A Medical Device Daily

AmSurg (Nashville, Tennessee) reported that its board of directors has authorized a new stock repurchase program for up to $25 million of the company's outstanding common stock over the next 12 months. The primary intent of the program is to mitigate the dilutive effect of shares issued pursuant to the company's stock incentive plans.

President/CEO Christopher Holden said, "We are pleased to announce this repurchase authorization, which reflects the board's confidence in the company's prospects for long-term growth. We expect that our use of the program to offset dilution from the future exercise of stock options will support AmSurg's shareholder value."

AmSurg acquires, develops and operates ambulatory surgery centers in partnership with physicians throughout the U.S. As of June 30, it owned a majority interest in 176 continuing centers in operation and had three centers under development.

PuriCore (Malvern, Pennsylvania), which is focused on developing and commercializing proprietary, green solutions that safely, effectively and naturally kill infectious pathogens, reported that it has closed on a new $9.74 million debt facility with Commerce Commercial Leasing (Stafford, UK). The debt is structured as a 36-month promissory note with an imputed interest rate of 7.7%.

Of the $9.74 million, nearly $1.1 million will be used to extinguish existing higher cost debt, with the balance for general working capital.

In other financings:

• Laboratory Corporation of America Holdings (Burlington, North Carolina) reported that its zero coupon subordinated liquid yield option notes due 2021 (LYONs) and zero coupon convertible subordinated notes due 2021 may be converted as set forth below.

LYONs are convertible into common stock of LabCorp at the conversion rate of 13.4108 per $1,000 principal amount at maturity of the LYONs, subject to the terms of the LYONs and the Indenture, dated as of Sept. 11, 2001, between LabCorp and the Bank of New York, as trustee and conversion agent.

• Tri-Isthmus Group (Beverly Hills, California) a provider of financial solutions to the healthcare industry, said that exercise of warrants by members of its board of directors, management team and non-affiliated investors has yielded nearly $423,275 in fresh proceeds for the company.

The warrants were issued in connection with TIGroup's Series 5-A preferred stock financing completed in July 2005 and had an exercise price of 50 cents. The warrants were exercised into 877,300 shares of common stock.

TIGroup raised an additional $112,000 through the sale of 112 additional shares of Series 6-A preferred stock. The closing on these funds was delayed and was part of a financing closed in May.

CEO David Hirschhorn said, "Members of our management team and board of directors as well as existing investors exercised warrants covering almost 1 million shares in July and again in August and September with exercise prices of $0.35 to $0.50 a share. A majority of the warrants exercised had a strike price of $0.50 a share. In addition, members of management were granted new options this quarter with exercise prices of $0.62 per share.

"We have now reported three consecutive quarters of record revenues and we expect the quarter ended September 30, 2008 to follow the trend, with revenues approaching $10 million for the fourth quarter. In the meantime, we continue to explore the possibility of an AMEX listing as we monitor market conditions," Hirschhorn said.