A Medical Device Daily

EnteroMedics (St. Paul, Minnesota), a company that develops devices using neuroblocking technology to treat obesity and gastrointestinal disorders, said it has raised roughly $27.6 million in net proceeds from its recent public offering.

The offering included 17.02 million shares of the company's common stock together with warrants to purchase an additional 17.02 million shares of common stock, which includes 2.22 million shares of common stock and corresponding warrants pursuant to the exercise in full by the underwriter of its over-allotment option, at an aggregate price of $1.75 a share and corresponding warrant.

The warrants have an exercise price of $2.19 a share of common stock, are exercisable beginning 181 days after the closing date of the offering, and are exercisable for five years after the date the warrants first become exercisable.

The company intends to use the net proceeds of this offering to continue work toward U.S. regulatory approval of its Maestro RC system, for international commercialization efforts, for clinical and product development activities and for other working capital and general corporate purposes.

Craig-Hallum Capital Group acted as the sole book-running manager for the offering.

In other financing activity:

•Semprus BioSciences (Cambridge, Massachusetts) said it has closed an $18 million Series B financing. SR One, the corporate venture capital arm of GlaxoSmithKline (London), and Foundation Medical Partners, a national healthcare venture capital investment firm, co-led the financing. 5AM Ventures and Pangaea Ventures, both previous investors, also participated. Semprus has raised a total of $28.5 million in equity.

Semprus makes the Semprus Surface product, which provides an “anti-biofilm and anti-thrombogenic“ solution that can deliver the first permanently dual-functional vascular access catheter with a single surface modification.

• WebPT (Phoenix), a Web-based electronic medical records system for physical therapists, said it has closed a Series A funding round totaling $1 million in private equity funding. This infusion of capital was raised to help the company expand its team in the areas of product development, sales and marketing, and to build out infrastructure to support its growth. Canal Partners and Todd Belfer, an entrepreneur and investor, led the round.