MPO’s Most-Read Stories This Week—June 4

Rumors, ratifications, and wrongdoing were top draws to the MPO website this past week.

Abbott’s and Medtronic;s FDA approvals drove website traffice this week as did Dexcom’s rumored takeover denial and Quidel-Ortho Clinical Diagnostics merger finalization. Also attracting visitors was the U.S. government’s indictment of SCWorx’s former CEO for a COVID-19-related fraud scheme. 

Abbott gained FDA clearance for its next-generation FreeStyle Libre 3 14-day continuous glucose monitoring (CGM) system for people four years and up with diabetes. FreeStyle Libre 3 is about the size of two stacked U.S. pennies. Medtronic, meanwhile, received FDA clearance and CE Mark approval for integrating its Microstream capnography (CO₂) and INVOS regional oximetry (rSO^₂) continuous monitoring solutions with GE Healthcare’s Carescape precision monitoring platform. The combined tool features GE Healthcare’s FlexAcuity to choose care options based on patient acuity needs and assist in earlier detection of patient deterioration. INVOS rSO₂ monitors for signs of hemodynamic changes and deteriorating conditions associated with cerebral desaturation events. According to clinical studies, INVOS tech can help clinicians return the patient’s rSO₂ to baseline and improve hospital length of stay among other post-op outcomes.

Dexcom quashed rumors of a potential takeover of insulin pump maker Insulet. The rumors began following a Bloomberg report in late May that cited anonymous sources claiming a deal could soon be reached. In an official statement, however, a Dexcom spokesperson said the company is “not in active discussions” for a merger.

Former SCWorx CEO Marc S. Schessel’s past misdeeds came to light this past week after the U.S. government charged him with securities fraud for allegedly misleading investors about his company’s plans to distribute COVID-19 rapid test kits in the pandemic’s early days. A U.S. Security and Exchange Commission (SEC) complaint charges Schessel, 62, with making false and misleading statements about SCWorx’s plans to distribute COVID-19 rapid tests kits in April 2020. SCWorx has agreed to settle the SEC’s charges and will pay a $125,000 civil penalty. A federal grand jury, meanwhile, indicted Schessel on two counts of securities fraud, which carry a maximum 45-year prison term. Schessel’s LinkedIn profile still lists him as SCWorx CEO as well as a healthcare consultant for MSWorx LLC. 

1. Abbott’s FreeStyle Libre 3 Earns FDA Nod

2. Feds Indict Former CEO for Lying About COVID-19 Rapid Test Kits

3. Dexcom Dispels Rumors of Insulet Takeover

4. FDA OKs Medtronic Monitoring Platform Integration With GE Healthcare’s Carescape

5. Quidel and Ortho Clinical Diagnostics Combine to Create QuidelOrtho