Surgical products maker ArthroCare Corp (ARTC) has won the clearance of the U.S. Food and Drug Administration’s (“FDA”) for its SpeedLock knotless fixation device. The device has been designed for use in fixation of soft tissue to bone, mainly in labral repair procedures.
SpeedLock, an implant which is made from polyether-etherketone polymer (a widely used material in orthopedic implants), complements the company’s existing range of suture anchors and suture passing technology including the SpeedStitch suturing device. SpeedLock provides surgeons with independent bone locking, suture tensioning and suture locking to securely attach soft tissues to bone.
Austin-based ArthroCare develops and markets minimally-invasive, state-of-the-art surgical products, addressing a multi-billion dollar market opportunity across several medical specialties. Many of the company’s products leverage its proprietary Coblation technology, which uses low-temperature radiofrequency energy to dissolve soft tissue (instead of burning it), thereby minimizing damage to healthy tissue.
ArthroCare markets its Coblation-based products through three business units, namely, Sports Medicine, ENT and Spine. The company competes with Stryker Corp. (SYK), Smith & Nephew plc (SNN) and Johnson & Johnson (JNJ), among others.
ArthroCare recently secured the FDA approval for its SpeedFix suture system, an anchor geared for the repair of tears of the labrum in the shoulder. The company, in July 2011, joined forces with orthopedic devices company Wright Medical (WMGI). The alliance provided Wright Medical exclusive rights to distribute a range of tissue fixation devices (based on ArthroCare’s Opus knotless suturing technology) to foot and ankle surgeons globally.
ArthroCare is consolidating the operations in its Sunnyvale, California facility with those in its headquarters in Austin, Texas. The move is expected to cost the company between $10 million and $10.5 million.
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