A Medical Device Daily

Clinical Data, (\\CD; Newton, Massachusetts) reported the completion of its acquisition of Avalon Pharmaceuticals (Germantown, Maryland).

Clinical Data acquired Avalon through an all-stock transaction valued at nearly $10 million, based upon the 15-day volume weighted average price of $12.49 for Clinical Data's common stock through Oct. 27, 2008, the date of the definitive merger agreement. As a result of the acquisition, the common stock of Avalon ceased trading at market close on May 28.

As part of the acquisition, former Avalon stockholders will receive 0.0470 of a share of Clinical Data common stock and a contingent value right (CVR) in exchange for each share of Avalon common stock held by them. Each CVR represents the right to receive up to an additional 0.01175 shares of Clinical Data common stock based on payments received by Avalon or its affiliates (including Clinical Data) under certain Avalon contracts.

As a consequence of the receipt of a recent termination payment from Merck (Whitehouse Station, New Jersey) under these contracts, each CVR represents the right to receive at least 0.00940 of a share of Clinical Data common stock, payable after June 30, 2010.

Medical Connections Holdings (MCH; Boca Raton, Florida), a healthcare staffing company specializing in allied health, nurse and physician staffing and recruiting services, reported it has closed an asset purchase agreement with Medical Staffing Direct (MSD; Boca Raton), staffing company.

Medical Staffing Direct previously operated as a provider of per-diem nurse staffing for large national hospital clients. MSD's core business was conducted in the Florida and New York markets. The assets include hospital contracts and industry relationships, which include several key MSD directors that will assist Medical Connections in future relationships with national clients. MSD conducted about six million dollars in annual revenue during its last year in business.