Saturday January 5, 2013
Who will be the next Medtronic? What will be Minnesota's next breakthrough industry? James Walsh will provide the latest information and commentary on the people, companies and trends driving innovation in Minnesota. From visionary entrepreneurs to game changing technologies, this blog offers a window into the future of Minnesota's economy.
Medtronic Foundation helps with Sandy aftermath
Posted by: James Walsh Updated: November 17, 2012 - 7:26 PM
The presidential photo opportunities might be over, but that doesn’t mean Minnesotans have stopped stepping up to help the victims of Hurricane Sandy.
The Medtronic Foundation this week announced that it is donating $250,000 to the American Red Cross to support relief efforts in the aftermath of the superstorm.
But Medtronic is doing more than giving cash. Medtronic employees who wish to head east to help are being offered five days of paid leave in order to help with clean up and recovery.
According to its Web site, the Medtronic Foundation is “committed to improving the lives of people around the world living with chronic disease, with a majority of grant-making committed to expanding access to quality healthcare among underserved populations.”
This certainly goes beyond that. This probably fits the second part of the foundation’s mission – the one that supports “health initiatives in communities where Medtronic employees live and give.”
St. Jude renal denervation study shows promise at six months
Posted by: James Walsh Updated: November 5, 2012 - 4:42 PMSt. Jude Medical, a medical device company based in Little Canada, on Monday announced that its EnligHTN renal denervation system safely and effectively lowered blood pressure at six months.
Renal denervation is a minimally invasive procedure to treat patients with drug-resistant hypertension – high blood pressure that does not respond adequately to medication.
The EnligHTN system targets nerves in the renal arteries leading to the kidneys. St. Jude is just one of many companies, including several local companies, working to control hypertension through the development and use of medical technology.
A typical normal blood pressure is below 120 systolic (the first number) and 80 diastolic (the second number) and is expressed as 120 / 80 mmHg.
Hypertension, or high blood pressure, is a blood pressure greater than 140 / 90 mmHg. The risk of cardiovascular death is cut in half with every 20 mmHg decrease in systolic blood pressure, St. Jude said.
Patients enrolled in the EnligHTN I study had an average blood pressure of 176 / 96 mmHg despite being treated with multiple medications to manage this condition. Those treated with the EnligHTN renal denervation system experienced an average rapid systolic blood pressure reduction of 28 mmHg points after 30 days.
And, at six months:
- An average systolic blood pressure reduction of 26 mmHg points was maintained
- 76 percent of patients responded to the therapy and had an average office blood pressure of 150 / 86 mmHg
- There were no serious device- or therapy-specific adverse events reported
The EnligHTN I trial treated 46 patients whose blood pressure remained resistant despite being on three antihypertensive medications and a diuretic. To be considered for the study, St. Jude said, patients were required to have a systolic blood pressure greater than or equal to 160 mmHg – 150 mmHg for patients with type 2 diabetes.
The EnligHTN system is a multi-electrode ablation technology for renal denervation. An ablation catheter delivers radiofrequency (RF) energy to create tiny scars along the renal sympathetic nerves – a network of nerves that help control blood pressure. Disruption of the nerves has been found to cause systolic and diastolic blood pressure to drop.
The EnligHTN Renal Denervation System earned European CE Mark approval and has been launched in several overseas markets. It is not yet approved for use in the United States.
Mahoney takes the reins at Boston Scientific
Posted by: James Walsh Updated: November 1, 2012 - 12:07 PMIt is the start of the Mike Mahoney era at Boston Scientific. The medical technology company, with an estimated 5,000 employees in Minnesota out of 24,000 workers worldwide, officially turned over the reins to its new president and CEO Thursday.
The move had been announced previously, as Mahoney was brought into the company to succeed interim CEO Hank Kucheman. Since he was brought in as president in October of 2011, Mahoney has been in charge of the company’s Cardiac Rhythm Management unit, as well as having oversight of other corporate functions.
“Mike is a dynamic leader, and having him at the helm for the long-term is exactly what Boston Scientific needs,” said Pete Nicholas, Chairman of the Board and co-founder of the Natick, Mass.-based company. “Mike’s ability to foster a team culture focused on winning, his strategic global view and his passion for innovation have already begun to make a significant impact on the company.”
Mahoney came to Boston Scientific from Johnson & Johnson, where he held a number of global leadership roles.
“For the past year, I have worked with Boston Scientific colleagues all over the world and continue to be impressed by their commitment to innovation and dedication to developing medical devices that truly help transform patients’ lives,” the 47-year-old Mahoney said.
You can read a letter from Mahoney on the company Web site here:
Kucheman will stay with the company as a top advisor and member of senior management through the end of 2012. He will serve as a consultant, beginning in 2013.
MCTC, University of Minnesota forge biotechnology partnership
Posted by: James Walsh Updated: October 23, 2012 - 11:37 AM
There is some pretty promising news regarding opening doors to biotechnology education in Minnesota.
Minneapolis Community and Technical College (MCTC) and the University of Minnesota recently announced a new biotechnology partnership that will allow graduates of MCTC’s Biotechnology program with grade point averages of 3.5 or higher to enroll at the College of Biological Sciences at the University of Minnesota, one of the University's most prestigious schools. Already, seven MCTC students have taken advantage of the partnership. According to Rekha Ganaganur, MCTC’s biotechnology faculty leader, all seven of the students have research or internship experiences and some have even obtained jobs in the bioscience industry. Ganaganur credits Robert Elde, dean of the University of Minnesota’s College of Biological Sciences, for his “vision.” "Dean Elde knows Minnesotans want colleges to collaborate to enhance the biotechnology workforce of the future,” Ganaganur said, adding that she is grateful for members of LifeScience Alley, a trade group, for serving on the MCTC advisory group which made the partnership possible. LifeScience Alley President and CEO Dale Wahlstrom said the partnership makes sense. "Minnesota has earned its place in the medical device industry by nurturing scientists,” he said. “This partnership moves students between two strong academic programs to graduate studies or careers in Minnesota's famed bioscience sector.” This is a strong example of support for students who, because of cost or grades or other life factors, start their academic careers at community colleges. Minnesota’s two-year schools are not just an end unto themselves, but often serve as a gateway to continuing higher education – even in an academically demanding field such as biotechnology. "The partnership is a positive example of a collaborative effort that will help ensure a pathway for students to the top scientific careers in our state," said MCTC President Phil Davis. “I am extremely impressed with the caliber of students enrolled in our programs, and MCTC welcomes this as a way to encourage academic success.”
Boston Scientific to Acquire Rhythmia Medical, Inc.
Posted by: James Walsh Updated: October 9, 2012 - 10:37 AM
Boston Scientific has agreed to buy privately-held Rhythmia Medical, Inc., which makes mapping and navigation technology to use in cardiac catheter ablations and other electrophysiology procedures – including atrial fibrillation and atrial flutter.
Rhythmia Medical is based in Burlington, MA.The transaction is expected to close by Friday, October 12th.
"The acquisition of Rhythmia Medical is a decisive step forward for Boston Scientific in the electrophysiology ablation business, including the high-growth segment of complex ablation," Boston Scientific CEO Hank Kucheman said in a statement. "Electrophysiology is a $2.5 billion market and growing at a double-digit pace, representing a key growth opportunity for us. Rhythmia Medical has a strong and impressive team, and its technology is expected to add innovation and breadth to Boston Scientific's suite of solutions in this strategically important space."
Atrial fibrillation is a disorder that disrupts the ability of the heart to beat regularly and pump blood efficiently. Approximately 15 million people worldwide are affected. Catheter ablation enabled by three-dimensional mapping and navigation is commonly used to treat many heart rhythm disorders, including atrial flutter and atrial fibrillation.
"Rhythmia Medical's revolutionary mapping technology is expected to significantly enhance physician treatment options and ultimately facilitate and improve what today are long and complicated procedures," said Doron Harlev, co-founder and co-chief executive officer of Rhythmia Medical. "Our system is expected to become a very promising tool for physicians to treat patients with complex cardiac arrhythmias. We are excited to combine our mapping system with Boston Scientific's strong catheter platform and commercialization capabilities."
Once the mapping system is cleared by the U.S. Food and Drug Administration and receives CE Mark approval in Europe, Boston Scientific said it expects to begin a limited market launch of the system in 2013 and full market launch in 2014.
According to the statement from Boston Scientific, the agreement calls for an upfront payment of $90 million payable upon transaction closing, and up to an additional $175 million in contingent payments based on regulatory, commercial, and sales-based milestones through 2017. Boston Scientific currently expects the net impact of this transaction on adjusted earnings per share to be immaterial for years 2013 and 2014 and break-even to accretive thereafter, and more dilutive on a GAAP basis as a result of acquisition-related net charges and amortization, which will be determined during the fourth quarter.
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recent posts
- Medtronic renal denervation trial continues to show positive results
- Boston Scientific launches new spinal cord stimulator in Europe
- FDA, local med tech firms launch consortium
- St. Jude gets CE Mark for new ICDs that protect against unnecessary shock
- St. Jude joins transcatheter aortic valve market
- Medtronic Foundation helps with Sandy aftermath
- St. Jude renal denervation study shows promise at six months
- Mahoney takes the reins at Boston Scientific
- MCTC, University of Minnesota forge biotechnology partnership
- Boston Scientific to Acquire Rhythmia Medical, Inc.
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