A Medical Device Daily

WellQuest Medical & Wellness (Bentonville, Arkansas) has signed an investment banking agreement with Aurora Capital (New York).

Aurora Capital is to serve as WellQuest's investment bank, exploring and evaluating various financing options to support WellQuest's growth initiatives.

“What has really impressed us about WellQuest is their patient-centric approach to delivery of services. Their operating procedures, benefiting both patients and doctors, make a very compelling argument that WellQuest has developed a very competitive strategy,“ said Aurora President Jeff Eliot Margolis.

WellQuest is pursuing its goal to replicate its formula for positive integrative medical experience by opening branded WellQuest facilities in other metropolitan areas of the U.S. The company intends to open its next location in Tulsa, Oklahoma.

WellQuest President Steve Swift added, “We are very pleased to work with Aurora for optimal financing options to support our growth.“

In other financing news:

• Cleveland HeartLab (Cleveland) reported that it has completed a $3 million fundraising round. The company's new shareholders include local business leaders, and Glengary, Second Generation and Zapis Capital Group.

Cleveland HeartLab is a clinical reference laboratory specializing in cardiovascular disease prevention, diagnosis and management. CHL operates a CLIA-certified and CAP-accredited reference laboratory, and daily receives patient samples from physicians' offices and hospitals across the country.

• Emergency Medical Services (Greenwood Village, Colorado) has initiated a process to obtain new senior secured credit facilities. The company intends to issue new senior credit facilities consisting of a $425 million term loan and a $125 million revolving credit facility.

Proceeds from the new senior credit facilities and cash on hand would be used to repay the current balance of about $200 million term loan and call its 10% senior subordinated notes with an outstanding balance of $250 million soon after the closing of the transaction. The new $125 million revolving credit facility will replace the existing $100 million revolving credit facility.

The transaction is expected to be completed during the first half of 2010.

• Gold Standard Diagnostics (Davis, California) has completed a Series A round of private financing. The funding was led by a group of private investors including Roger Salquist. GSD will use the proceeds from the financing to expand its product portfolio, and to bolster its sales, marketing, and service efforts in the U.S. and Europe.

The company provides a wide range of diagnostics solutions to reference and hospital laboratories in North America.