A Medical Device Daily
GrantAdler (Bethlehem, Pennsylvania) will receive a $150,000 investment from the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP; Lehigh Valley, Pennsylvania).
The investment is intended to help the company launch the Rhapsody product line for vascular access. These devices are targeted to patients in need of chemotherapy drug treatment. GrantAdler plans to add a power injectable port to this product line. The company also intends to develop an implantable blood access device for dialysis.
The BFTP/NEP board approved total investments of $660,195 with two early stage technology companies, two established manufacturers, and eight business incubators. BFTP/NEP is a state-funded economic development organization that links early stage technology companies and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation.
In other financing activity, CorVel (Irvine, California) reported that its board has approved a 1 million share expansion to its existing stock repurchase plan, increasing the total number of shares approved for repurchase to 13,150,000.
CorVel began its share repurchase program in the fall of 1996. Since its inception through June 30, the company has spent $166 million to repurchase 11,787,614 shares, equal to 46% of the outstanding common stock had there been no repurchases. These purchases have been funded primarily from net earnings, the company said. CorVel had 13,758,451 shares of common stock, net of treasury shares, outstanding as of June 30.
CorVel provides services and solutions in the field of disability management.