Volcano Capital, Bioventures and Omega Funds bought a majority stake in HydroCision Inc. for an unspecified amount, tapping Howard Donnelly to be the company’s new president and CEO.
Donnelly assumed the top spot at the Billerica, Mass.-based company in July, according to Forbes, after also becoming a principal in the firm. His resumé includes stints as president of Smiths Group subsidiary Level 1 Inc. and executive positions at Pfizer Inc.
HydroCision is the brainchild of serial entrepreneur Timothy Moutafis. Formed as SurgiJet, its SpineJet device is used to cut tissue during discectomies and spinal fusion procedures. The company said it will focus on broadening its footprint in the minimally invasive spine surgery space, according to a press release, which made no mention of former CEOs Douglas Daniels or Donald Freeman. The company plans to invest in “U.S.-based research projects to further validate the clinical and economic value of HydroCision products for the medical community and the insurance industry,” according to the release.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
“We believe a stronger medico-economic justification for the use of our products will afford us the platform we need to scale adoption in the U.S. and OUS markets,” Donnelly said in prepared remarks.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
