A Medical Device Daily
Biomagnetics Diagnostics (San Francisco), a developer of diagnostic systems and technology for HIV, hepatitis, tuberculosis, cholera and malaria detection, and other technologies, said it has begun receiving funds from a biotech-oriented investment group called BIOTECH Development Partners. The funds invested by this group of biotech and technology investors will allow the company to continue its commercialization of its integrated optical biosensor, which is being developed in conjunction with Los Alamos National Laboratories (Los Alamos, New Mexico).
“From this group we will not only receive meaningful funding, but also access to the member's extensive contracts in the biotech and medical diagnostics equipment industries,“ said Clayton Hardman, CEO of Biomagnetics Diagnostics. “We believe these experienced individuals realize the true potential of a point of care device that can quickly and economically diagnose tuberculosis, cholera, HIV/AIDS, malaria and other diseases in the future. The group has also acquired an option to invest an additional $10 million in the future.“
Hardman added that the funding the company has already received and the additional funds it plans to acquire from BIOTECH Development Partners places the members of the funding group's interest directly in line with those of management and the shareholders of Biomagnetics. “We were able to negotiate this financing round so that it is free of any convertible or toxic debt features. This is a good solid equity-based financing that will significantly help us complete the development of this groundbreaking, life-saving technology,“ he said.
Biomagnetics first reported its development agreement with Los Alamos National Laboratories last year (Medical Device Daily, Aug. 30, 2010).
In other financings, Iasis Healthcare (Franklin, Tennessee) reported the commencement of a cash tender offer and consent solicitation for any and all of the $475 million aggregate principal amount of 8-¾% senior subordinated notes due 2014 (CUSIP No. 45072PAB8) issued by Iasis together with its wholly owned subsidiary Iasis Capital. The tender offer and consent solicitation is described in the offer to purchase and consent solicitation statement dated April 18. The tender offer will expire at 8 a.m., EST, on May 16, unless extended by the issuers in their sole discretion.
Holders who validly tender their notes and deliver consents to the proposed amendments to the indenture governing the notes prior to 5 p.m., EST, on April 29, 2011, unless extended by the Issuers in their sole discretion shall be eligible to receive total consideration equal to $1,021.25 per $1,000 principal amount of the notes, which includes a consent payment of $10 per $1,000 principal amount of the notes, plus any accrued and unpaid interest on the notes up to, but not including, the payment date for such notes. Holders who validly tender their notes before the consent payment expiration will be eligible to receive payment on the initial payment date, which is expected to be on or about May 3.