A Medical Device Daily
Cambridge Heart (Tewksbury, Massachusetts), a maker of non-invasive diagnostic tests for cardiac disease, reported that all investors in the December 2009 Series D Convertible Preferred Stock financing elected to exercise the outstanding short-term warrants. The exercise of the short-term warrants generated a total of $752,000 in proceeds, and resulted in the issuance of 7,024,392 shares of common stock. The shares of common stock issued by the company as a result of the exercise of warrants are subject to customary restrictions on the transfer of securities issued in a private placement under the federal securities laws.
Cambridge Heart's diagnostic tests focus on identifying those at risk for sudden cardiac arrest (SCA). The company's products use Microvolt T-Wave Alternans measurement technologies, including the Analytic Spectral Method and ultrasensitive disposable electrode sensors. The company's MTWA test, originally based on research conducted at the Massachusetts Institute of Technology, is reimbursed by Medicare under its National Coverage Policy.
In other financings news:
• GT Urological (Minneapolis) has raised $4.56 million from the sale of equity, according to documents filed with the Securities and Exchange Commission. Overall, the company is seeking $5 million to develop a device that treats patients suffering from urinary incontinence. The disposable device, called ActiCuf Compression Pouch, helps males manage urine flow by applying pressure on the urethra. ActiCuf, which is worn on the penis, also captures any leaked urine.
In February, GT Urological said it raised $1 million from investors, with commitments for $3 million should the startup hit certain milestones this year and in 2011.
Since its founding in 2003, the company has raised about $11 million, including $9 million in private capital and $2.2 million in Small Business Innovative Research grants from the National Institutes of Health.
• Mastech Holdings (Pittsburgh), a provider of information technology and specialized healthcare staffing services, said its board authorized a share repurchase program of up to 750,000 shares of the company's common stock over the next 24 months.
Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable securities laws.
• Wright Therapy Products (Pittsburgh) is looking to raise $500,000, according to regulatory filings. The company makes compression pumps and other accessories for patients suffering from poor circulation or swelling in their limbs. Wright Therapy also markets its pumps for the treatment of sports injuries that result in swelling.
So far, the company has raised $100,000 of the targeted amount, according to a document filed with the SEC.
Wright Therapy got its start in the 1980s when CEO Carol Wright's father, Edward, created a compression pump for a family members suffering from chronic lymphedema, a blockage of the lymph vessels that drain fluid from tissues throughout the body. The condition often results in swelling of the limbs.