A Medical Device Daily

NMT Medical (Boston) reported that it has completed a private placement of its common stock and warrants to purchase additional shares of common stock to existing and new stockholders for aggregate proceeds of nearly $5.8 million.

The proceeds will be used to fund NMT's ongoing clinical trials and development programs, primarily its pivotal patent foramen ovale (PFO)/stroke and transient ischemic attack (TIA) trial in the U.S., CLOSURE I.

Under the terms of the private placement, NMT agreed to sell to the group nearly 2.7 million shares of its common stock at a purchase price of $2.15 per share for total proceeds of $5.8 million. Included in the financing terms were warrants exercisable for an aggregate of an additional 2.1 million shares of NMT's common stock with an exercise price of $2.90 per share.

NMT filed a registration statement with the Securities and Exchange Commission, which was declared effective on Feb. 16, 2010, covering the resale of the shares of common stock issued in the private placement and the shares of common stock issuable upon valid exercise of the warrants issued in the private placement.

NMT previously reported that it expects to report a balance of cash and cash equivalents as of Dec. 31, 2009 of nearly $8.9 million.

In other financings activity:

• Derma Sciences (Princeton, New Jersey) a specialty medical device and pharmaceutical company focused on advanced woundcare, reported the pricing of a public offering of 972,000 shares of Derma's common stock and 324,000 warrants to purchase shares of common stock at a price of $5.50. Each share, together with a warrant to purchase one-third of a share, was priced at $5. The company has granted the underwriters a 45-day option to purchase up to an additional 145,800 shares of common stock and 48,600 warrants to purchase shares of common stock to cover over-allotments, if any.

• Encorium Group (Berwyn, Pennsylvania), a clinical research organization conducting studies in more than 30 countries for many of the world's leading pharmaceutical and biotechnology companies, reported that it had filed a certificate of amendment to its certificate of incorporation with the Secretary of State of the State of Delaware to affect a reverse split of the company's common stock in the ratio of one-for-eight.

The reverse stock split is intended to enable the per share trading price of the company's common stock to satisfy the minimum bid price requirement for continued listing set forth in Nasdaq Marketplace Rule 5550(a)(1).

• Sirona Dental Systems (Long Island City, New York) reported the pricing of the previously announced public offering by Sirona Holdings Luxco of 7 million shares of common stock and 250,000 shares by Jeffrey Slovin, at a price to the public of $35.35 per share (MDD, Dec. 14, 2009). The offering is expected to close on Feb. 22, 2010, subject to customary closing conditions. Sirona Dental Systems said that it will not receive any proceeds from this sale of its common stock. One of the selling stockholders, Sirona Holdings Luxco has also granted the underwriter a 30-day option to purchase up to 1,050,000 additional shares of common stock.

Barclays Capital is the sole underwriter of the offering.