Insulet Corp. once again broke records with a nearly 50% increase in Omnipod revenues in U.S. in the first quarter and a 32% increase in revenue from the tubeless insulin delivery device worldwide. In an unusual move following such positive quarterly results, the company simultaneously announced a major shake-up in the leadership team, with multiple senior members moving to new positions starting July 1. The latest round of musical chairs comes almost exactly a year after the last at the Insulet, when Founder, President and CEO Shacey Petrovic stepped down and Jim Hollingshead assumed the top spot.
Patient Square Capital bankrolled a new portfolio company, Elevage Medical Technologies, with $300 million to provide capital and strategic expertise to promising medical device companies. Evan Melrose, founding managing director of Spindletop Capital and a practicing family medicine physician, will lead Elevage.
Med-tech companies are facing a new reality of high interest rates, inflation, bank failures, and geopolitical turmoil that are impacting financing and M&A opportunities. To secure finance and attract partnership deals they must keep their product simple, focus on proof of concept and ensure that it has quality, delegates at the LSX World Congress in London heard during a panel presentation.
Pattern Bioscience Inc. reeled in $28.7 million in a series C financing led by Illumina Ventures and Omnimed Capital. The money will be used to complete development of its rapid phenotypic test platform for infectious diseases, conduct clinical validation studies and submit the platform and Pattern’s initial test, for pneumonia, for U.S. FDA review.
Avertix Medical Inc. signed a definitive merger agreement with Bios Acquisition Corp., a special purpose acquisition company (SPAC), in a deal that will take the company public on the Nasdaq. The deal will establish the combined entity, which will continue under the Avertix name and trade as AVRT, with an estimated enterprise value of $195 million. The transaction is expected to close in the second half of the year.
The European Innovation Council (EIC) equity fund will no longer be managed internally by the European Commission (EC) after September. Alterdomus Management Co. SA, a Luxembourg-based fund manager, will make the final decisions on which life science companies to invest in. The aim is to optimize how the EU’s main tool for driving innovation and economic growth in Europe operates.
Mediwhale Inc. closed a $9 million series A round that will see the company take its artificial intelligence (AI)-powered retina scans to prevent heart and kidney diseases to the U.S. market.
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