A Medical Device Daily
Boston Scientific (Natick, Massachusetts) reported that it has completed the purchase of EndoTex Interventional Systems (Cupertino, California), as it had agreed to within the 90-day time frame following FDA approval of Endotex's NexStent carotid stent system. Terms were not disclosed.
The NexStent was FDA-approved in November (Medical Device Daily, Nov. 7, 2006) and was studied in the CABERNET trial along with the Boston Scientific FilterWire EZ embolic protection system.
Boston Scientific had been awaiting approval of its FilterWire system, which is designed to efficiently capture plaque that may dislodge during stent implantation, thereby reducing the risk of procedural-related stroke.
"Combining the resources of these two organizations demonstrates Boston Scientific's commitment to leadership in treating carotid artery disease," said John Pedersen, president of the company's Peripheral Interventions business. "Incorporating the NexStent carotid stent into our portfolio of available carotid artery products allows us to offer physicians expanded treatment options."
The NexStent is a laser-cut, nitinol stent with a rolled sheet design that enables one stent size to adapt to multiple diameters in tapered or non-tapered vessel configurations. Its self-sizing feature is intended to provide customization when treating lesions in the carotid arteries, while its unique closed-cell configuration is designed to increase lesion coverage and to provide a smooth inner lumen to help facilitate delivery and retrieval of ancillary devices.
Boston Scientific first invested in EndoTex in July 2001 and at the time negotiated an exclusive option to buy the company, which makes less-invasive devices and specializes in carotid stent technology.
In other dealmaking news:
- Light Sciences Oncology (LSO; Snoqualmie, Washington) reported that it has purchased the assets of its former parent company, Light Sciences, through the issuance of common stock. As a result of the purchase, LSO now owns all patents and substantially all of the other assets of Light Sciences and its subsidiaries: Visient Therapeutics, Vascular Reconditioning, Light Devices, Light Sciences Adipose and Light Sciences R&D.
LSO was spun out from Light Sciences in October 2005, and the company completed its initial public offering in October (Medical Device Daily, Oct. 4, 2006).
According to Llew Keltner, MD, PhD, CEO of LSO, "The acquired assets will allow us unencumbered access to the key technologies for our current and future products — along with a strong foundation for expansion globally and therapeutically. Our expanded intellectual property portfolio is especially important strategically as a commercial advantage."
LSO now owns a number of patents and patent applications formerly licensed from Light Sciences covering light emitting diodes (LEDs) and the use of LEDs to activate a photo-sensitive compound therapeutically, as well as other aspects of its products, such as manufacturing methods. The transaction will eliminate LSO's requirement to pay licensing fees to Light Sciences.
With all light infusion therapy (Litx) intellectual property now in hand, LSO said it is armed with strong non-oncology assets which it intends to separately fund or spin out.
LSO has designed a single-use disposable light-delivery unit intended to provide easy use for physicians and effective and repeatable patient treatments. LSO says it is conducting late-stage clinical trials in metastatic colorectal cancer and hepatocellular carcinoma and has initiated a Phase II clinical study in glioma.
- NovaMed (Chicago) reported acquiring a 54% interest in a multi-specialty ambulatory surgery center located in St. Peters, Missouri.
Thomas Hall, NovaMed president/CEO, said, "In the last 12 months over 4,200 total surgical procedures were performed at this center."
NovaMed operates ambulatory surgery centers in partnership with physicians. The company now has ownership interests in 37 surgery centers located in 18 states.
- National Quality Care (NQC; Beverly Hills, California) reported that it has terminated certain agreements and transactions with Xcorporeal (Los Angeles), including a merger agreement and a license agreement, each dated as of Sept. 1, 2006.
In addition, NQC has terminated all of the transactions and other documents and agreements between it and Xcorporeal related to the merger and license agreement.
NQC said it had exercised its termination rights "on the basis of Xcorporeal's continuing, uncured and uncurable breaches of the merger agreement and its fraudulent and other wrongful conduct related to the merger agreement, the license agreement and certain related matters."
The company reported that it has filed a lawsuit against Victor Gura, a former director and employee of NQC, alleging that Gura breached his employment agreement with NQC and engaged in other wrongful acts. NQC also named Xcorporeal a defendant in the lawsuit and is seeking injunctive relief, compensatory damages, attorneys' fees, punitive damages and other relief from both Gura and Xcorporeal.
Xcorporeal has previously filed a demand for arbitration alleging that NQC has effected an anticipatory breach of the license agreement. NQCI contends that the license agreement is null and void.
Xcorporeal this week also reported termination of the merger agreement but disputes NQC's termination of the license agreement which it says is in full effect (MDD, Jan. 4, 2007).
NQC is focused on the development of a wearable kidney, which can be worn as a belt and operates 24/7.