[Bioclusters] Medical Device Investments, Mergers and Acquisitions for Q2 03
Venture Reporter
bioclusters@bioinformatics.org
21 Jul 2003 14:55:28 -0000
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<p>Excerpt from <em><a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced" target="_blank" title="Opens in New Window.">Medical
Device
Investments, Mergers and Acquisitions for Q2 03</a></em>, available
from <em>Venture Reporter</em> for $395</p>
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<TD class="subheading"><EM>Venture Reporter</EM> looks at and
analyzes the trends highlighted by Q2 2003’s VC and M&A deals
in the medical device industry.</TD>
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<TD class="subheading"><IMG src="http://venturereporter.net/media/blank.gif" width="10" height="20"></TD>
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<TD><P align="justify"><span class="cap">S</span>ome very ugly numbers
on venture capital investing were released in the second quarter
of 2003, and medical device investing fell along with most other
sectors (fig. 1). Executives that announced deals in the second quarter
were,
for the most part, out raising capital during the first quarter (or
earlier) when the uncertainty of depressed public markets and looming
war with Iraq took a heavy toll on valuations, which likely explains
the lag time before VC investing truly reflected that market uncertainty
that took its toll on the public markets until Spring 2003. Its stands
to reason, then, that medical device investing might experience a
resurgence
in Q3 2003 as it enjoys the fruits of a well-performing healthcare
sector on the public equity side.<br>
</P>
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<td bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><em><strong>Medical Devices Investments, Mergers and Acquisitions for Q2 03<br>
</strong></em> is available now from <em>Venture Reporter</em>.</td>
</tr>
<tr>
<td colspan="2" valign="top" bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><strong>Pricing Options</strong><br>
Q2 03 PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=URJXQKT1&PromotionalCode=spiced">$295</a><br>
Q2 03 Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced">$395</a><br>
4 Quarters PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=5LDRLEOV&PromotionalCode=spiced">$995</a><br>
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<TD valign="top"><P align="justify"> Between
April 1, 2003 and June 25, 2003, the Dow Jones Healthcare Index gained
about 10 percent, rising
from the April 1 close of 248.86 points to the June 25 close of 274.24
points. Over that same period, the Dow Jones Industrial Average gained
942 points — or
12 percent — making healthcare one of the poorer performing sectors
overall.<br>
Though VC investing fell off in the second quarter, M&A activity picked up,
and Abbot Laboratories’ $170 million acquisition of Texas-based Spinal
Concepts certainly added to the excitement that already surrounds spinal products
in the medical device sector.<br>
As is generally the case in the healthcare industry, be it biotechnology or medical
technologies/devices, California and Massachusetts were well ahead of the pack
in number of investments received. Six California companies received venture
capital investment this quarter, or 43 percent of all medical device investments
in the second quarter (fig 6). California-located investments were worth an overall
total of $81.1 million, or 54 percent of the dollars invested in medical devices
this quarter. Even more impressive was the fact that the top five largest investments
in medical device companies in the second quarter were located in California:
CryoCor, Orqis Medical, Xoft microTube, St. Francis Medical Technologies and
Opus Medical. Massachusetts investments, of which there were four, were worth
a total of $30 million — 20 percent of all the dollars invested in medical
devices this quarter. The remaining deals were distributed across Washington
state (two investments) and non-U.S.-based companies (two investments). <br>
A majority of investors interviewed for this report,
when asked what their preferred sub-sector for investment was within the medical
device space, said that spine
was a particularly appealing area for investment. Ostensibly, this is</P>
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<TD valign="top" bgcolor="#000000" class="graph-header"><DIV align="center"><font color="#FFFFFF">Medical
Device
Deals by Quarter</font></DIV>
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<td height="25"><div align="left"> </div>
<div align="left"></div>
<font color="#FFFFFF"><strong> </strong>Q2
02<strong> (27)</strong></font></td>
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<td height="25"><strong> </strong><strong> </strong>Q3
02<strong> (20)</strong></td>
</tr>
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<td height="25"><strong><font color="#FFFFFF"> </font></strong><font color="#FFFFFF"><strong> </strong>Q4
02<strong> (30)</strong></font></td>
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<td height="25"><font color="#FFFFFF"><strong> </strong>Q1
03<strong> (31)</strong></font></td>
</tr>
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<td height="25"><strong> </strong>Q2
03<strong> (14)</strong></td>
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<TD width="20" class="graph-detail"><DIV align="right"> <EM><strong>fig.1</strong></EM></DIV>
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<DIV align="center"><font color="#FFFFFF">Q2 03 Medical Device
Investments by Subsector</font></DIV>
</TD>
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<TR>
<TD bordercolor="#FFFFFF" class="graph-detail"><TABLE WIDTH="175" border="0" cellspacing="0" cellpadding="2">
<TR valign="top">
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<table style="border-bottom:1px gray solid;margin-bottom:5px" width="175" height="175" border="0" cellpadding="0" cellspacing="0" background="http://venturereporter.net/media/q2med-fig4.gif" class="graph-detail">
<tr>
<td height="25"><div align="left"><strong> <font color="#FFFFFF">Cardiovascular
(4)
</font></strong></div></td>
</tr>
<tr>
<td height="25"><div align="right"><strong> Cancer
(2) <font color="#FFFFFF"></font> </strong></div></td>
</tr>
<tr>
<td height="25"><div align="right"><strong> Spine
(2) <font color="#FFFFFF"></font></strong></div></td>
</tr>
<tr>
<td height="25"><div align="right"><strong>Joint
(1) <font color="#FFFFFF"></font></strong></div></td>
</tr>
<tr>
<td height="25"><div align="right"><strong>Dialysis
(1) <font color="#FFFFFF"></font></strong></div></td>
</tr>
<tr>
<td height="25"><div align="right"><strong> GERD
(1) <font color="#FFFFFF"></font></strong></div></td>
</tr>
<tr>
<td height="25"><div align="right"><strong>Other (3) <font color="#FFFFFF"></font></strong></div></td>
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<div align="right"><EM><STRONG>fig.
4</STRONG></EM>
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<DIV align="center"><font color="#FFFFFF">Medical Device</font><font color="#FFFFFF"> Investments,<br>
Mergers and Acquisitions<br>
PRICING OPTIONS</font></DIV>
</TD>
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<TD bordercolor="#FFFFFF" class="graph-detail"><table width="100%" border="0" align="center" cellpadding="10" cellspacing="0" class="graph-detail" style="border-bottom:1px gray solid">
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<td height="25"><div align="left"> Q2 '03 Biotech<br>
PDF version<br>
<a href="https://secure.risingtidestudios.com/getPDF/?c=URJXQKT1&PromotionalCode=spiced">Order for only $295 </a> </div>
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<td height="25"><div align="left">4 Quarters of Biotech<br>
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</td>
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<td height="25"><div align="left">4 Quarters of Biotech<br>
Print & PDF version<br>
<a href="https://secure.risingtidestudios.com/getPDF/?c=A7ZD60AH&PromotionalCode=spiced">Order for only $1495</a></div>
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<DIV align="center"><STRONG>1</STRONG></DIV>
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<TD height="35"><div align="right">
<p>Excerpt from <em><a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced" target="_blank" title="Opens in New Window.">Medical
Device
Investments, Mergers and Acquisitions for Q2 03</a></em>, available
from <em>Venture Reporter</em> for $395</p>
</div>
</TD>
</TR>
<TR>
<TD> </TD>
</TR>
</TABLE>
<TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0">
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<TD width="240" valign="top">
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<TD height="35" valign="top"><SPAN class="subheading"><EM>(continued)</EM></SPAN></TD>
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<TD valign="top"><div align="justify">
<p>largely due to an aging baby-boomer population in need of relief for
aching backs in concert with recent high-profile acquisitions in the
spine area. Some investors indicated that a feeding frenzy is likely
to ensue whenever there are a number of acquisitions in a given sub-sector,
due to the near-closed public markets
for medical device companies.</p>
</div> </TD>
</TR>
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<TD><IMG src="http://venturereporter.net/media/blank.gif" width="10" height="35"></TD>
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<td bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><em><strong>Medical Devices Investments, Mergers and Acquisitions for Q2 03<br>
</strong></em> is available now from <em>Venture Reporter</em>.</td>
</tr>
<tr>
<td colspan="2" valign="top" bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><strong>Pricing Options</strong><br>
Q2 03 PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=URJXQKT1&PromotionalCode=spiced">$295</a><br>
Q2 03 Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced">$395</a><br>
4 Quarters PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=5LDRLEOV&PromotionalCode=spiced">$995</a><br>
4 Quarters Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=A7ZD60AH&PromotionalCode=spiced">$1495</a></td>
</tr>
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<TD width="240" valign="top">
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<TD valign="top"><P align="justify"> Other investors were simply
bullish on the potential for new innovation as multiple technologies
converge in the healthcare sector — therapeutics, devices and
IT — to create new, innovative products that save patient time
and pain, payer cost and hospitalization. Dr. Tom Fogarty of Three Arch
Partners said, “If you have a service or an Internet connection
that makes [integrating the device] seamless, the patient doesn’t
have to call the technician, it represents a higher degree of acceptance
for the patient. I think these represent some real significant opportunities.”<br>
San Diego, California-based CryoCor, a developer of cardiac cyrotherapy
technology that delivers deep freezing shots through a catheter into
the heart, helping to isolate arrhythmia-inducing tissue, raised the largest
medical device investment of the quarter. CryoCor raised $27.5 million
from Beecken Petty & Company, Frantz Medical Ventures, Oakwood Medical
Investors, OrbiMed Advisors, Technology Partners and William Blair
Capital Partners. The company said it would apply the new funding towards
clinical
trials of its CryoCor Cardiac Cryoablation System, as well as toward
the development of new products. The investment will be dispersed in
two installments:
$15.3 million on June 4, 2003 and $12.2 million by June 2004. The technology
works by freezing heart tissue responsible for arrhythmia. A cold-tipped
catheter with a variable temperature setting allows the operating physician
to determine how much tissue must be killed to cure the patient. The
CryoCor investment demonstrates the trend toward venture capitalist
investment in minimally invasive alternatives to more involved surgical
procedures. <span class="brown"> </span> <font color="6f5e54"><strong>VR</strong></font></P>
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<TD valign="top" bgcolor="#000000" class="graph-header" style="border-bottom:1px gray solid"><DIV align="center"><font color="#FFFFFF">Medical
Device Investments by Round, Q2 2003</font></DIV>
</TD>
</TR>
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<TD bordercolor="#FFFFFF">
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<DIV align="center"></DIV>
Seed</TD>
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<TD bgcolor="fefded" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>1
deals</STRONG><STRONG> </STRONG></DIV>
</TD>
</TR>
<TR valign="top" bgcolor="F4FAF6">
<TD bgcolor="#FFFFFF" class="graph-detail">
<DIV align="center"></DIV>
First</TD>
</TR>
<TR valign="top">
<TD class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>3
deals</STRONG><STRONG> </STRONG></DIV>
</TD>
</TR>
<TR valign="top" bgcolor="F4FAF6">
<TD bgcolor="fefded" class="graph-detail">
<DIV align="center"></DIV>
Second</TD>
</TR>
<TR valign="top">
<TD bgcolor="fefded" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>3
deals</STRONG><STRONG> </STRONG></DIV>
</TD>
</TR>
<TR valign="top" bgcolor="F4FAF6">
<TD bgcolor="#FFFFFF" class="graph-detail">
<DIV align="center"></DIV>
Third</TD>
</TR>
<TR valign="top">
<TD class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>1
deals</STRONG><STRONG> </STRONG></DIV>
</TD>
</TR>
<TR valign="top">
<TD bgcolor="fefded" class="graph-detail">Fourth and Up</TD>
</TR>
<TR valign="top">
<TD bgcolor="fefded" class="graph-detail" style="border-bottom:1px gray solid"><div align="right"><STRONG>3
deals</STRONG><STRONG> </STRONG></div>
</TD>
</TR>
<TR valign="top">
<TD class="graph-detail"><DIV align="right"> <EM><STRONG> fig.
5</STRONG></EM></DIV>
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<TD valign="top" bgcolor="#000000" class="graph-header" style="border-bottom:1px gray solid"><DIV align="center"><font color="#FFFFFF">Top Medical Device Acquisitions of Q2 03</font></DIV>
</TD>
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<TD bordercolor="#FFFFFF">
<TABLE WIDTH="175" border="0" cellspacing="0" cellpadding="2">
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<DIV align="center"></DIV>
Invitrogen [NY]<br>
<em><strong> acquires...</strong></em></TD>
</TR>
<TR valign="top">
<TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> InforMax [MD] for<strong> $42M</strong></DIV>
</TD>
</TR>
<TR valign="top" bgcolor="F4FAF6">
<TD class="graph-detail" style="border-bottom:1px gray dotted"> American Med. Systems [MN]<br>
<em><strong> acquires...</strong></em></TD>
</TR>
<TR valign="top">
<TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right">CryoGen [CA] for <strong>$40M</strong></DIV>
</TD>
</TR>
<TR valign="top" bgcolor="F4FAF6">
<TD class="graph-detail" style="border-bottom:1px gray dotted"> Quinton Cardiology [WA]<br>
<em><strong> acquires...</strong></em></TD>
</TR>
<TR valign="top">
<TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> Spacelabs Burdick [WA]<br>
for <strong>$24M</strong></DIV>
</TD>
</TR>
<TR valign="top" bgcolor="F4FAF6">
<TD class="graph-detail" style="border-bottom:1px gray dotted"> Medical Action Industries[NY]<br>
<em><strong> acquires...</strong></em></TD>
</TR>
<TR valign="top">
<TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right">Biosafety Division [WV] for <strong>$19.5M</strong> </DIV>
</TD>
</TR>
<TR valign="top">
<TD class="graph-detail"><DIV align="right"> <EM><STRONG> fig. 10</STRONG></EM></DIV>
</TD>
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<DIV align="center"><STRONG>2</STRONG></DIV>
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