The spinoff, called Sexton Biotechnologies, has raised $5 million in outside investment and will spin off in October. The biotech develops cell and gene therapy tools used to grow cells for medical purposes.
The Bloomington-based maker of medical devices said Wednesday it would appeal the verdict of a federal jury in Indianapolis, which found the device was defectively designed. More than 4,000 patients have filed lawsuits.
The bill that President Donald Trump signed Monday night to reopen the federal government included a two-year delay in implementing a tax on medical devices, bringing praise from Indiana-based Cook Group.
Medical-device maker Cook Group expects to start work in December on an expansion project as it takes over a former General Electric refrigerator factory in Bloomington.
Nearly 3,000 people have sued the Bloomington-based device maker, claiming the filters malfunctioned, sometimes piercing organs.
Cook officials cast the sale of Cook Pharmica and the purchase of what once was the world’s largest refrigerator factory as good news for Bloomington.
The first case against Bloomington-based Cook Group from patients who say the company’s blood-clot filters malfunctioned is headed for trial this fall in Indianapolis.
For years, medical-device makers in Indiana and around the nation have insisted that the 2.3 percent tax on sales to help fund the Affordable Care Act has hurt business and slowed innovation.
It’s the largest recall in recent years for Cook, which previously had issued four recalls covering more than 400,000 catheters and pressuring monitoring sets in the past two years.
Cook Pharmica, a subsidiary of Bloomington-based medical device maker Cook Group, currently employs 575 workers who manufacture and package drugs for use in clinical trials or for sale on the market.
Cook Group Inc. CEO Carl Cook is the richest person in Indiana with a net worth of $6.5 billion, according to calculations released Monday by Forbes magazine.
Bloomington-based Cook Medical Inc. recently launched two new products and expects to launch eight to 10 more over the next year.