Category: news

Intricon, developer and manufacturer of medical devices powered by smart miniaturized electronics, today announced that it has named Shaun Blakeman as its chief financial officer (CFO) and newest member of its executive team.

“Shaun is a seasoned global financial executive with 25+ years of operational and broad business experience as well as a proven record of results-driven impact,” said Scott Longval, Intricon chief executive officer. “I am confident we will benefit from Shaun’s leadership as we continue to transform the organization to drive enhanced growth, innovation, and value for our customers.”

Scott added that Shaun was selected given his deep understanding of the medical device industry and his expertise in finance for global businesses. He also has a proven track record in operations, logistics, engineering project management, and managing high-performing technical teams.

Most recently, Shaun was CFO at SomaLogic. He also served as CFO for Cantel Medical, now part of Steris, and in senior financial positions at Medtronic and IDEX Corporation. Shaun is a veteran of the U.S Navy, serving as an officer at sea and managing large technical projects. He earned an MBA from Indiana University’s Kelley School of Business, a master’s degree in applied physics from the Naval Postgraduate School, and an economics degree from the University of Minnesota.

“I am excited to join Intricon during this important period in the company’s transformation,” said Shaun. “Intricon is well-positioned to drive meaningful growth in its sensor-driven medical device business. I look forward to partnering closely with the leadership team and finance organization to enhance Intricon’s unique value proposition and execute its growth strategy.”

About Intricon

For four decades, Intricon has improved and extended people’s lives by developing and manufacturing sensor-driven micromedical devices. Intricon partners with medical device companies, providing unique microelectronic expertise — including miniature molding through final assembly – and regulatory guidance, supply chain optimization, and scalable production, exclusively for the medical market. Intricon brings the world’s smallest, smartest new and next-generation devices to life.

ST. PAUL, Minn. (Aug. 10, 2023) – Intricon announced its plans to open the first facility in Costa Rica dedicated to the development and manufacturing of medical devices that incorporate microelectronics, biosensors, and electromagnetic navigation (EMN) sensors. The company, based in Minnesota with six other locations worldwide, will provide advanced circuit board and surface-mount assembly, custom molding, device assembly, and packaging for medical device original equipment manufacturers.

The Intricon facility, scheduled to open in 2024, will be in the Evolution Free Zone, Grecia, which is Costa Rica’s new extension to its growing medical device infrastructure. It will house world-class manufacturing technology and equipment in 35,000 square feet with adjacent options to grow to over 150,000 square feet. Costa Rica expands Intricon’s global footprint; the company will have 280,000 square feet across seven strategic locations in four countries, diversifying its supply chain and global team to produce sensor-driven medical devices as time and cost-efficiently as possible.

“Companies need the increased capacity and deep expertise Intricon brings to help them meet the growing demand for sensor-driven devices as non-invasive, data-driven healthcare becomes a reality,” said Scott Longval, Intricon chief executive officer. “When it comes to these devices, Intricon has done it all and seen it all, so we can reduce and eliminate risk while accelerating commercialization.”

One of the first key hires at Intricon Costa Rica is Jorge Herrera, site manager, to lead design and construction of its project. Herrera has been integral in building out operations in Costa Rica for major technology and medical device companies.

Intricon has also added Sofia Vargas, business development manager, who joins the company from CINDE, the private investment promotion agency of Costa Rica that guided Intricon through the site selection process. Vargas has extensive experience working with some of the world’s largest medical device companies to enter Costa Rica and connect them through partnerships and collaborations to further grow their businesses and serve customers.

In the latter half of 2024, Intricon will add production jobs and expects to eventually employ up to 150 people at the new site, who will become part of its existing global team with deep expertise and exclusive focus on sensor-driven devices for medical applications. According to Longval, the recently announced US-Costa Rica partnership around the Chips Act, intended to improve supply chain resiliency, further underscores the importance of Intricon’s entrance into the region.

Manuel Tovar, the Minister of Foreign Trade in Costa Rica, highlighted, “In recent years, medical devices have become our main export product, making the country a regional leader and a key ally for companies of the life sciences sector. Today, Intricon, a company dedicated to the development of sensor-driven medical devices, joins this dynamic ecosystem of companies of this sector and announces their entry into one of the most innovative parks of Costa Rica, in 2024. We feel extremely proud about this great news and about providing, together with leading companies like Intricon, positive health outcomes to thousands of people worldwide.”

About Intricon

For four decades, Intricon has improved and extended people’s lives by developing and manufacturing sensor-driven micromedical devices. Intricon partners with medical device companies, providing unique microelectronic expertise — including miniature molding through final assembly – and regulatory guidance, supply chain optimization, and scalable production, exclusively for the medical market. Intricon brings the world’s smallest, smartest new and next-generation devices to life.

ALLEGAN, Mich., Aug. 8, 2023 /PRNewswire/ — Padagis LLC, a leading provider of specialty pharmaceuticals, has launched the country’s first over-the-counter (OTC) Naloxone HCl Nasal Spray. Naloxone is a medication that is designed to rapidly reverse the effects of opioid overdose. It is a life-saving product that, until now, has only been available as a prescription-labeled drug.

PADAGIS^® Naloxone HCl Nasal Spray, 4 mg, will be available on store shelves and at online retailers so that anyone can purchase it without a prescription. It contains the same active ingredient and same dose of active ingredient as NARCAN^® Naloxone HCl Nasal Spray, 4 mg.

Padagis President Pamela Hoffman stated “Padagis is committed to fighting the battle against opioid overdoses and is excited to be the first to deliver naloxone nasal spray over-the-counter in the U.S. We believe this is an important step to increasing accessibility of the product and helping save lives across the country.”

NARCAN^® is a trademark of Emergent Operations Ireland Limited. PADAGIS^® Naloxone HCl Nasal Spray and NARCAN^® HCl Nasal Spray are opioid antagonists indicated for the emergency treatment of known or suspected opioid overdose, as manifested by respiratory and/or central nervous system depression. PADAGIS^® Naloxone HCl Nasal Spray is not a substitute for emergency medical care and repeat dosing may be necessary. Use as directed. Annual market sales for NARCAN^® Naloxone HCl Nasal Spray 4mg were approximately $257 million in the 12 months ended May 2023 as measured by IQVIA.

About Padagis

Padagis is dedicated to improving the well-being of patients and consumers by providing high quality, affordable, specialized healthcare products. The company is a leading provider of extended topical and other specialty pharmaceuticals to its primary markets of the United States and Israel. Padagis employs over 1,300 people worldwide. Visit Padagis online at (http://www.padagis.com).

SOURCE Padagis

Wayne, PA – Veranova announced today the appointment of Mike Riley as the company’s Chief Executive Officer. In this capacity, Mr. Riley will assume responsibility for Veranova’s global business, effective Monday, May 8, and will report directly to the Veranova Board of Directors (the Board).

Over the past two years, Niek Stapel has led the business through its sale from Johnson Matthey (LSE: JMAT) to Altaris, LLC (collectively with its affiliates, “Altaris”) and subsequent re-branding and launch as Veranova. Altaris and the Board thank Mr. Stapel for his service and contributions to Veranova through a period of significant change and transition, and wish him well in his future endeavors.

Mr. Riley is a seasoned executive, with over 25 years of professional experience, of which nearly 19 years have been spent in the pharmaceutical contract development and manufacturing operations (CDMO) industry building, leading, and growing global businesses. Most recently, Mr. Riley served at Catalent, Inc. (NYSE: CTLT) as President of the Biotherapeutics business, a multi-site business unit with 6,500 employees and revenue over $1B.

Mr. Riley’s extensive knowledge of the life-sciences and CDMO industry, experience delivering innovative solutions to the pharmaceutical industry, and his proven track record of growing businesses make him ideally suited to lead Veranova as it prepares for its next phase of growth. The Board welcomes Mr. Riley and is excited about working with him to continue to build Veranova into a world-class CDMO.

About Veranova
Veranova is a global leader in process development and manufacturing of APIs, with a focus on specialty and complex products. Veranova is headquartered in Wayne, PA and has operations in North America, Europe and Asia.

About Altaris
Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 50 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital. For more information, please visit www.altariscap.com

New York, NY – Altaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of Trean Insurance Group, Inc. (“Trean” or the “Company”) in a take-private transaction. The transaction was announced on December 16, 2022, and received approval from stockholders on April 18, 2023. As a result, Trean’s common stock ceased trading and will no longer be listed on Nasdaq.

Headquartered in Minnesota, Trean is a leading provider of products and services to the specialty and workers’ compensation insurance market. Altaris initially invested in Trean in 2015 and has partnered with Trean’s founder and management team to significantly scale the business over Altaris’ investment period. “Altaris’ healthcare expertise and support have been critical in helping to drive our Company’s transformation to become a leading national provider of workers’ compensation and other specialty insurance services. We are thrilled to begin the next chapter of Trean’s successful partnership with Altaris, which will continue to enhance our longtime focus on strong partnerships, underwriting discipline and exceptional claims management to generate long-term growth,” said Julie Baron, President and Chief Executive Officer of Trean.

Trean will maintain its headquarters in Wayzata, Minnesota. Ms. Baron will remain President and Chief Executive Officer following the transaction, and Andrew O’Brien, the founder of Trean and Executive Chairman of the Board, will remain Executive Chairman of the Board as well as an investor in the Company.

Advisors

Houlihan Lokey served as independent financial advisor to the Special Committee of the Board of Directors of Trean, and Morris, Nichols, Arsht & Tunnell LLP served as independent legal advisor to the Special Committee. Bass Berry & Sims PLC served as legal advisor to Trean. Kirkland & Ellis LLP served as legal advisor to Altaris.

About Altaris

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 50 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital. For more information, please visit www.altariscap.com.

About Trean

Trean provides products and services to the specialty insurance market. Trean underwrites workers’ compensation and specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia. For more information, please visit www.trean.com.

Five months after merging, manufacturers Kindeva Drug Delivery and Meridian Medical Technologies are expanding their capabilities in Missouri.

In a $100 million investment over four years, Meridian plans to convert its newly purchased building in Bridgeton to increase production of drug-device combination products with added fill-finish capability, the companies said.

Since adding 300 jobs since the start of 2022, Meridian now employs more than 900 people in the St. Louis area, the companies said. Financial incentives from state and local municipalities are helping this investment, which was announced in a press release that included quotes from seven different government officials.

“Meridian brings a strong history of specific expertise to support critical manufacturing capabilities for complex products—addressing a manufacturing shortage we have seen increase over the last several years,” Milton Boyer, Meridian’s CEO who now heads up both companies, said in the release.

In its 60-plus years, Meridian has specialized in the production of emergency autoinjectors. Kindeva adds a broader range of drug delivery capabilities, which will be enhanced by this investment, the companies said.

Meridian was a Pfizer subsidiary when it was purchased in 2021 by healthcare investment firm Altaris Capital Partners. Kindeva, formerly known as 3M Drug Delivery Systems, was bought by Altaris for $650 million in 2020. Meridian and Kindeva announced their merger in November and it became complete four weeks later.

Over the past several years, Meridian has been embroiled in EpiPen controversies related to manufacturing and pricing of the popular epinephrine injector. In one such controversy, the FDA said Meridian continued to produce pens despite mounting evidence that many were failing during life and death emergencies.

In 2021, Pfizer and Meridian, plus fellow subsidiary King Pharmaceuticals, agreed to pay $345 million under a proposed settlement to resolve lawsuits over alleged anticompetitive conduct on the popular product.

WASHINGTON, April 12, 2023 /PRNewswire/ — The Transportation Security Administration (TSA) announced the award of three orders for a combined total value of up to $1.3 billion for Computed Tomography (CT) scanners to include up to 426 base, 359 mid-size, and 429 full-size units, if all options are exercised, for deployment across TSA checkpoints starting Summer 2023.

Analogic Corporation will provide base-size units. IDSS Holdings will provide mid-size units. Smiths Detection Incorporated will provide full-size CT X-ray systems.

“These CT units represent sophisticated technology that helps our professional, dedicated and highly skilled workforce detect new and evolving threats to improve aviation security,” said TSA Administrator David Pekoske. “Deploying these units across our security checkpoints as expeditiously as possible will also improve checkpoint efficiency and the passenger experience.”

CT scanners apply sophisticated algorithms and create 3-D rotatable images to help operators detect explosives and prohibited items. TSA officers can then view and rotate the image on three axes to analyze and identify any threat items that may be in a passenger’s carry-on baggage. Similar to what is used to scan checked baggage, this equipment is sized to fit the checkpoint environment.

In August 2021, TSA announced the award of $198 million for the procurement of mid-size CT x-ray systems. In March 2022, TSA announced two awards for a combined total value of up to $781.2 million for the procurement of base and full-size CT x-ray systems for airport checkpoints. In 2019, TSA announced its initial purchase of 300 CT checkpoint systems for airports across the U.S. through the AT/CT program. There are approximately 634 CT units currently installed, and installations continue at TSA checkpoints across the country.

TSA continues to partner with industry, airlines, and airports to raise the bar for technology standards and provide better security faster. TSA considered nine proposals following the solicitation for these awards.

For more information, visit TSA’s Computed Tomography page.

The Transportation Security Administration was created to strengthen the security of the nation’s transportation systems and ensure the freedom of movement for people and commerce. TSA uses an intelligence-based approach and works closely with transportation, law enforcement and intelligence communities to set the standard for excellence in transportation security. For more information about TSA, please visit our website at tsa.gov.

https://www.tsa.gov/news/press/releases/2021/09/02/tsa-awards-198-million-procure-additional-ct-x-ray-scanners-airport

SOURCE Transportation Security Administration

ST. PAUL, Minn. and ST. LOUIS, Mo.; April 5, 2023 (Business Wire) – Kindeva Drug Delivery (Kindeva), a leading global contract development and manufacturing organization (CDMO) focused on drug-device combination products, announced that David Stevens has joined the organization as global chief commercial officer (CCO). Stevens will spearhead the commercial, business development, and research and development activities for the business to ensure continued growth, expansion, and innovation.

“David brings a breadth of industry experience and a depth of commercial expertise that is essential for driving Kindeva’s enhanced scope and scale,” said Kindeva CEO Milton Boyer. “His role is vital to our continued success as a premier CDMO and, in turn, the success of our partners bringing a broad range of drug delivery solutions to market.”

Stevens has more than 20 years of international operations and commercial experience across both the CDMO and contract research organization (CRO) sectors. Prior to Kindeva, Stevens was CEO of advanced therapy CDMO Arranta Bio (acquired by Recipharm in 2022), where he successfully built out two advanced biologics development and GMP manufacturing facilities. He held multiple roles at AMRI prior — leading the company’s drug product business unit through significant growth and capacity expansion. Throughout his tenure, he also held positions at Aptuit, Inveresk, and Charles River Laboratories. Stevens has an MBA in strategy, finance, and marketing from the University of Edinburgh.

“The Kindeva organization has a strong history of achievement, expertise, and the infrastructure to handle an extensive range of critical complex drug delivery challenges,” Stevens said. “I am excited to work with the incredible experts bringing many life-changing therapies and the highest-quality products to patients, and I am looking forward to leveraging my commercial, operational, and strategic background to enable continued success for our partners worldwide.”

About Kindeva Drug Delivery
Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including autoinjectors, inhalers, transdermal patches, and microneedles. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing, and drug-device product assembly. Kindeva serves a global client base in the commercial and health security markets from its nine manufacturing and research and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com.

Allegan, MI (February 22, 2023) – Padagis announced today the promotion of Pam Hoffman to the role of President. In this capacity, Pam will assume responsibility for Padagis’ global activities and will report directly to the Board.

In connection with this change, after almost 29 years of service to Padagis and its predecessor companies, Sharon Kochan will be retiring as CEO and will transition out of the company over the next two quarters. During this transition period, Sharon will advise and consult with the Padagis Board and leadership team to ensure a seamless transition. The Board and Sharon are proud of what they have accomplished together and the Board thanks Sharon for his years of services and many significant contributions to Padagis.

The Board congratulates Pam on her position and looks forward to working with her to build Padagis’ market leadership position in the pharmaceutical industry and drive future growth. The executive leadership team will now be co-located in the U.S., our primary market, with new corporate offices opening near Grand Rapids in Spring 2023.

About Padagis

Padagis is dedicated to improving the well-being of patients and consumers by providing high quality, affordable specialized healthcare products. The company is a leading provider of extended topical and other specialty pharmaceuticals to its primary markets of the United States and Israel. Padagis employs over 1,300 people worldwide. Visit Padagis online at (http://www.padagis.com).

Telford, PA—Secant Group, a leading innovator in the design, development, and manufacture of implantable medical textile components for medical devices, has been named 2022 Supplier of the Year by Edwards Lifesciences, the global leader in patient-focused medical innovations for structural heart disease and critical care and surgical monitoring.

“We’re thrilled to receive this prestigious award from Edwards Lifesciences. This is a testament to Secant’s rigorous quality standards and multidisciplinary teamwork that enables Edwards Lifesciences to advance their innovative, life-saving devices with our implantable textile solutions. We’re proud to be a long-serving partner of Edwards and look forward to collaborating with them on new solutions for years to come,” said Karen West, CEO, Solesis, parent company of Secant Group.

In 2022, Secant Group was also the first-ever supplier awarded Gold Status by Edwards Lifesciences.

“Achieving the highest possible supplier status demonstrates Secant Group’s deep commitment to serving customers with nimble, quality-driven capabilities and continuous improvement initiatives, all designed to consistently fulfill customer needs,” said Jeff Robertson, Chief Operating Officer of Solesis, and President, Secant Group.

About Solesis
Operating through its subsidiaries Charter Medical, Polyzen, and Secant Group, Solesis develops and manufactures critical biomaterials components and technologies for customers in the medical device, biopharmaceutical, and cell and gene therapy industries. Solesis also innovates on behalf of its customers, including through Secant Group’s patented polymer platform poly(glycerol sebacate) (PGS), which demonstrates unparalleled benefits over traditional polymers currently used for drug delivery and medical device applications. Headquartered in Telford, PA, Solesis employs 450 people across five production facilities located in Pennsylvania and North Carolina. For additional information, please visit our website: www.solesis.com.