A Medical Device Daily

Opko Health (Miami) reported raising $31 million in private placement transactions with seven accredited investors. Opko said it would issue an aggregate of 31 million shares of its common stock, par value $.01, at $1.00 a share.

The shares issued in the investments are restricted securities, and no registration rights have been granted, the company said. Opko, a specialty healthcare company, is developing a preclinical pipeline of agents for ophthalmic diseases and markets diagnostic systems that complement its therapeutic products.

"We are pleased to receive these funds and appreciate the confidence of the investors in Opko's future success," said CEO/Chairman Phillip Frost, MD.

Each of the investors, which include Vector Group, Chung Chia Co. Ltd., Grandtime Associates Ltd., Gold Sino Assets Ltd., Oracle Partners, Oracle Institutional Partners, and Nora Real Estate, entered into the investment transactions with the company between May 26 and June 1.