A Medical Device Daily

ArthroCare (Austin, Texas), a developer of minimally invasive surgical products, reported that its board has approved the additional repurchase of up to $75 million of its outstanding common stock.

The company said it has fully utilized its prior share repurchase authorization that was disclosed in December (Medical Device Daily, Dec. 17, 2007). The company said that the shares may be purchased from time to time at prevailing prices in the open market, by block purchases, or in privately-negotiated transactions. The timing and amount of shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors.

The company had about 26.8 million shares outstanding as of Dec. 31.

Many of ArthroCare’s products are based on its Coblation technology, which uses low-temperature radio frequency energy to dissolve rather than burn soft tissue — minimizing damage to healthy tissue.

Crdentia (Dallas), a healthcare staffing company, reported it has completed a $10.2 million long-term debt financing with ComVest Capital (Palm Beach, Florida).

Proceeds will be used to replace Crdentia’s existing credit facility and for general working capital purposes, it said.

The $10.2 million financing is comprised of a two-year $5.2 million revolving credit note, bearing interest at the greater of the prime rate plus 2% or 8.5%, and two separate two-year term loans, each amounting to $2.5 million and bearing annual interest of 12.5%.

John Kaiser, CEO of Crdentia, said, “We are pleased to have completed this long-term financing that reduces Crdentia’s overall borrowing costs while enhancing our financial flexibility with the addition of substantial working capital. Crdentia is now on a much stronger financial footing as we move forward with our objectives of achieving profitability through improved operating performance and executing our growth initiatives to bolster our presence in key Sun Belt markets.”