A blog about what is new (and old) in the world of active implantable medical devices

Monthly Archives: December 2019

GERD-Treatment EndoStim is Liquidated

Posted on by Posted in AIMD Business, EndoStim, Gastro-Esophageal Reflux (GERD), Neural Stimulation

EndoStim LES treatment for GERD www.implantable-device.com David Prutchi PhD

EndoStim was a medical device company based in Dallas, Texas, and Nijmegen, The Netherlands, developing and commercializing a treatment for gastroesophageal reflux disease (GERD).

On October 15, 2019 EndoStim terminated its Clinical Investigation of the EndoStim® Lower Esophageal Sphincter (LES) Stimulation System due to lack of funding.  According to a letter sent by EndoStim to its investigators, clinical and technical support will no longer be available for the devices after January 14, 2020

EndoStim terminated operations and entered into an Assignment for Benefit of Creditors under Delaware law, which is a state law liquidation procedure similar to a Chapter 7 bankruptcy.

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Congress Needs to Act before the end of 2019 to Repeal Medical Device Excise Tax

Posted on by Posted in AIMD Business

 

 

The medical device tax is a part of the Affordable Care Act which imposes a 2.3% excise tax on the price of taxable medical devices sold in the United States.

The tax was in effect between 2013 and 2015, and caused a 29,000 decline in industry jobs, as well as decreases in R&D spending, which according to the nonpartisan Tax Foundation, led to “less innovation and as a result, worse patient care.”

The tax has been suspended since 2016, but the current moratorium will expire by the end of 2019, unless Congress extends it or repeals the tax outright.

An analysis released today by the nonpartisan Tax Foundation reports that the return of the medical device excise tax would lead to a loss of 21,390 U.S. medical technology jobs and a $1.74 billion decline in the nation’s GDP.  Most importantly, it will harm patients in need of medical devices.

Although there’s broad bipartisan consensus that the medical device tax is bad for jobs, is flawed health and tax policy, and ultimately hurts American patients, representatives are too busy with politics to take care of the people who elected them.

Please call your representative and urge him/her to permanently repeal this tax before adjourning this year!

 

Impulse Dynamics Secures $80.25M Funding from Major Investors Including Amzac, Wellington, and Zoll

Posted on by Posted in Abiomed, AIMD Business, Cardiac Contractility Modulation, David Prutchi's Portfolio, Edwards, Heart Failure (CHF), My Portfolio, Zoll

Impulse Dynamics (where I’m Executive VP of Product Development) announced today the completion of an $80.25 Million Series D financing round with major new investors, including strategics.  According to the press release:

“Impulse Dynamics, developer of Optimizer® Smart System for delivering CCM™ therapy, announced the completion of an $80.25 million Series D financing with new investors. The proceeds will be used primarily to facilitate U.S. commercialization of the Optimizer Smart, an FDA-approved implantable device for treating chronic heart failure that has been proven to strengthen the heart and help it beat more forcibly. Led by well-respected medical technology investor Amzak Health Investors, the round also included Wellington Management, Kennedy Lewis Investment Management, Acorn Biosciences and Minth Holdings Limited; strategic investors Zoll Medical Corporation, Abiomed and one additional corporate investor; and the company’s chief executive and chief financial officers.”

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