Tech Roundup: FDA approves U-M spinoff technology; Arotech wins millions in new contracts
"This is a significant milestone for the company,” president and CEO Jim Fitzsimmons said in a statement. "With our base material and manufacturing processes now cleared by FDA, the approval pathway for future products can be streamlined."
The bone void filler is made using a bioresorbable material, which means that it will be fully replaced with bone over time with no need for further surgeries to remove the implanted device. The custom-constructed void fillers are made using 3-D printers.
The defense contractor, which supplies an array of products for military, law enforcement and homeland security markets, also recently a $1.67 million contract from the California Commission on Police Officer Standards and Training.
“Our simulation division has been very active recently,” CEO and chairman Robert Ehrlich said in a statement. “ The wins were both expansions of existing contracts, demonstrating that our existing customer base continues to be a strong source of future business, and orders from new customers, which in addition to providing the new orders serves to broaden our base of satisfied customers.”
After being threatened with being taken off the NASDAQ Stock Exchange late in 2012 for having a stock price under $1.00, Arotech’s stock (NASDAQ: ARTX) rose to a 12 month high of $2.71 on August 13 and the company had a a $30.14 million market capitalization as of Wednesday at noon.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Get in touch with Ben at 734-623-2528 or email him at firstname.lastname@example.org. Follow him on twitter @BFreedinA2