuVasive is a major contributor to San Diego’svital medical technology industry and has demonstrated an admirable commitment not only to supporting our region but to totally revolutionizing spine surgery across the world. It’s a major point of pride for San Diego to be home to such leading innovators who are growing, thriving, and hiring here.”

While San Diego serves as the Company’s global headquarters, NuVasive remains committed to expanding its global footprint. The Company recently opened its new international headquarters in Amsterdam, and finished a new 180,000 square foot manufacturing center in West Carrollton, Ohio. NuVasive’s footprint also includes a 100,000 square foot facility in Memphis, Tennessee, which serves at the Company’s central distribution hub.

About NuVasive

NuVasive, Inc. (NASDAQ: NUVA) is transforming spine surgery and beyond with minimally invasive, procedurally-integrated solutions designed to deliver reproducible and clinically-proven surgical outcomes. The Company’s portfolio includes access instruments, implantable hardware, biologics, software systems for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. With $962 million in revenues (2016), NuVasive has an approximate 2,300 person workforce in more than 40 countries serving surgeons, hospitals and patients. For more information, please visit www.nuvasive.com.

Forward-Looking Statements

NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive’s results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, risks associated with acceptance of the Company’s surgical products and procedures by spine surgeons, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive’s products (including the iGA™ platform), the Company’s ability to effectually manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties described in NuVasive’s news releases and periodic filings with the Securities and Exchange Commission. NuVasive’s public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.

 

SOURCE NuVasive, Inc.

Related Links

http://www.nuvasive.com

Anika Announces Appointment of Steven Chartier as Vice President of Regulatory and Clinical Affairs

August 28, 2017

BEDFORD, Mass.–(BUSINESS WIRE)–Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic medicines company specializing in therapeutics based on its proprietary hyaluronic acid (“HA”) technology, today announced the appointment of Steven Chartier as Vice President of Regulatory and Clinical Affairs. Mr. Chartier brings more than 25 years of operational expertise leading global regulatory strategy, especially in the Asia Pacific markets, and clinical development for emerging and established companies in the medical technology and biotechnology industries. In his new role at Anika, Mr. Chartier will be responsible for overseeing and directing the clinical development course for the Company’s orthobiologics and regenerative medicine pipeline and advancing promising candidates like CINGAL® and HYALOFAST® through U.S. and ex-U.S. regulatory channels.

“We’re excited to strengthen and solidify our regulatory and clinical development capabilities with the addition of Mr. Chartier, a veteran regulatory and clinical affairs professional with proven expertise in spearheading regulatory strategy and leading a wide array of products through U.S. and global approvals,” said Charles H. Sherwood, Ph.D., Chief Executive Officer of Anika Therapeutics. “Mr. Chartier is the latest of the strategic, senior-level hires we’ve made to advance our robust orthobiologics and regenerative medicine pipeline, and build out our direct commercialization capabilities that will bring forth the next decade of growth for Anika.”

Most recently, Mr. Chartier served as Vice President of Regulatory Affairs and Quality Assurance at Augmenix, Inc., a growth-oriented, privately-held medical device company focused on improving the outcomes of radiotherapy through the use of absorbable hydrogels. Prior to his time at Augmenix, Mr. Chartier served as Chief Operations Officer at PixarBio Corporation and Chief Operating Officer at Infraredx, Inc., where he developed broad operational prowess and led U.S. and global regulatory, quality and clinical development strategy for these entrepreneurial organizations. Mr. Chartier also held positions at Biogen, Inc., a large public company opportunity where he honed his clinical development skills, and at Nucryst Pharmaceuticals, where he spent almost a decade building and maintaining the regulatory and quality functions to support worldwide approval and compliance of regulated medical device and pharmaceutical products.

“Anika’s expansive commercial portfolio and global footprint are impressive, and I see tremendous potential in its diversified product pipeline that lends itself to a steady flow of regulatory filings and approvals in the U.S. and overseas,” said Steven Chartier, Vice President of Regulatory and Clinical Affairs at Anika Therapeutics. “I believe my experience working with Asia Pacific regulatory authorities will be especially valuable to Anika, as this region represents a tremendous growth opportunity for the orthopedic medicine market.”

Mr. Chartier launched his career in clinical research and clinical trial coordination at Dana Farber Cancer Institute and Beth Israel Deaconess Medical Center. Mr. Chartier received a Regulatory Affairs Certification from the Regulatory Affairs Professional Society in 2003, and he holds a Bachelor of Arts in Psychology from Saint Anselm College. Click HERE to view Mr. Chartier’s full bio.

About Anika Therapeutics, Inc.

Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic medicines company based in Bedford, Massachusetts. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology. Anika’s orthopedic medicine portfolio includes ORTHOVISC®MONOVISC®, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration. For more information about Anika, please visit www.anikatherapeutics.com.

Contacts

For Investor Inquiries:
Anika Therapeutics, Inc.
Sylvia Cheung, 781-457-9000
Chief Financial Officer
or
For Media Inquiries:
Pure Communications
Sonal Vasudev, 917-523-1418, sonal@purecommunicationsinc.com

MicroPort Orthopedics Announces Launch of its Procotyl® Prime Acetabular Cup System for Total Hip Replacement Surgery

August 29, 2017

ARLINGTON, Tenn.–(BUSINESS WIRE)–MicroPort Orthopedics, a medical device company that develops and manufactures cutting-edge joint replacement implants and approaches, today announced the launch of its Procotyl® Prime Acetabular Cup System.

“At MicroPort Orthopedics, we embrace the constant advance in orthopedic medicine, and have a deep commitment to creating products that make patients’ lives better,” said Aurelio Sahagun, President. “The Procotyl® Prime Acetabular Cup System, with its best-in-class features, is a great example of this commitment, as it not only strengthens our position as a leader in surgical joint replacement, but also complements our existing products and surgical approaches to help patients return to full function faster.”

The Procotyl® Prime Acetabular Cup System, which is the next step in the evolution of the successful Dynasty® Acetabular Cup System, received 510k Clearance from the U.S. Food & Drug Administration in late June.

“Procotyl® Prime’s design is a culmination of over 20 years of market experience coupled with intelligent design and engineering,” said Dr. James Chow, Director of Orthopedics Hip & Joint at Phoenix St. Luke’s Medical Center. “We set out to design an implant optimized for highly-crosslinked polyethylene and modern 3D fixation surfaces, allowing us to eliminate compromises. The result is a shell that is strong and flexible, has maximized poly thickness and robust pull-out strength, all while allowing the versatility of large head options in the smallest sizes.”

In addition to the benefits of the implant, the Procotyl® Prime system is the first on the market designed with simple, versatile instrumentation to support a variety of surgical approaches, including all of MicroPort’s soft-tissue sparing philosophies.

Dr. Brad Penenberg, Chief of Arthroplasty Service at Cedars-Sinai Hospital, said, “Procotyl® Prime is the first acetabular component adapted for MicroPort’s novel portal-assisted acetabular instrumentation. This unique approach facilitates preservation of soft tissue, fast patient recovery, and direct acetabular visualization.”

For more information about the Procotyl® Prime Acetabular Cup System or MicroPort Orthopedics, visit www.ortho.microport.com or follow the brand on Twitter and Facebook.

About MicroPort Orthopedics
Established in January 2014, MicroPort Orthopedics Inc. is the fifth largest multinational producer of hip and knee implants and a proud member of the MicroPort Scientific Corporation family of companies. From its headquarters in Arlington, Tennessee, MicroPort Orthopedics develops, produces, and distributes innovative OrthoRecon products. The company’s U.S.-based manufacturing and logistics capabilities deliver high quality hip and knee products to patients and their doctors in over 60 countries, including the U.S., EMEA, Japanese, Latin American and China markets. For more information about MicroPort Orthopedics, visit http://www.ortho.microport.com/.

About MicroPort Scientific
MicroPort Scientific Corporation is a leading medical device company focused on innovating, manufacturing, and marketing high-quality and high-end medical devices globally. With a diverse portfolio of products now being used at an average rate of one for every 15 seconds in thousands of major hospitals around the world, MicroPort maintains world-wide operations in a broad range of business segments including Cardiovascular, Orthopedic, Electrophysiological, Endovascular, Neurovascular, Surgical, Diabetes Care and Endocrinal Management, and others. MicroPort is dedicated to becoming a patient-oriented global enterprise that improves and reshapes patient lives through application of innovative science and technology. For more information, please refer to: http://www.microport.com.

Forward-Looking Statements
Some information contained on this website contains forward-looking statements. These forward-looking statements include, without limitation, those regarding our future financial position, our strategy, plans, objectives, goals and targets, future developments in the markets where we participate or are seeking to participate, and any statements preceded by, followed by or that include the words “believe,” “intend,” “expect,” “anticipate,” “project,” “estimate,” “predict,” “is confident,” “has confidence” and similar expressions are also intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of MicroPort’s management and are subject to significant risks and uncertainties. MicroPort Scientific Corporation undertakes no obligation to update any of the statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that could cause actual future results to differ materially from current expectations include, but are not limited to, general industry and economic conditions, PRC governmental policies and regulations relating to the medical device manufacturing industry, competition in the medical device manufacturing industry, our ability to develop new products and stay abreast of market trends and technological advances, our goals and strategies, our ability to execute strategic acquisitions of, investments in or alliances with other companies and businesses, fluctuations in general economic and business conditions in China.

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LaVoieHealthScience
Sharon Correia
scorreia@lavoiehealthscience.com
617-412-8779

Allegra Orthopaedics making progress on bone substitute technology

28 Aug 2017

Allegra Orthopaedics Ltd (ASX:AMT) is continuing to make significant progress with its unique bone substitute technology “Sr-HT-Gahnite” and is aiming to progress into the production phase.

The company is an orthopaedic manufacturer and has obtained the global license to the composite biocompatible ceramic material known as Sr-HT- Gahnite from the University of Sydney.

Allegra’s tests have indicated that all the samples containing the Sr-HT Gahnite scaffolds showed promising ingrowth of bone through the scaffold and in some cases completely bridged the defect.

Importantly, there was no evidence of inflammation or formation of fibrous tissue, indicating good biocompatibility of the Sr-HT Gahnite.

The company is also studying the various commercial applications of this unique bone substitute technology, before commencing with interbody cervical spinal cages as the initial product offering.

 

READ THE REST HERE

FDA Commissioner Scott Gottlieb, M.D. on FDA’s new policy steps and enforcement efforts of stem cell therapies and regenerative medicine

SILVER SPRING, Md.Aug. 28, 2017 /PRNewswire-USNewswire/ — One of the most promising new fields of science and medicine is the area of cell therapies and their use in regenerative medicine. These new technologies, most of which are in early stages of development, hold significant promise for transformative and potentially curative treatments for some of humanity’s most troubling and intractable maladies. Recent advances in our basic knowledge of the pathways involved in tissue damage and regeneration have combined with remarkable progress in adult stem cell biology to put us at a genuine inflection point in the history of medicine. The prospect of clinical tissue repair strategies is a tangible reality. This promise is reinforced by the strong commitment of the investment and scientific communities in exploring the potential applications across a wide range of vexing diseases and conditions, such as cancer, Parkinson’s disease, and diabetes, among many others.

However, with all of the medical potential, also comes novelty and uncertainty as this field matures. There are a small number of unscrupulous actors who have seized on the clinical promise of regenerative medicine, while exploiting the uncertainty, in order to make deceptive, and sometimes corrupt, assurances to patients based on unproven and, in some cases, dangerously dubious products. These dishonest actors exploit the sincere reports of the significant clinical potential of properly developed products as a way of deceiving patients and preying on the optimism of patients facing bad illnesses. This puts the entire field at risk. Products that are reliably and carefully developed will be harder to advance if bad actors are able to make hollow claims and market unsafe science. In such an environment a select few, often motivated by greed without regard to responsible patient care, are able to promote unproven, clearly illegal, and often expensive treatments that offer little hope, and, even worse, may pose significant risks to the health and safety of vulnerable patients. These so-called treatments run afoul of the FDA’s legal and regulatory framework governing this new field.

At the same time, it’s incumbent upon the FDA to make sure that this existing framework is properly defined, with bright lines separating new treatments that are medical products subject to the FDA’s regulation from those therapies that are individualized by surgeons in such a way that they are not subject to FDA regulation. The field of regenerative medicine, because of the very nature of the science and the rapidly evolving clinical developments, not infrequently lends itself to often close calls between what constitutes an individualized treatment being performed by a doctor within the scope of his medical practice on the one hand, and what constitutes a medical product that is currently subject to the authorities Congress has already charged the FDA with exercising.

For example, sometimes when cells or tissues are taken from and given back to the same individual or when the cells or tissues do not undergo significant manufacturing, are intended to perform the same basic functions, and are not combined with another drug or device, among other factors; their benefits and risks are well understood. In these circumstances, the products may not require premarket review under current law. However, when significant manufacturing is performed on the cells or tissues, or when the cells or tissues are not intended to perform the same basic functions, far greater uncertainty exists as to the benefits and risks involved. In these cases, it’s necessary to understand the benefits and risks in clinical trials prior to widespread use of the products. Therefore, premarket review is required.

At the same time that we take steps to prevent unscrupulous actors from being able to deceive patients and potentially harm their health, we also need to make sure that the vast majority of responsible product developers know where the regulatory lines governing this new field are drawn. The FDA must advance an efficient and least burdensome framework as a way to help new products remain compliant with the law through a regulatory structure that does not become a barrier to beneficial new innovation.

To make sure the agency is separating the promise from the unscrupulous hype, we are stepping up our enforcement activity in this area. At the same time, this fall the FDA will advance a comprehensive policy framework that will more clearly describe the rules of the road for this new field. This comprehensive policy is based on our existing authority. It will offer responsible product developers – including individual providers working in clinics and academic hospitals and advancing their own products as part of regenerative medicine procedures – a way to more efficiently gain FDA approval for their products through a process that is minimally burdensome and less costly. Many of the individualized treatments fall clearly outside the FDA’s pre-market requirements. For those that currently fall across the line and are subject to the FDA’s existing pre-market review, we want to make sure the process for gaining FDA approval is efficient. We want to facilitate innovation. We seek a regulatory process that accommodates the complexity of developing these therapies, and takes measure of their tremendous and near-term potential.

Stepped Up Enforcement

In terms of compliance, and with regard to our increased oversight and enforcement: In the last few days alone, the FDA has taken steps in Florida and California to address a number of especially troubling products being marketed. But unfortunately, these are examples of a larger pool of actors who claim that their unproven and unsafe products will address a serious disease, but instead put patients at significant risk. We will seek to take additional actions in the coming months as we address this field, and target those who are clearly stepping over the line, at the same time that they create a potential danger to patients. We have examples where some of these unproven treatments have clearly harmed patients.

As the agency responsible for ensuring these therapies are safe and effective, I will not allow these activities to go unchecked. I’ve directed the FDA to launch a new working group to pursue unscrupulous clinics through whatever legally enforceable means are necessary to protect the public health. Late last week, FDA worked with the United StatesAttorney to ask a court to seize the components of a product that involved the use of vaccinia virus vaccine as part of a purported treatment for cancer that FDA believes created the potential for substantial risks to patients. The product posed significant public health concerns for the agency.

Efficient Regulation

With regard to our regulation of these products, I want to expand on the need for bright lines and appropriate oversight to accommodate the good actors working on genuine science.

As we work to protect Americans from the bad actors, I’m equally committed to doing all we can to help bring to patients more quickly innovative, scientifically proven regenerative cell therapies. For this reason, we’re developing a comprehensive and efficient, science-based policy with the aim of accelerating the proper development of these products.

The FDA will advance the new framework this fall. This comprehensive policy will establish clearer lines around when these regenerative medicine products have sufficient complexity to fall under the agency’s current authority, and then define an efficient process for how these products should be evaluated for safety and effectiveness. The policies will be set forth in a series of guidance documents that are the result of a public process we have held in recent years. The new policy will build upon the agency’s current risk-based, flexible regulatory framework. It will also serve to implement provisions of the 21st Century Cures Act related to regenerative medicine. The FDA has already held public meetings to inform its thinking in these areas, so much of the agency’s approach is already part of the public record. We’ll continue to work with industry and the scientific community to perfect the process for bringing safe and effective treatments to patients.

At the same time, we will also issue a compliance policy that, with the exception of outliers potentially harming public health in a significant way right now, will give current product developers a very reasonable period of time to interact with the FDA in order to determine if they need to submit an application for marketing authorization and to come into the agency and work on a path toward approval. And we will also be developing a novel approach to FDA approval that we believe will allow very small product developers to gain all the benefits of FDA approval through a process that is minimally burdensome and less costly. We’re mindful of the significant promise offered by regenerative medicine, the cost of innovation in this industry, the small companies engaging in these enterprises, and the difficulty of doing FDA registration trials in this field. Our framework will take measure of all of these challenges.

In addition, the FDA will continue to work closely with industry to find other ways to aid in the effort to bring novel therapies to patients as quickly, and as safely, as possible. One of these will include our continued commitment to fully implement the Regenerative Medicine Advanced Therapy (RMAT) designation. This pathway enables regenerative cell therapies to access the FDA’s existing expedited programs to help foster the development and approval of these novel products. Among other things, we plan to include certain gene therapy products that permanently alter tissue and produce a sustained therapeutic benefit as part of the products that will meet the definition of being eligible to come under the pathway enabled by RMAT. This is part of our broader commitment to pursue efforts that will advance innovation in this space. We encourage sponsors who are seeking FDA approval of their product to consider this pathway.

Ultimately, the agency’s goal is to make sure that the potential of regenerative medicine can continue to advance to benefit the patients who need new and innovative options for their medical problems. These technologies hold out the potential to significantly alter the course of a broad range of diseases. We are committed to taking steps to make sure these opportunities advance as quickly as possible. To do so, we must put in place the framework to separate the promising treatments from those products that pose significant risks or offer patients little to no chance of benefit. We will also continue to take steps to keep those who would exploit this promising area from harming patients and abusing the public’s trust. We can’t let a small number of unscrupulous actors poison the well for the good science that holds the promise of changing the contours of human illness and altering the trajectory of medicine and science.

For more information:

FDA warns US Stem Cell Clinic of significant deviations

FDA acts to remove unproven, potentially harmful treatment used in ‘stem cell’ centers targeting vulnerable patients

RMAT

Public Hearing; Request for Comments – Draft Guidances Relating to the Regulation of Human Cells, Tissues or Cellular or Tissue-Based Products

Public Workshop: Scientific Evidence in the Development of Human Cells, Tissues, and Cellular and Tissue-Based Products Subject to Premarket Approval

The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.

Media Inquiries: Lyndsay Meyer, 240-402-5345, lyndsay.meyer@fda.hhs.gov
Consumer Inquiries: 888-INFO-FDA

SOURCE U.S. Food and Drug Administration

Regentis Biomaterials Receives European CE Mark Approval for GelrinC

OR AKIVA, Israel and PRINCETON, New JerseyAugust 28, 2017 /PRNewswire/ —

Regentis Biomaterials Ltd., a privately held company developing proprietary hydrogels for tissue regeneration, announced today it has received European CE mark approval for its GelrinC® biodegradable implant. The approval covers GelrinC manufactured using denatured human fibrinogen and expands upon the existing CE mark for a version containing denatured bovine-sourced fibrinogen. This latest approval enables Regentis to begin accessing new global markets, and helping more patients suffering from damaged articular knee cartilage.

“Since a CE mark is recognized internationally, this key approval opens the door to making the product available in many other territories,” said Regentis Biomaterial CEO Alastair Clemow, Ph.D.

GelrinC is designed to quickly and easily treat articular knee cartilage defects, both chondral and osteochondral. With a minimally invasive procedure, surgeons apply GelrinC into lesions as a liquid allowing it to fill any size and shape of defect. After a short exposure to ultra-violet light, GelrinC is converted into a solid implant which gradually degrades in a controlled manner. Over time, the implant is replaced with newly formed cartilage tissue that is similar to native cartilage, and fits within the surrounding cartilage and underlying bone.

A long-term European clinical study of GelrinC, focusing on patients with damaged articular knee cartilage, demonstrated sustained relief of symptoms with most patients regaining pain-free knees. MRI imaging further revealed that the regenerated cartilage had properties that were comparable to natural cartilage. Regentis is currently conducting an FDA-approved Phase III pivotal multi-site clinical trial on GelrinC in the U.S. and Europe to support a PMA application, a key step to having the product approved for patients in the U.S.

“The data from our European clinical study indicates that GelrinC provides surgeons with an effective one-step treatment. GelrinC is an off-the-shelf product that can be used at any time during surgery when a lesion is identified without the need for pre-planning or additional surgeries,” said Dr. Clemow. “This makes GelrinC an attractive treatment option that is as simple to perform as microfracture with superior clinical outcomes. With a potential yearly market of more than 150,000 procedures in the U.S. alone, the opportunities for GelrinC as the primary treatment for articular knee cartilage repair are very exciting.”

GelrinC is an investigational device and not available for sale in the U.S.

About Regentis Biomaterials
With offices in Israel and the U.S., Regentis Biomaterials is a privately held company focused on developing and commercializing proprietary hydrogels for tissue regeneration.  The company’s core technology platform is based on a series of hydrogels utilizing both polyethylene glycol diacrylate and denatured fibrinogen that combines the stability and versatility of a synthetic material with the bio-functionality of a natural substance. This technology serves as the foundation for future clinical indications in osteoarthritis.  The company’s flagship product, GelrinC® is designed for the treatment of articular cartilage lesions.  For more information, please visit http://www.regentis.co.il.

For more information, please contact:
Alastair Clemow, Ph.D., President & CEO
Tel: +1-508-930-8865
aclemow@regentis.co.il

For media inquiries, please contact:
Josh Turner
Tel: +972-54-949-6526
josh@jtpublicrelations.com
SOURCE Regentis Biomaterials Ltd.

Kuros receives clearance for MagnetOs Putty for commercialization in the United States and files the product for CE marking in Europe

Schlieren (Zurich), Switzerland, August 28, 2017 – Kuros Biosciences announced today that it has received 510(k) clearance from the US Food and Drug Administration (FDA) for MagnetOs Putty indicated for use as an autograft extender in posterolateral spine. This market clearance allows commercialization of MagnetOs Putty in the United States and complements the existing clearance for MagnetOs Granules, which was granted by the FDA in February 2017. In addition, Kuros has filed MagnetOs Putty for CE mark certification in Europe. MagnetOs is a novel synthetic bone graft substitute designed to regenerate bone in the implanted site in the body. Numerous studies have shown that MagnetOs leads to progressive bone formation and implant resorption comparable to current gold standard autograft.

Ivan Cohan-Tanugi, Chief Executive Officer of Kuros, commented: “This FDA clearance is another major milestone for us and supports our commitment to develop and launch innovative products that meet the demands of surgeons, their patients and the payers.” He continued: “MagnetOs Putty has now been cleared or submitted in our main target markets, which is key for our strategy to build a leading orthobiologics company. It is also a testimony to our Group’s science, development capabilities and teamwork. We now look forward to rolling out our commercialization activities.”

Under the terms of the combination agreement with Xpand Biotechnology B.V., the clearance for MagnetOs Putty in the United States triggers the issue of another 0.37 million shares from Kuros’ authorized share capital to the former owners of Xpand Biotechnology B.V.

MagnetOs promotes local bone formation equivalent to current gold standard autograft

MagnetOs is a synthetic bone graft substitute intended to fill bony voids or gaps of the human skeletal system and promote the formation of bone at the implanted site. A substantial number of clinically relevant and predictive studies have demonstrated its equivalence to the current gold standard autograft (patient’s own bone, which may not be available in sufficient quantities and/or involves morbidity, costs and risks associated with its harvesting from another healthy site of the patient’s body). MagnetOs is based on calcium phosphate with a novel and unique surface structure that greatly enhances its ability to promote local bone formation. The product is available as granules and as a putty formulation.

For further information, please contact:

Kuros Biosciences AG

Harry Welten

Chief Financial Officer

Phone +41 79 750 15 64

harry.welten@kurosbio.com

 

About Kuros Biosciences AG

Kuros Biosciences is focused on the development of innovative products for tissue repair and regeneration and is located in Schlieren (Zurich), Switzerland and Bilthoven, The Netherlands. The Company is listed according to the International Financial Reporting Standard on the SIX Swiss Exchange under the symbol KURN. Visit www.kurosbio.com for additional information on Kuros, its science and product pipeline.

 
Forward Looking Statements

This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors, Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.