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VentriPoint Diagnostics (Seattle) said it intends to complete a private placement of up to 8 million units, to be issued at a quarter a unit, for proceeds of $2 million.

Each unit will consist of one common share in company capital and one common share purchase warrant, the company said. Each warrant will entitle the holder to buy a common share at an exercise price of 25 cents, at the option of the holder at any time until the second anniversary of its issue date.

VentriPoint said it will use the proceeds of the placement to complete the development and external testing of its diagnostic system, and support the company through the approval process and commercialization of the system in Canada and Europe.

VentriPoint creates diagnostic tools to monitor patients with heart disease.

By using data produced from existing 2D or 3D medical imaging systems, the VentriPoint system creates a 3D model of the right and left ventricles and generates heart measurements in a rapid and inexpensive manner not currently available, according to the company.

The system is based on technology VentriPoint received through its technology license with the University of Washington (Seattle). The VentriPoint diagnostic system, together with its associated online service, is being developed for a variety of heart related disease states, including congenital heart disease.

In other financing activity: Cogdell Spencer (Charolotte, North Carolina) said it has begun an underwritten public offering of 1.85 million shares of common stock. Cogdell said it also will grant the underwriters an option to buy up to another 277,500 shares.

Banc of America Securities, KeyBanc Capital Markets and Citi are acting as joint book-running managers and Raymond James, BMO Capital Markets and Janney Montgomery Scott are acting as co-managers.

The company said it intends to use the net proceeds from the offering to reduce borrowings under its secured revolving credit facility and for working capital purposes.

Cogdell Spencer is a real estate investment trust that invests in specialty medical office buildings, including medical offices, ambulatory surgery and diagnostic centers.

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