In Medical Devices, No Exit?
Despite early hopes, 2000 proved a less than auspicious year for small medical device firms, measured in terms of both IPOs and M&A volume. Acquisitions are still in a trough, particularly compared against the boom year of 1998, and IPO activity this year was lower than expected with a number of the more promising companies hitting problems by year's end.
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With device company investors worried about exit strategies, companies and their financiers are looking for creative ways to get deals done. Limited exit opportunities are making financiers anxious, driving them to put more money into fewer start-ups, which target devices aimed at larger markets. Some entrepreneurs are forming incubators to focus on niche products in which they develop new technologies, then sell them without building companies around them.
The company cited lackluster efficacy in its decision to discontinue development of V590 and V591. It will instead develop two drugs to treat COVID-19.
The regulatory tools are for use in medical device development.