A Medical Device Daily
Proteome Systems (Sydney, Australia) reported the closing of a private placement totaling A$2.5 million. The company will issue 23,809,524 shares at A$0.105 per share. Participants in the placement include Oppenheimer Funds and other U.S. and Australian investors.
Proceeds are being allocated to maintain development timelines for the company's two lead diagnostic programs: a rapid point-of-care test for tuberculosis and an on-site test for determining wheat quality and thus pricing.
Foster Stockbroking has been appointed as the arranger of the placement.
The new shares will rank equally with the company's ordinary shares.
Proteome is a diagnostics company with expertise in biomarker discovery and diagnostic test development for respiratory and infectious diseases.
Thee company is developing the test for active tuberculosis in collaboration with BD (Becton, Dickinson and Co.; Franklin Lakes, New Jersey).
Hanger Orthopedic Group (Bethesda, Maryland) reported that it has filed a new shelf registration statement on Form S-3 with the Securities and Exchange Commission to sell up to 13,608,730 shares of its common stock, comprised of up to 6 million shares that may be issued and sold by the company, a 500,000 share reduction from Hanger's previous shelf registration statement, and up to 7,308,730 shares that may be resold by an existing stockholder.
The shares registered for resale on behalf of the existing stockholder were issued on Aug. 8 in connection with the company's conversion of its Series A convertible preferred stock.
The new shelf registration statement is filed to fulfill the company's obligations under the registration rights agreement entered into with the existing stockholder when the stockholder purchased the Series A preferred in May 2006. These obligations were triggered when the existing stockholder exercised its demand shelf registration rights shortly after the company forced the conversion of the Series A preferred into common stock.
Immediately after the filing of the new shelf registration statement, the company filed a post-effective amendment to deregister all of the 9,637,500 shares of common stock registered for sale from time to time under the shelf registration statement on Form S-3 filed in March 2004.
These shares were comprised of up to 6.5 million shares that were to be issued and sold by the company, and up to 3,137,500 shares of common stock issuable upon conversion of a then-outstanding series of convertible preferred stock that were to be resold by the holder of such preferred stock. The convertible preferred stock was redeemed in May 2006, and no shares were sold under the 2004 shelf registration statement.
Hanger provides orthotic and prosthetic patient care services. In the U.S. it owns and opeartes care centers in 45 states and the District of Columbia, with more than 3,500 employees, including 1,060 practitioners, as of June 30, 2007.