A Medical Device Daily

Inverness Medical Innovations (Waltham, Massachusetts) reported that it intends to offer $100 million of senior notes due 2016 through a private placement, subject to market and other conditions. Inverness intends to use the net proceeds from the offering solely to fund its previous reported acquisition of Free & Clear (Seattle, Washington).

The private placement, which is expected to commence immediately, will be to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the U.S. in compliance with Regulation S under the Securities Act. The notes are not being registered under the Securities Act.

In other financing activity:

• Incyte (Wilmington, Delaware) reported that it intends to offer, subject to market and other conditions, up to $250 million aggregate principal amount of convertible senior notes due 2015 in a private placement to qualified institutional buyers pursuant to exemptions from the registration requirements of the Securities Act of 1933.

The company intends to use the net proceeds of this offering to fund the escrow account to provide security for the first six scheduled semi-annual interest payments on the notes, to repurchase or otherwise retire outstanding debt, including the company's 3 % convertible senior notes due 2011 and 3% convertible subordinated notes due 2011, through open market transactions, negotiated transactions or otherwise, and, to the extent not used to repurchase or otherwise retire outstanding debt, for general corporate purposes.

• Safeguard Scientifics (Waynesburg Pennsylvania) a holding company that builds value in growth-stage life sciences and technology companies, reported that it has sold an additional 2.4 million shares of its position in Clarient (Aliso Viejo, California) through a Clarient shelf registration on Form S-3 that was declared effective by the Securities and Exchange Commission on Aug. 20.

To date, Safeguard has sold nearly 18.4 million shares of Clarient common stock and now holds 28.1 million shares and 2.75 million warrants at various strike prices, with a combined market value of $131 million as of Monday's close. Proceeds from the exercise of the overallotment option were roughly $8 million, net of underwriter commissions, bringing the total from the offering to nearly $61 million. Safeguard now holds 28.5% of Clarient's outstanding common stock on an as-converted basis.

• MedShape Solutions (Atlanta) reported that it has recently closed approximately $10 million in equity funding from various qualified private investors.

"This recent round of financing will allow MedShape to bring forward several unique shape memory orthopedic devices that will improve patient outcomes and improve surgical procedures," said Kurt Jacobus, PhD, president/CEO. "We continue to make progress in building a company of significant value centered around our shape memory technology platform."