Surge Therapeutics Inc. landed $26 million in funding through a series A fundraising round to accelerate development of its intraoperative immunotherapy hydrogel.
Cordis Corp. entered an agreement to acquire M.A. Med Alliance SA (Medalliance) in a transaction valued at up to $1.135 billion. Cordis will invest $35 million initially and provide an upfront payment of $200 million at closing in 2023. Meeting regulatory milestones will kick in $125 million and commercial milestones through 2029 are tied to an additional $775 million.
Surge Therapeutics Inc. landed $26 million in funding through a series A fundraising round to accelerate development of its intraoperative immunotherapy hydrogel. The biodegradable injectable is designed to enable delivery of immunotherapy directly into the site of tumor resection and overcome the immunosuppressive effects associated with surgery.
The annual North American Spine Society (NASS) Conference wraps up in Chicago on Oct. 15 and management discussions and analysts make it clear that the sector is not yet back to normal. While September showed an uptick in procedures, spinal surgery continues to lag the recovery seen elsewhere in orthopedics. As the challenges of the past two years recede, two players have posted notable gains in market share and revenue—Globus Medical Inc. and Alphatec Holdings Inc.—perhaps indicating a competitive advantage for smaller, more agile companies.
Genetic testing has the potential to identify infants and children with autism potentially years earlier than clinical assessments, improving response to therapies and long-term outcomes. Sema4 Holdings Corp. presented results of a study Oct. 13 at the Child Neurology Society Annual Meeting that showed exome sequencing improved the diagnosis of autism spectrum disorders by up to 21% compared to current methods. At the same time, the research suggested that exome sequencing can identify children at risk of common comorbidities such as epilepsy, enabling more timely interventions.
In an expansion that will surely have other companies wondering why they didn’t move on the opportunity first, Icad Inc. partnered with Solis Mammography to identify cardiovascular risk based on incidental information commonly found in mammograms—and generally ignored.
Orthofix Medical Inc. and Seaspine Holdings Corp. signed a definitive agreement to combine in an all-stock merger of (near) equals. Following the close, Orthofix shareholders will own approximately 56.5% of the company and Seaspine shareholders will own approximately 43.5%. The new company’s name will be announced prior to the transaction’s anticipated first quarter of 2023 closing.
Medical Creations Inc., dba Xtremity, raised $8.1 million in a series B3 financing round to develop a transtibial prosthetic socket, the Xtremitytt. The socket is designed to enable rapid fabrication and adjustments by using a carbon-reinforced polymer that can be shaped and reshaped in the clinic rather than require use of outside facilities.
Genetesis Inc. nearly doubled its total funds raised to $40 million with a $17.5 million series C financing round to support new clinical trials and commercialize its magnetocardiography system, Cardioflux. Mithril Capital led the round with participation from another new investor, Cercano Management, as well existing investors Jobs Ohio Growth Capital, Ohio Innovation Fund and Cincytech.
Brain MRIs can reveal a great deal about brain tumors, but tracking response to treatment, clearly delineating edges and identifying other critical information remain problematic. Neosoma Inc.’s recently granted FDA 510(k) clearance may simplify treatment of the most challenging of these tumors, high-grade gliomas. The Neosoma High-Grade Glioma (HGG) neuro-oncology software device uses artificial intelligence to provide detailed measurements and 3D analysis that enable greater precision in procedures and better monitoring.
