Tenet subsidiary to close hospital
Tenet Healthcare (Dallas) said that a company subsidiary plans to close Community Hospital of Los Gatos (CHLG), California, including its emergency room, on April 10. As required by state law, the Tenet subsidiary is providing 90 days notice to local and state authorities.
HCP, a real estate investment trust located in Long Beach, owns the real estate and certain other assets of CHLG. Tenet previously announced its intention to allow its lease at CHLG to expire in May.
On Dec. 17, El Camino Hospital reported that it had entered into an agreement to acquire the real estate and certain other assets of CHLG. HCP subsequently advised Tenet that it no longer required that the hospital be operational at the expiration of Tenet's lease. This closure will ensure that Tenet takes the appropriate measures to prepare the property for the ownership change.
Tenet, through its subsidiaries, owns and operates acute-care hospitals and related ancillary healthcare businesses.
Banyan expands to Puerto Rico
Banyan (Los Angeles) said that its subsidiary, Premier Medical Group (Boca Raton, Florida), is expanding its diagnostics testing operations to Puerto Rico, expecting to add $420,000 in yearly revenue.
Michael Gelmon, CEO of Banyan, said: "This move is a natural extension of the PMG diagnostic testing business into a territory which is under serviced. By expanding into this new market place we believe we can generate significant new business."
PMG specializes in nerve conduction velocity testing across the U.S. The expansion into Puerto Rico is one of several new programs planned for 2009 that will greatly expand PMG services, according to the company.
Banyan Corp. is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses.
Covidien launches new marketing campaign
Covidien (Boulder, Colorado), a maker of energy-based surgical systems, said that its Energy-based Devices (EbD) business unit is launching Trusted Hands, a new, broad-based marketing approach that highlights EbD's products.
"We've learned from our customers that trust is what matters most. Trust is a message that genuinely resonates with surgeons and other healthcare providers," said Cameron Rouns, VP of global marketing for Covidien EbD. "Surgeons have told us that in Trusted Hands, we address the most meaningful elements of their day-to-day concerns as medical practitioners. Our message reflects Covidien's commitment to providing products and technologies that improve outcomes and enhance the quality of life for patients."
ArthroCare to be delisted from Nasdaq
ArthroCare (Austin, Texas) said that it received a letter from the Nasdaq listing qualifications panel stating that the panel has determined to suspend and delist trading of the company's common stock on the Nasdaq Stock Market.
ArthroCare has requested a review from the Nasdaq listing and hearing review council, which could result in staying the panel's decision to delist the company's common stock. Following the suspension of the company's stock from Nasdaq, the company expects its common stock to be quoted on the Pink Sheets, an electronic quotation service maintained by Pink OTC Markets, under the trading symbol "ARTC.PK".