A Medical Device Daily
St. Jude Medical (St. Paul, Minnesota) reported that its board has authorized a share repurchase of up to $500 million of its outstanding common stock. The repurchases will occur at such times and at such prices as the management of the company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.
Commenting on the new share repurchase program, St. Jude Medical chairman, president/CEO Daniel Starks said, "St. Jude Medical has a robust internal research and development pipeline. We intend to continue our commitment to funding these growth drivers in 2010 and beyond by reinvesting any earnings per share benefit from the share repurchase program back into our business."
In other financing news, 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. The company will use the funding to commence product development, expand its management team and complete clinical studies. The company's initial neurostimulation target is focused on the chronic pain market, including residual limb pain, chronic post surgical pain, and chronic migraine.
In other financing news:
• Nanosphere (Northbrook, Illinois) closed its previously reported underwritten public offering of 5,405,000 shares of its common stock at a public offering price of $7 per share, including 705,000 shares of common stock issued pursuant to the underwriter's exercise in full of its over-allotment option. Piper Jaffray & Co. acted as the sole manager for the offering.
Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be about $35.3 million.
The offering was made pursuant to a prospectus supplement to the company's prospectus, dated Sept. 15, 2009, filed as part of the company's effective $100 million shelf registration statement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
• PhotoMedex (Montgomeryville, Pennsylvania) has closed a private placement of about 4.17 million shares of its common stock at a price of 65 cents per share. Gross proceeds from the private placement are approximately $2.7 million. The purchasers were accredited investors, some of which were institutions. No finders' fees or warrants were involved in the placement. The company intends to use the proceeds from the private placement for general working capital purposes.