Zonare Medical IPO would bolster portable ultrasound system sales effort: Maker of z.one compact ultrasound systems plans initial public stock offering worth up to $86.3 million, according to a July 2 preliminary prospectus filed with the Securities & Exchange Commission. A portion of the proceeds are tabbed for R&D, sales and marketing, as well as "general corporate purposes," the firm says. The Mountain View, Calif., company currently fields a 26-rep U.S. sales force and uses a combination of direct reps and distributors overseas. Revenue for the quarter ended March 31 was down 23% from last year to $8.9 million and the firm is not yet profitable, with an accumulated deficit of $148.5 million. Founded in 1999 as NovaSonics, the company received 510(k) clearance for its z.one system in 2002. The firm's primary competitors in the $4.4 billion worldwide ultrasound market include large players GE, Philips and Siemens, as well as smaller firms specializing in the handheld ultrasound market, including SonoSite, with which Zonare is in patent litigation (1"The Gray Sheet" March 3, 2008, p. 16). Underwriters for the IPO include Citi, Piper Jaffray, Cowen and Co., and Canaccord Adams
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Medtronic announced it received expanded MRI labeling for its DBS systems, which is critical, given that almost 70% of all DBS-eligible patients will likely need an MRI at some point in their care, says Ashwini Sharan, CMO for Medtronic Neuromodulation.
In this episode, Medtech Insight reporter Natasha Barrow speaks to LungLife AI CEO Paul Pagano. Lung Life AI is a US-based AIM-listed medical technology company that has developed a liquid biopsy test for the early detection of lung cancer called Lung LB. Pagano runs through the highlights of Lung Life AI journey to date and its future ambition for a strategic partnership. He also provides advice to similar diagnostic companies seeking reimbursement andcompliance with the US FDA Lab Developed Test ruling.
Speakers at a recent UK medtech outlook conference voiced optimism about the sector’s prospects, but warned that cost burdens, over-regulation and lengthy processes will impede the capacity of local SMEs to innovate. Only 10% of NHS procured medtech comes from UK manufacturers.
Roche aims to grow its diagnostics sales by mid to high single digits, said CEO of Roche Diagnostics Matt Sause. The company unveiled the Axelios synthesis and sequencing solution and discussed its “long-term commitment” to China, as well as its business strategy for the next five years.
BD is accelerating transitions of product sourcing for China to avoid tariffs. Historically, products like Vacutainer were exported from Sumter, SC, to China, and Flush was shipped from Columbus, NE.
