Brief summaries of recent medtech market and industry developments. This month we cover China’s switch to a centralized billing system, St. Jude Medical’s RESPECT PFO closure trial, FDA’s approval of HeartWare’s LVAD, and end-of-the-year medtech M&A.

During the second quarter of 2011, 57 medical device companies brought in a total of $1.7 billion in financings. The M&A activity reached $28.8 billion, unusually high due to Johnson & Johnson's $21.7 billion takeover of orthopedic device maker Synthes. VC funding represented $76 million or 43% of the second quarter's in vitro diagnostics/research financing aggregate of $177 million. A hefty $4.1 billion was spent on 11 in vitro diagnostic/research M&A transactions, the largest being Thermo Fisher's $3.5 billion buy of Swedish genetics testing firm Phadia AB.

Start-Up's monthly comprehensive review of emerging life science companies that have received venture funding during the month, including companies in the pharmaceutical, medical device, diagnostic and research instrumentation and reagent sectors.

Patent foramen ovale can be a contributing factor for stroke, chronic migraine, decompression sickness and obstructive sleep apnea. SeptRx Inc.'s percutaneous device for treating PFO is unique in that it mirrors the anatomy of the flat tunnel of tissue that characterizes PFO. Not only is the device itself flat, but its frame laterally stretches the tunnel to keep it flat and bring the tissue surfaces in contact.