Despite a slowdown in the fourth quarter (Q4), med-tech deals concluded the year with the highest deal-value total in BioWorld MedTech’s records. In 2023, a total of $10.63 billion was raised from deals, a 33% increase over the $7.99 billion deal total in 2022. Meanwhile, annual M&A value dropped 58%, from $153.09 billion in 2022 to $64.8 billion in 2023.

The U.S. FDA reported Feb. 15 that Philips USA, a subsidiary of Amsterdam-based Royal Philips NV, recalled three models of the Brightview line of single photon emission CT (SPECT) systems due to an incident in which the system detector fell.

Shionogi & Co. Ltd. is partnering with Fronteo Inc. to develop artificial intelligence (AI)-based diagnostic tools to diagnose mental and neurological disorders more accurately.

Wandercraft SAS broadened its U.S. FDA clearance for the Atalante X to include rehabilitation in individuals with spinal cord injuries at levels T5 to L5. The self-balancing exoskeleton was already given the greenlight by the FDA for use in stroke rehabilitation in December 2022. “We are thrilled to have two FDA clearances, first for stroke and now spinal cord injury, in less than a year,” CEO Matthieu Masselin, told BioWorld.

The slow pace of financing in med-tech appears to have stimulated cardiac arrhythmia technology developer Adagio Medical Inc. to turn to a special purpose acquisition company (SPAC) in a type of deal that has all but vanished in the last year. The company signed an agreement with Arya Sciences Acquisition Corp. IV to combine in a reverse merger deal that will result in Adagio’s listing on Nasdaq under “ADGM.”

If Freenome Holdings Inc.’s $254 million funding round is a sign, the capital markets for med-tech may finally be thawing. The cancer diagnostics company’s latest cash infusion brings its total funds raised to date to more than $1.3 billion. Freenome co-founder and Chief Product Officer Riley Ennis told BioWorld the company’s success in raising cash in a challenging market was attributable to the “perfect storm of huge unmet need and the opportunity that we have, given the treatment advancements.”

Sky Labs reported it has more comparative study data to back its ring-type medical device for blood pressure (BP) called CART BP, which CEO Jack Lee noted has the potential to “replace existing blood pressure monitors.” Sky

Venture capital (VC) firm TVM Capital Life Science recently co-led a $16 million series A financing for Vektor Medical Inc., which has developed an AI-based tool that identifies potential arrhythmia source locations. The funding is part of TVM’s strategy of investing in med-tech companies which have no development risk and offer an exit opportunity in under four years.