A Medical Device Daily

SafeStitch Medical (Miami) reported that it has entered into two stock purchase agreements with private investors, pursuant to which SafeStitch may issue an aggregate of up to four million shares of the company's newly-designated 10% Series A cumulative convertible preferred stock, par value $0.01, at a price of $1 per share.

The company closed on the sale of two million shares in a private transaction for aggregate proceeds of $2 million on July 22, 2009, and SafeStitch may elect, in its sole discretion, to issue an additional two million shares on or before June 30, 2010. Shares issued pursuant to the agreements, including the shares of the company's common stock into which the preferred shares may be converted, are restricted securities, and no registration rights have been granted.

In other financings: St. Jude Medical (St. Paul, Minnesota) reported that it has priced an offering to sell $700 million of senior notes due 2014 (the 2014 notes) and $500 million of senior notes due 2019 (the 2019 notes). The 2014 notes will bear interest at 3.750% per year and, unless previously redeemed, will mature on July 15, 2014. The 2019 notes will bear interest at 4.875% per year and, unless previously redeemed, will mature on July 15, 2019.

The company said it intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of certain of its indebtedness and the repurchase of its outstanding common stock pursuant to its $500 million authorized share repurchase program, as separately reported.

As previously reported, BofA Merrill Lynch is acting as active booking-running manager for the offering.