Companies mentioned in this article - Kyocera/Renovis Surgical Technologies, Parcus Medical, Anika Therapeutics, Arthrosurface, Titan Spine, Synthes, Spine Solutions, Paradigm Spine, Orthopaedic Implant Co.
Surgeons Cash In on Stakes in Private Medical Device Companies (KHN)
Several orthopedic surgeons who invested in Renovis Surgical Technologies made big money when a Japanese technology giant snatched up the small California medical device company.
Kyocera Corp., which was eager to expand its U.S. spine and joint implant sales, bought Renovis’ assets in 2019. While the parties kept the sale price under wraps, Renovis’ physician stockholders held stakes valued at over $34 million by the end of that year, with nearly half that sum to company founder and chief executive Dr. John Steinmann, according to the federal government’s “Open Payments” database, which tracks payments to doctors from device and drug companies.
Hundreds of orthopedists and neurosurgeons have cashed in on stakes in companies that design, manufacture or distribute orthopedic implants — sometimes after investing little or no money — and despite ongoing ethical and legal concerns, a KHN investigation has found.
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