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Medrobotics Flex 360 robotic surgical procedure system.
Tiger Group and Liquidity Providers right this moment introduced the supply of all surgical robotics belongings from a Medrobotics plant on the market. The businesses say they’re providing all belongings from the absolutely furnished, 40,000-square-foot plant in Raynham, Massachusetts. Belongings, together with surgical robotics platforms utilized by practically 30 hospitals around the globe, can be found in a turnkey sale.
Medrobotics boasted an FDA-cleared, CE-marked surgical robotic platform for a number of years. The corporate designed its Flex system to be used in minimally invasive surgical procedures. Particularly, it developed Flex to entry hard-to-reach anatomy in otolaryngology, colorectal and gastroenterology procedures.
Nonetheless, the corporate hit a lot of obstacles over the previous a number of years, resulting in the sale of those belongings.
We reached out to former Medrobotics CEO Samuel Straface on LinkedIn for potential touch upon the asset sale. This story could also be up to date.
A take a look at how Medrobotics bought right here
The native NBC 10 I-Workforce reported in March 2020 that the corporate confronted state fines for not paying staff over multiple month. Officers reportedly attributed points to a money circulate drawback and promised the funds, plus a break day and $2,000 bonus as soon as investor funds got here via. Nonetheless, in line with NBC 10, these funds by no means got here via. The state wonderful
Maura Healey, then the Massachusetts Lawyer Basic, levied a $1.2 million quotation on March 4 for failure to pay well timed wages.
Medrobotics confronted additional troubles later in 2020, with courts agreeing with Endobotics in a patent spat towards the corporate. Endobotics first filed a lawsuit towards the corporate in early 2019, adopted by extra fits in 2020.
In December 2020, the U.S. District Court docket for the District of Delaware and america District Court docket for the District of Massachusetts granted two judgments in favor of Endobotics lawsuits alleging patent infringement and Defend Commerce Secrets and techniques Act, Massachusetts commerce secret regulation, breach of contract, unfair competitors and state regulation tort claims.
The courts dominated Medrobotics owed practically $192 million in an award to Endobotics.
On Jan. 24, 2022, Medrobotics filed for Chapter 7 chapter in Massachusetts. In accordance with Law360, in March 2022, Pennsylvania physicians who invested within the firm stated Medrobotics executives hid and mishandled the Endobotics lawsuits that “successfully sank the corporate.” These shareholders filed a spinoff swimsuit in Pennsylvania state court docket.
Extra on the asset sale
John Coelho, senior director, Tiger Industrial & Industrial, stated in a information launch that the sale consists of 22 terabytes value of technical specs, buyer lists and different invaluable IP, plus $12 million in exhausting belongings. That features 23 full Flex and next-gen Flex360 robotics techniques.
“This turnkey sale represents a rare development alternative for patrons that would embrace medical device-makers, robotics corporations or enterprise capital corporations,” Coelho stated.
Along with the robotics techniques, the plant has general-utility medical, lab, meeting/manufacturing, plant help and material-handling belongings. Coelho says that features state-of-the-art 3D printers and a full machine store. It additionally consists of microscopes, incubators, lab ovens, take a look at and measurement gear and pallet jacks and racking.
“These techniques, that are FDA-approved, have been the primary surgical platform to supply a steerable and shapeable robotic scope, which permits surgeons to function on elements of the physique that, in lots of circumstances, would in any other case have been unreachable,” stated Nick Jimenez, VP of world enterprise growth at Liquidity Providers. “The gear and IP out there on this turnkey alternative might significantly profit an increasing medical robotics enterprise.”
Editor’s Notice: This text first appeared on sister web site MassDevice.