A Diagnostics & Imaging Week
DexCom (San Diego) reported that it has offered 15,844,000 shares of its common stock at a price to the public of $3 per share. Terrance Gregg, DexCom's president/CEO, is also purchasing 150,000 additional shares of common stock in this offering at a price per share of $3.12, which represents the last reported bid price on the Nasdaq Global Market of DexCom's common stock on Jan. 29. The gross proceeds to DexCom, before expenses, from the sale of shares are expected to be about $48 million.
The closing of the offering is expected to take place on Feb. 4. Piper Jaffray & Co. acted as sole manager for the offering.
DexCom is focused on the development of continuous glucose monitoring systems for use by patients at home and by healthcare providers in the hospital.
Diagnosoft (Morrisville, North Carolina/Palo Alto, California) a developer of magnetic resonance (MR) image analysis software that assists in diagnosis, staging and therapeutic monitoring of cardiovascular disease, reported the closing of $4 million in Series B financing led by Technology Development Fund (Cairo, Egypt).
The company said it intends to use the new capital to support further market expansion of Diagnosoft HARP, Diagnosoft PLUS, and Diagnosoft SENC. The capital infusion will also serve to further the development of other MR image analysis technologies designed to increase physician productivity and accuracy, improve patient outcomes, and enhance research and drug development advances, the company said.
According to Dr. Jerry Prince, a Diagnosoft co-founder, "There are many techniques for analyzing the left ventricle of the heart – ECHO, nuclear medicine, CT, and so – but we are focused on the emerging technology of MRI for the cardiac market. Diagnosoft is the only company directly looking at function, to see if the heart muscle is contracting properly; consequently, we are the only ones who can put all four imaging techniques together, and present it to the clinician in a single view."
The company's board has appointed Firas BenAchour president/CEO of Diagnosoft and a member of the board.
In other financing news, Cantimer (Norwood, Massachusetts) and Advanced Instruments (AI; Menlo Park, California) reported that AI had made a $1 million equity investment in Cantimer. The two companies also reported their intention to collaborate on the development of a new generation of laboratory instruments for osmolality measurement, incorporating Cantimer's proprietary sensing technology.
Cantimer's focus over the last several months has been on completing the development of an easy-to-use, hand-held device for the quantitative assessment of human dehydration from saliva. Cantimer's device, when available, is expected to facilitate convenient and reliable monitoring of the at risk population, including firefighters, military personnel, athletes at every level, infants and the elderly – providing critical early intelligence and thereby enabling timely and effective intervention at the point of need.
As part of the arrangement, AI's CEO, John Coughlin will join the Cantimer board.
AI is a supplier of freezing-point cryoscopes and osmometers used in dairy, clinical, pharmaceutical, and biotechnology laboratories. The company also produces Fiske Associates brand diagnostic instruments and operates Spiral Biotech, D&F Control Systems, Mart Microbiology, and Delta Instruments as wholly-owned subsidiaries.