Irvine-based Edwards Lifesciences Corp. is gearing up to boost its transcatheter replacement heart valve manufacturing capacity, according to its chief financial officer.
Scott Ullem told analysts and investors on the company’s earnings call late last month that the device maker will take “pretty aggressive action” on the matter for several reasons, including “momentum” around transcatheter aortic valve replacement.
“We are really actively, in all of our facilities around the world now, accelerating our recruiting and our hiring and training. We are running significant overtime costs, and we’re also investing in our infrastructure in each of our locations to meet demand,” Ullem said.
Edwards also is looking to start a production facility for valves in an unspecified location. The company manufactures its products, including heart valves, in Irvine; Draper, Utah; and global locations in the Dominican Republic, Puerto Rico, Singapore and Switzerland.
Chief Executive Michael Mussallem (see related OC50 entry, special section insert), later in the call, talked about Edwards’ work in testing the Edwards Sapien family of valves in larger markets, including people at intermediate and low risk under traditional open-heart surgery.
“I think broadly—and this has been consistent over the years—there has been an underestimation of the number of people that don’t have their aortic stenosis treated,” Mussallem said. He predicted such patients may continue to “to come off the sidelines, as you have a really effective and safe procedure for them.”
Prosthetic Maker Gets New CEO
Irvine-based Freedom Innovations Inc. late last month named David Smith its chief executive and chairman.
Freedom makes lower-extremity prosthetics that use advanced technology.
Maynard Carkhuff, Freedom’s longtime chief executive, is now serving as vice chairman and chief innovation officer. Freedom said in a news release that Carkhuff is chairing its board’s technology and product portfolio committee.
Smith was most recently a partner at Health Evolution Partners, a San Francisco-based private equity firm that acquired a majority interest in Freedom in 2012. Cleveland-based diversified manufacturer Parker Hannifin Corp. acquired a minority interest in Freedom in 2014.
Cryoport Raises Money
Irvine-based Cryoport Inc. has filed a registration statement with the Securities and Exchange Commission to raise up to $10 million in a rights offering to shareholders and warrant holders.
Cryoport uses cryogenic technology to ship a range of life sciences products, including immunotherapies, stem cells, CAR-T cells and reproductive cells, domestically and internationally.
The company said in its filing that it will use the proceeds for “general corporate purposes, which may include funding for sales and marketing, and general working capital purposes.”
Cryoport is publicly traded and had a recent market value of $29.4 million.
Surgeon Leads Pro Group
Dr. Daniel Mills, who runs the Aesthetic Plastic Surgical Institute in Laguna Beach, is the new president of the Garden Grove-based American Society for Aesthetic Plastic Surgery.
The group represents more than 2,600 board-certified plastic surgeons in the U.S., Canada and several other countries.
Mills previously served as its president-elect, vice president, secretary and treasurer. He will serve through April 2017, concluding at the society’s meeting in San Diego.
His practice offers a range of cosmetic treatments for the face, body and breasts. He holds a bachelor’s degree from Walla Walla College in Washington and received his medical degree from Loma Linda University School of Medicine. His background also includes post-graduate work at Wright State University, Phoenix Plastic Surgery and the Medical College of Ohio.
Solid Landings Introduces New Treatment
Costa Mesa-based Solid Landings Behavioral Health Inc. recently introduced naloxone, a drug that aims to prevent opioid-induced deaths, at its facilities. Naloxone was approved for opioid overdoses by the Food and Drug Administration in 1971.
Solid is one of the fastest growing, privately held larger companies in OC, with revenue of $125 million in the 12 months ended June 30. It has more than 60 properties and serves over 3,000 clients yearly in Southern California, Las Vegas, and Austin, Texas.
Bits & Pieces
UnitedHealth Group Inc., which employs over 3,000 in Orange County, opened a health benefits store in Fullerton that will provide information on the Minnesota-based insurer’s Medicare plans available in OC. UnitedHealth said in a news release that the store is focused on serving Asian-Americans in the area through representatives who speak Chinese, Korean and Vietnamese. … Aliso Viejo-based Cianna Medical Inc. said research that highlighted the clinical usefulness of its Savi Scout breast localization and surgical guidance device received a scientific impact award at the American Society of Breast Surgeons’ annual meeting in Dallas last month. Savi Scout uses micro-impulse radar to localize and direct the removal of nonpalpable breast lesions. … Lake Forest-based workers’ compensation medical bill cost containment reviewer Definiti said it created Designed Living Inc., a new company also based in Lake Forest. Designed Living provides durable medical equipment and care to people who are disabled or catastrophically or chronically ill from job-related injuries.
