SurModics Inc. (NSDQ:SRDX) posted first-quarter sales of $9.2 million for the three months ended Dec. 31, 2009, down 80.7 percent compared with $47.7 million during the same period last year. Net income fell 93 percent to $1.9 million, compared with $27.1 million during Q1 2009:
Echo Therapeutics Inc. (OTC:ECTE) reached a milestone with one of its two flagship products, the Prelude SkinPrep system, which is ready for clinical trials examining its use in dispensing lidocaine.
The Franklin, Mass.-based company, which is also developing a needle-free glucose monitoring system called the Symphony tCGM, said its development work on the Prelude system is complete and it’s ready for a study in the “near term.”
MicroCHIPS Inc. corraled a group of existing investors and roped in a new backer into the fold, adding $16.5 million to its coffers as it works toward bringing its platform monitoring and treatment implant technology to market.
Existing backers Polaris Venture Partners, Novartis Venture Fund, Flybridge Capital Partners, Medtronic (NYSE:MDT), Saints Capital, Intersouth Partners, Care Capital and CSK Venture Capital all upped their investment in the Bedford, Mass.-based company. New backer InterWest Partners also chipped in.
Echo Therapeutics Inc. (OTC:ECTE) is gearing up for a push to land new investors next year, which it expects to be “transformative,” hiring a New York-based investor relations consulting firm to manage a “strategic investor relations campaign.”
Hayden IR will develop and implement the Franklin, Mass.-based company’s bid to attract more investors in 2010. Echo is developing needle-free drug delivery technologies, including a non-invasive, wireless glucose monitoring device and skin preparation system for transdermal drug delivery.
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Both were among a pool of 26 firms named 2010 Technology Pioneers by the World Economic Forum in Switzerland. The awards are handed out yearly to companies that are “involved in the development of a life-changing technology innovation and have the potential for long-term impact on business and society.”
The 26 companies were winnowed from a pool of 300 applicants and judged by 58 “experts,” according to the Swiss think tank, from the ranks of academia, media and industry.
Taris Biomedical said it successfully completed the first phase of clinical trials of its drug-device combination to treat bladder problems, but declined to release any details of the study pending scientific publication.
The Lexington, Mass.-based firm said the study of its Liris device, which stands for “lidocaine-releasing intravesical system,” was aimed at evaluating the safety, tolerability and retention of the system in the bladder for treating interstitial cystitis. Also known as painful bladder syndrome, IC involves chronic inflammation of the bladder wall.
Taris Biomedical tapped Julie Lekstrom Himes to be its chief medical officer and lead its clinical development program.
Echo Therapeutics Inc. will complete a clinical study of its Symphony non-invasive, wireless transdermal continuous glucose monitoring system by the fourth quarter, in what would be a major step forward for a company that has burned through more than $60 million trying to bring its products to market.
MicroCHIPS Inc. may have been the result of divine inspiration (as the story goes, MIT professor Robert Langer thought of the idea while watching PBS), but it took people like Maggie Pax to turn his vision into a suite of implantable devices that could one day revolutionize medicine.
Shawna Gvazdauskas has a knack for bringing medical devices to market. The 53-year-old is on the third start-up of her 30-year career. In March, she left insulin management maker Insulet, where she helped bring the company’s flagship Omnipod to market, for a new challenge at Isis Biopolymer Inc., which is developing a new generation of non-invasive drug delivery patches.