C. R. Bard Inc.'s board authorized the repurchase of up to $500 million of the company's common stock. This is in addition to roughly $205 million remaining under the prior authorization that was reported a year ago, the Murray Hill, N.J.-based company noted. Share repurchases are expected to be made in the open market or through privately negotiated transactions.
Austin, Texas-based Epatientfinder secured $8.2 million in series B financing from a strategic health care technology investor syndicate, bringing its total capital raised to nearly $11 million. The company said it expects the new funds to fuel its next stage of growth. The company develops an electronic platform designed to connect doctors with clinical trials for their patients and likewise connects medical device and other life science companies with a network of doctors within clinics, hospitals and accountable care organizations that identify and refer patients for potential trial enrollment. The Clinical Trial Exchange is deployed through electronic health record and health IT partnerships.
Toronto-based Genenews Ltd. secured a $5 million capital from GEM Yield Fund LLC SCS for working capital and general corporate purposes, particularly to support activities generated by the company's recent partnership with JTS Health Partners. Genenews will issue up to 6 million warrants to GEM (Global Emerging Markets), issued one-for-one against the first 6 million shares GEM buys under the agreement. The warrants have an exercise price of C$0.50 per common share, as long as the market price is less than that) and may be exercised for five years. On the first anniversary of the transaction, if Genenews' common stock is less than 90 percent of the then-current exercise price of the warrants, the exercise price of the warrants will adjust to 105 percent of the common stock price that time. If the company does not issue the 6 million warrants within 24 months it will be expected to pay GEM 8 percent of the exercise value of any unissued warrants, up to C$240,000. Genenews will also have to pay GEM Investment America LLC a commitment fee equal to C$140,000 either in cash or stock upon the sooner of the second draw, 12 months from execution of the agreement or a change of control of Genenews. The company develops molecular diagnostic tests for early detection of diseases and personalized health management, with a primary focus on cancer indications. Its Colonsentry blood test is designed to assess a person's current risk for colorectal cancer.
Neurometrix Inc., of Waltham, Mass., said it sold 21,300 shares of series D convertible stock at $1,000 a share and warrants to buy an aggregate of roughly 11.8 million shares of common stock at $1.69 a share to an undisclosed institutional investor. The convertible preferred stock is convertible into 11.8 million shares of common stock at $1.805 a share. The private offering raised $21.3 million in gross proceeds and Neurometrix said it used $13.8 million of that to redeem 13,800 shares of series C convertible preferred stock from the investor. The net proceeds of $7.5 million will be used for general working capital purposes, including marketing support for Quell, an over-the-counter wearable device designed for relief of chronic pain, the company said. Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, was the placement agent.
Sensus Healthcare Inc. completed its initial public offering of 2.3 million units at $5.50 each, before underwriting discounts and commissions, which includes the underwriters' full exercise option to buy up to 300,000 units at the IPO price. Each unit consists of one share of common stock, $0.01 par value per share, and a three-year warrant to purchase one share of common stock at $6.75 a share. All of the units were offered by Sensus. The units are listed on the Nasdaq Capital Market under the ticker symbol "SRTSU." Total proceeds to the Boca Raton, Fla.-based company were about $10.9 million. By July 25 each unit will separate into its components and each such component security will begin trading. The common stock is expected to trade under the ticker symbol "SRTS," while the warrants are expected to trade under the ticker symbol "SRTSW." Northland Securities Inc., and Neidiger, Tucker, Bruner Inc. were the joint book-running managers.