A Medical Device Daily
Staar Surgical (Monrovia, California), a manufacturer of implantable lenses and related ophthalmic products, reported the completion of a registered direct offering of 4,255,319 shares of its common stock, at a price of $1.88 per share, which was the closing market price on June 16, 2009.
The net proceeds will be nearly $8.0 million because the company did not use an underwriter for this transaction. This transaction was funded by unanimous participation among STAAR's largest shareholders, demonstrating continued investor support for the company and its technology.
Starr said it intends to use the proceeds to fund a deposit with the court to secure a stay of enforcement of the judgment pending Staar's appeal in its Parallax Medical Systems (Atlanta) litigation. The current temporary stay in the case expires on June 22.
All shares of common stock offered by Staar were sold pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission on June 12. No other securities were issued in connection with this offering.
In other financing activity:
• Great Basin Scientific (Salt Lake City), a privately held life sciences company developing point-of-care molecular diagnostic solutions, reported that it has closed $3.6 million in bridge funding to support the company through 2009 and the launch of its first product, pending FDA 510(k) clearance in December. Returning investors participated in the funding round.
"With this round of financing, we have secured all the funding needed for our entrance into the market as the second generation of diagnostic testing, a disruptive technology platform that promises accurate, point-of-care results and comes at a lower cost than the industry standard," said President/CEO Ryan Ashton.
Beginning as early as mid-July, several major hospitals will serve as beta testing sites for Great Basin's point-of-care molecular platform. During beta-testing, clinicians will test the analyzers and provide feedback on process flow and functionality. The testing will serve as preparation for the clinical trials scheduled to begin in August.
• Quest Diagnostics (Madison, New Jersey said the final results for its previously reported cash tender offer to purchase up to $200 million total aggregate principal amount (the "Tender Cap") of its 5.125% senior notes due 2010 and 7.50% senior notes due 2011 (Medical Device Daily, May 20, 2009).