FDA Approves New Device To Treat Idiopathic Scoliosis

One of the most common spinal deformities affecting children and adolescents during growth is idiopathic scoliosis. External bracing is a standard treatment for idiopathic scoliosis among children and adolescents. It is estimated that 6,800 patients in the U.S. each year will develop progressive curvatures that do not respond to bracing.

A first of its kind device to treat pediatric patients with progressive idiopathic scoliosis has won the FDA nod. The device, called The Tether – Vertebral Body Tethering System, developed by Zimmer Biomet Holdings, Inc. (ZBH), is intended to be used in children and adolescents to correct idiopathic scoliosis that has not responded to external bracing.

Commenting on the approval, Capt. Raquel Peat, Ph.D., director of the Office of Orthopedic Devices in the FDA’s Center for Devices and Radiological Health, said, “For children and adolescent patients with idiopathic scoliosis that does not respond favorably to bracing, treatment options have been limited to fusion surgeries. Today’s approval provides access to a new treatment option that could improve quality of life for patients with idiopathic scoliosis.”

Now, here’s the list of drugs approved by the FDA in July 2019.

IMI To Buy Speciality Valve Manufacturer PBM For $85 Mln; Stock Up

Shares of IMI plc (IMI.L) were gaining around 2 percent in the early morning trading in London after the specialist engineering company Tuesday announced the proposed acquisition of PBM Inc. for an enterprise value of $85 million or 70.3 million pounds.

The deal will be closed within the next two months, subject to normal merger filings. The company noted that PBM will be both margin and earnings accretive.

Following the acquisition, PBM will become part of IMI’s Critical Engineering division.

Pennsylvania, USA -based PBM is a manufacturer of high-quality industrial valves and flow control products. In the year 2018, PBM generated revenues of $35.6 million, adjusted EBITDA of $6.8 million and adjusted EBIT of $6.3 million.

The company is owned by the senior management team who will remain with the business post-acquisition, apart from the retiring Chairman.

In London, IMI shares were trading at 952.20 pence, up 1.93 percent.

Persimmon H1 Profit Down; Says Confident Of Future Prospects – Quick Facts

UK-based home builder Persimmon Plc. (PSN.L) reported Tuesday that its first-half profit before tax was 509.3 million pounds, down from last year’s 516.3 million pounds.

Basic earnings per share were 129.3 pence, lower than last year’s 134.9 pence.

Total Group revenue dropped 4.5 percent to 1.754 billion pounds from prior year’s 1.836 billion pounds. The company sold 7,584 new homes in the period, lower than last year’s 8,072 new homes.

Total new home average selling price, however, grew to 216,942 pounds from 215,813 pounds a year ago.

Total forward sales revenue was 2.048 billion pounds, compared to 2.120 billion pounds last year.

The company’s average weekly private sales rate per site for the year to date is 0.72, compared to 0.76 last year.

Looking ahead, Chairman Roger Devlin said, “With our strong financial position, high quality land holdings and healthy forward sales we remain confident of the Group’s future prospects.”

India’s e-visa to cost more in peak tourist season

India will introduce a flexible e-tourist visa regime based on tourist footfall, with higher fee for July to March peak season and a considerably lower fee during April to June lean period, Tourism minister Prahlad Patel said on Tuesday. 

Speaking at the inauguration of a meeting with state government representatives on tourism, Patel said the move was to encourage tourists to visit India. 

“India to offer 30-day e-tourist visa with USD 10 fee during lean period April to June and USD 25 fee during peak tourism period from July to March,” he said. 

While the home ministry has approved the new visa regime, the ministry of external affairs is soon expected to give its approval on the fee aspect, officials said. 

A new five-year e-tourist visa will be introduced with USD 80 fee and a one year e-tourist visa with USD 40 fee, Patel said. 

“For Japan, Singapore, Sri Lanka, lean period visa fees is USD 10 and for e-visa of 30 days, 1 year and 5 years is USD 25,” he said.

Photograph: PTI Photo.

John Wood swings to profit, backs 2019 views

John Wood Group PLC (WG.LN) Tuesday reported a swing to pretax profit for the first half of 2019 after booking lower costs, and backed its guidance for the year.

The energy-services company said that for the six months ended June 30 pretax profit was $62.2 million compared with a loss of $25.3 million in the first half of 2018.

Adjusted operating profit–a key measure for the company that strips out exceptional and other one-off items–was $168 million, compared with $125 million in 2018. In June the company said it expected adjusted operating profit to be about 25% higher than 1H 2018.

The company reiterated that adjusted earnings before interest, taxes, depreciation and amortization for the year will be in line with market forecasts of $927 million compared with $694 million in 2018. Consensus adjusted operating profit forecast is $457 million compared with $357 million.

Total revenue during the period was $4.79 billion compared with $5.38 billion the year before.

Wood Group said its order book was $9.19 billion compared with $10.61 billion in the year-prior period.

The board declared an interim dividend of 11.4 cents, compared with 11.3 cents last year.

Separately Wood Group said it has agreed to sell its nuclear business for $305 million and expects the deal to be completed during the first quarter of 2020. The company will use the money from the sale to reduce net debt.