Framingham Company Files Bankruptcy

A Framingham-based medical device company filed for chapter 11 bankruptcy protection in federal court this week.

Cambridge Endoscopic Devices, located on Herbert Street, listed assets of $3.1 million and liabilities of $17 million in its filings at the court.

The company was founded in 2004 by medical device entrepreneurs Woojin Lee and Jack Jacobson.

The company developed hand-held instruments that allow easy access and control in endoscopic and laparoscopic surgeries.

According to the company’s website, “The Autonomy™ Laparo-Angle™ Instrument line from Cambridge Endo is the first true advancement in hand-held laparoscopic instruments. Products include a Metzenbaum Scissors, Maryland Dissector, Electrosurgery Hook, Needle Holder and Grasper. With a proprietary, advanced articulating tip controlled by the handle, these instruments have the advantage of providing the full seven degrees of freedom previously available only with a surgical robot”

The Framingham company in its fillings with court, said the implementation of the “Affordable Care Act, hospitals became significantly more cost conscious” and it was sales declined. as the company was unable to “secure a profitable distribution relationship with a major company, or to find an acquirer for the Debtor’s business. Ultimately, the Debtor’s declining financial condition and business prospects have caused the Debtor to curtail ongoing business operations and product development.”

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Photo is a screenshot of Cambridge Endoscopic Devices Inc. website.