A Medical Device Daily Staff Report

TVA Medical (Austin, Texas), a company developing minimally invasive therapies for end-stage renal disease (ESRD), said that it received $9.5 million in Series B financing.

S3 Ventures led the round and was joined by TriStar Technology Ventures and existing investor, Santé Ventures. The funding will be used to further validate the company's endovascular technology and complete additional clinical studies to support worldwide regulatory approvals.

TVA Medical is developing a minimally invasive catheter-based system that allows physicians to create an arterio-venous fistula (joining an artery to a vein) to deliver hemodialysis to patients suffering from kidney failure.

"The results to date suggest that durable arterio-venous fistulas can be safely and reproducibly created without surgery. The potential to significantly improve care for renal failure patients while decreasing the cost of dialysis delivery is substantial," said William Cohn, MD, founder of TVA Medical, and director of Minimally Invasive Surgical Technology at the Texas Heart Institute at St. Luke's Episcopal Hospital (Houston, Texas). The technology is being studied outside of the U.S. and is currently not available in the U.S. The company intends to seek FDA clearance in the future.

In other financings:

• Clovis Oncology (Boulder, Colorado) reported the pricing of an underwritten public offering of 3,333,334 shares of its common stock at $72 a share, before underwriting discounts and commissions. The size of the offering was upsized from $170 million to $240 million. In addition, the underwriters have a 30-day option to purchase up to an additional 486,110 shares of common stock from Clovis Oncology to cover over-allotments, if any.

The offering is expected to close on June 17, subject to customary closing conditions.

Clovis Oncology intends to use the net proceeds of the offering for general corporate purposes, including funding of its development programs, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.

J. P. Morgan Securities and Credit Suisse Securities are acting as joint book-running managers for the offering, and Leerink Swann is acting as co-manager for the offering.

HealthSouth (Birmingham, Alabama) said its board has declared a regular quarterly dividend of $16.25 a share on its 6.5% Series A convertible perpetual preferred stock, payable on July 15, to holders of record on July 1.

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