A Medical Device Daily

Clinical Data (Newton, Massachusetts) reported that it has raised gross proceeds of nearly $47.4 million through the public offering of 2,750,000 newly issued shares of its common stock at a price of $17.25 per share. All of the shares are being offered by Clinical Data.

The underwriters have an option to purchase up to an additional 412,500 shares to cover over-allotments, which, if purchased, would result in total gross proceeds to the company of nearly $54.6 million. The offering is expected to close no later than Nov. 2 subject to the satisfaction of customary closing conditions.

In other financings activity:

• StemCells, (Palo Alto, California) reported that it has entered into an agreement to raise nearly $12.5 million in gross proceeds through the sale of nearly 10 million shares of its common stock to selected institutional investors at a price of $1.25 per share. The investors will also receive warrants to purchase approximately four million shares of common stock at an exercise price of $1.50 per share. The shares and warrants are being offered as a registered direct offering under the company's effective shelf registration statement previously filed with the Securities and Exchange Commission. StemCells expects to receive total proceeds, net of offering expenses and placement agency fees, of nearly $11.9 million.

The offering is expected to close on Nov. 2, 2009, subject to customary closing conditions. The net proceeds of the financing will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes.

• Neuros Medical (Cleveland) reported a $1.8 million Series A round of investment, led by the North Coast Angel Fund, which was joined in the investment by Glengary, Ohio Tech Angel Fund, Queen City Angels First Fund III, and individual investors.

This round follows the initial investment made earlier in the year from JumpStart Ventures and Case Technology Ventures (both Cleveland) (Medical Device Daily, March 18, 2009). The company will utilize the funding to commence product development, expand its management team, and complete clinical studies. The company's initial target is focused on the chronic pain market, including residual limb pain, chronic post surgical pain, and chronic migraine.

• National HealthCare (Murfreesboro, Tennessee) one of the nation's leading operators of long-term health care and assisted living facilities, reported that it has renewed its $75 million line of credit with Bank of America for an additional year.

Robert Adams, CEO, said: "With the renewal of our credit arrangement with Bank of America, we continue to have access to ample financial resources to develop growth opportunities not only in the long-term and home healthcare areas but in all areas of senior care."