A Medical Device Daily

Celerus Diagnostics (Carpinteria, California), a developer of rapid cancer diagnostics, reported the completion of $5 million in financing by private investors.

"We're delighted with the first closing of our Series C financing," said Dave Gross, newly named CEO of Celerus. "With this additional investment, we will further address market demand for rapid IHC (immunohistochemistry) testing and accelerate the commercialization of our onboard heating solution for the Celerus Wave."

The Celerus Wave system is designed to deliver precise, standardized histology and cytology results in 15 minutes. Intra-operative frozen tissue sections now undergo IHC staining regularly using the Wave system.

"By addressing the unmet needs of the anatomic pathology laboratory, the Celerus Wave provides real-time solutions for cancer patient management," said Gross.

The system is currently in use at numerous hospitals and reference laboratories across the country. The first Celerus Wave Systems were installed in North America and Europe in 2008.

BioMed Realty Trust (San Diego) reported the completion of a refinancing of the secured acquisition and interim loan facility originally entered into in April 2007 by its joint venture with a fund managed by Prudential Real Estate Investors to acquire, among other properties, about 600,000 square feet of life science space in Cambridge, Massachusetts.

Proceeds from the refinancing were about $203 million, and were used to repay a portion of the outstanding indebtedness under the existing secured acquisition and interim loan facility.

BioMed's share of the financed amount is about $41 million based on its 20% interest in the j-v. BioMed repaid its remaining portion of the outstanding balance on the existing secured acquisition and interim loan facility by drawing on the company's $600 million unsecured line of credit.

The term of the amended and restated secured acquisition and interim loan facility is two years, with an option to extend the maturity for an additional year. The facility is provided by a syndicate of lenders, for which KeyBank National Association is the administrative agent.

BioMed is a real estate investment trust focused on providing real estate to the life science industry. The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry.

In other financing news, Cord Blood America (CBA; Santa Monica, California), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells to families nationwide and internationally, said that between Jan. 1 and yesterday, it reduced its long term debt by about $1 million.

The company previously said in press releases and CEO interviews that a major focus is to reduce debt and strengthen the CBA balance sheet. The mentioned debt was either converted into equity of reduced by principal cash payment. CBA said the effort to further reduce debt will continue throughout 2009.

CBA is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Cord blood stem cells offer a potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders.