A Medical Device Daily
Medical device maker Adaltis (Montreal) said it voluntarily filed for bankruptcy in Canada to effect an orderly liquidation of its assets, property and operations.
Cash-strapped Adaltis, whose shares were delisted as part of a reorganization, said operations outside of Canada are not included in this voluntary assignment in bankruptcy.
The filing terminates the protection of the court granted under the companies' creditors arrangement act (CCAA) on July 3, the Adaltis said.
Adaltis, which specializes in in vitro diagnostic products, said the implications for creditors and other stakeholders will not be known until the liquidation process is complete.
Adaltis said directors of the company have resigned and RSM Richter has been appointed as trustee in bankruptcy.
The company has offices in China, Italy, Mexico and other parts of the world, it said.
Adaltis offers diagnostic products, including automated diagnostic systems consisting of instruments, reagents and software, which test for a range of medical conditions. Its software assists in the interpretation of data collected from its instruments and reagents. Adaltis also provides services to its customers, such as installation, technical training and support. Its customers consist primarily of small and medium-sized laboratories and hospitals. Its sales force concentrates on the Chinese and Italian markets, while its third-party distribution network reaches customers in other countries worldwide.
Invo inks contracts in Latin, South America
Invo Bioscience (Beverly, Massachusetts), a medical device company focused on treatment options for patients diagnosed with infertility, reported the signing of 3 distribution contracts in South and Latin America.
The Daxley Group will distribute for Invo in Columbia, Venezuela, Ecuador, Panama, Mexico, Brazil, Chili, Argentina and Uruguay.
Nacer, Center for Human Reproduction (Lima, Peru) has started treating patients with the INVO procedure under Julio Diaz, MD, and has been contracted to distribute the Invocell to IVF centers and OB/GYN's in Peru.
CER, Center for Human Reproduction, under the direction of Vivian Lopez Leon, has started treating patients with Invo and has contracted to distribute the product in Guatemala, Belize, El Salvador and Honduras.
"These agreements will allow Invo to begin the process of treating over 9 million estimated infertile couples in South and Latin America. Invo Bioscience's goal is to develop this untapped market and treat 5% of this population over the next 5 years," said CEO Kathleen Karloff.
The company's patented product, the Invocell, allows for vaginal incubation of eggs, sperm and early embryo development during the infertility treatment process.
"This distribution network will enable Invo Bioscience to continue towards our goal of treating patients with the Invo procedure in countries around the world with a simpler and more affordable solution for patients who cannot afford or do not have access to treatment," said Karloff.
The Invocell has already received CE mark approval and the company began selling units in late 2008 in select countries outside the U.S. The company said it is pursuing FDA clearance for the system.
Invo is a device company focused on creating simplified, lower cost treatment options for patients diagnosed with infertility. The company's lead product, the Invocell, is a novel medical device used in infertility treatment that enables egg fertilization and early embryo development in the woman's vaginal cavity.