A Diagnostics & Imaging Week

Orasi Medical (Edina, Minnesota) said it has completed a $3.5 million Series B financing round. The company said it would use this capital to expand the development and use of its diagnostic test into the pharmaceutical and clinical markets.

According to Orasi, pharmaceutical companies will use this test to determine the efficacy of compounds intended to treat various neurological diseases. The company said it is currently in discussions with several pharmaceutical companies to finalize the structure of these clinical trials and the inclusion of the Orasi test.

Orasi is an early-stage device company engaged in the development and commercialization of technology to diagnose and monitor neurological disorders using electrical brain activity.

In other financings, Quest Diagnostics (Madison, New Jersey) reported that the following principal amounts of its 5.125% senior notes due 2010 and 7.50% senior notes due 2011 have been validly tendered and not validly withdrawn in connection with its previously disclosed cash tender offer to purchase up to $200 million total aggregate principal amount of the notes.

Because the aggregate principal amount of the 5.125% senior notes due 2010 validly tendered and not validly withdrawn as of the early tender date does not exceed the tender cap, the amount of each series of notes that may be purchased in the tender offer will be determined in accordance with the tender cap and the acceptance priority levels based on the principal amount of the notes tendered midnight, Eastern Time on June 16, unless extended. The notes may be subject to proration, in each case as described in the offer to purchase and related letter of transmittal.

Quest has retained Banc of America Securities to act as lead dealer manager and Calyon Securities and Mitsubishi UFJ Securities to serve as co-dealer managers. Global Bondholder Services has been retained to serve as the depositary and the information agent for the tender offer.