An initial public offering raised $75 million for dermatology company Verrica Pharmaceuticals. The company anticipates data from two late-stage trials of VP-102 for molluscum contagiosum in the first half of next year and intends to file a new drug application for the candidate with the FDA in 2019.
South Korea's Ministry of Food and Drug Safety has halted imports of Canadian wheat, stating the country will only sell wheat products confirmed not to contain unapproved biotech wheat. Biotech wheat resistant to Monsanto's Roundup weed killer was recently found outside a test plot in Canada.
Auburn University researchers are advancing research to maximize the use of grasses, pine trees and hardwood trees in the production of biofuel and related products. Scientists aim to use the biomass to generate diesel, gasoline and jet fuels.
A deal has been reached by Cardinal Health allowing private equity firm Clayton, Dubilier & Rice to acquire its majority stake in naviHealth, a provider of post-acute care programs to hospital systems, health plans, health care providers and physician groups. Under the agreement, Cardinal will retain about a 45% stake in the business, as well as a call right to reacquire naviHealth.
An offering of about 1.5 million shares and 1.5 million Series A warrants has been registered with the Securities and Exchange Commission by InVivo Therapeutics in hopes of raising around $11 million. The offering will include a 45-day option for the underwriters to buy 222,973 more shares, which could add $1.7 million to proceeds.
An initial public offering of 5 million shares has been priced by Malvern, Pa.-based Neuronetics at $14 to $16 each in hopes of raising $75 million. The company markets a medical system to relieve depression using magnetic stimulation.
A Market Research Future report predicts the worldwide market for spinal implants will see a compound annual growth rate of 5.5% through 2023 because of an increase in the incidence of spinal injuries and disorders, among other factors. Among the key market players are DePuy Synthes, Stryker, Medtronic, Zimmer Biomet and NuVasive.
A funding round is being launched by Irish medical-device startup AuriGen Medical to support the development of its cardiac device for treating persistent atrial fibrillation-related heart failure and stroke risk. The company, which recently won a funding boost of about $2.9 million from the EU's Horizon 2020 SME program, is targeting Irish and US venture capital companies, as well as angel investors and some high-net-worth individuals, for the round.
A sensor has been developed by Chinese scientists to enable the detection of prostate cancer circulating tumor cells by capturing them on frosted glass microscope slides. The slides have tiny depressions that grow silica nanowires on their surfaces, which act like Velcro to trap and tangle up CTCs, with the possibility of detecting as few as 10 tumor cells in a milliliter of blood, researchers reported in ACS Applied Materials & Interfaces.
Twenty-two medtech products were removed by the US Trade Representative from the list of products manufactured in China that will be subject to a 25% tariff beginning July 6, although at least 27 medtech products were retained. "We estimate that the imposition of an additional 25% in duties will impact approximately $836 million worth of medical devices and diagnostics-related products entering the US from China," said Ralph Ives, AdvaMed's executive vice president for global strategy and analysis.