A Medical Device Daily

Inverness Medical Innovations (IMI; Waltham, Massachusetts) reported that it intends to offer $150 million of senior notes due 2016 in a public offering. Payment of the notes will be guaranteed by certain of IMI's domestic subsidiaries. IMI said it intends to use the net proceeds from the offering solely to fund its previously reported acquisition of Concateno (London), which the company expects to close on or about Aug. 11 (Medical Device Daily, June 8, 2009).

Jefferies & Co., Goldman, Sachs & Co. and Well Fargo Securities will act as joint book-running managers for the offering.

Concateno is a European supplier of drugs-of-abuse testing products and services, with 2008 revenues of about £47.5 million (about $76 million). It is quoted on the AIM market of the London Stock Exchange.

Inverness' products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health.

Members of an imaging and advanced sensor technology company have raised $1.2 million for their medical startup, Ultrasound Medical Devices (UMD; Ann Arbor, Michigan).

The year-old company is developing advanced algorithms and software for certain kinds of enhanced cardiac ultrasound medical imaging.

Among its executives is Eric Sieczka, the CEO at Pixel Velocity (Ann Ann Arbor), a product development company that has worked in areas including video surveillance, automation and sensor fusion, where various sensory data is combined to create a better visual. Other executives and directors in UMD are also members of Pixel Velocity, according to an SEC filing.