A Medical Device Daily
Cardium Therapeutics (San Diego) reported the completion of a $3.5 million credit facility in the form of debt with accompanying warrants to purchase shares of common stock. Empire Asset Management acted as financial advisor and sole placement agent for the transaction.
Cardium and its subsidiaries, InnerCool Therapies and the Tissue Repair Company, are primarily focused on the development of therapeutic products and devices for cardiovascular, ischemic and related indications.
Mpathy Medical (Glasgow, Scotland), developer of a range of surgical solutions used to restore pelvic health to women, reported that it has secured a third round of equity funding. This funding has been provided by Archangel Informal Investment and Scottish Enterprise. The amount of the funding was not disclosed.
"This additional funding brings to over £3.7 million ($5.4 million) the total funds invested in Mpathy Medical over the last year, and will enable us build a substantial presence in the U.S. women's health market," said CEO Ian Stevens. "Surgeon demand for our products continues to grow rapidly and as a result we have doubled the size of our sales team in the last two months. We believe that Mpathy Medical's mesh products redefine surgical expectations for surgeons with elegant solutions, which offer high efficacy and low complication rates."
Mpathy was founded by James Browning, MD, to develop a range of ultra lightweight, implantable mesh products for the surgical repair of female urinary stress incontinence and pelvic organ prolapse. The launch of Mpathy Medical's core product lines – Minitape and Restorelle – took place in May 2008.
The company has U.S. operations in Raynham, Massachusetts and has received 510(k) clearance to market by the FDA in the U.S. and CE marking in the UK for all its medical devices.
In other financing news:
• China Healthcare Acquisition Corp. (Pasadena, California) reported that at its annual meeting held this past Thursday, its stockholders voted in favor of a charter amendment to allow the early distribution of the company's trust fund for the benefit of its public stockholders of record as of March 5.
The vote had the automatic effect of immediately canceling all shares issued in the company's initial public offering and converting them into rights to receive a pro rata share of the trust fund distribution, expected to be $5.89 per share. The company's units have separated into their component parts: two warrants and rights to receive the distribution for one share of common stock.
Effective as of the close of business today, the company's common stock [CHM] and units [CHM-U] held by its public shareholders will no longer be quoted on NYSE Alternext US and will no longer trade or be tradeable.
The company's warrants [CHM-WS] will no longer be quoted on NYSE Alternext US, but will remain outstanding in accordance with their terms, as disclosed in the company's definitive proxy statement dated Feb. 4.
The company's remaining stockholders voted to remove the "blank check" company restrictions from its charter, allowing the company to continue its corporate existence beyond its scheduled termination date of April 19.
The company has set the payment date for distribution of the trust fund to shareholders as March 10.
• China Medical Technologies (Beijing), a device company that develops in vitro diagnostic products, reported that Chairman/CEO Xiaodong Wu, CFO Sam Tsang and CTO Zhong Chen purchased the company's American Depositary Shares (ADSs) in the open market in the past two days.
Wu purchased 150,000 ADSs at an average price of $13.07 per ADS. Tsang purchased 6,500 ADSs at an average price of $13.15 per ADS. Chen purchased 5,000 ADSs at an average price of $12.81 per ADS.
Wu has indicated to the company that he may continue to purchase its ADSs in the open market in the future in compliance with its insider trading policy.