A Medical Device Daily
Abiomed (Danvers, Massachusetts) reported the completion of its public offering of 2,419,932 shares of common stock at $17.3788 per share. The net proceeds to Abiomed from the offering were about $41.7 million, after deducting the underwriting discount and estimated offering expenses.
Morgan Stanley & Co. was the underwriter for the offering.
Abiomed is a provider of medical devices that provide circulatory support to acute heart failure patients across the continuum of care in heart recovery.
Bioheart (Sunrise, Florida) a company committed to delivering intelligent devices and biologics that help monitor, diagnose and treat heart failure and cardiovascular diseases, reported the receipt of a $1 million unsecured loan from Rogers Telecommunications Limited.
This loan is payable upon the later of three months or Bioheart's repayment of its loan from BlueCrest Capital. In addition, under certain circumstances, the company may be permitted to pay outstanding interest and principal in shares of its common stock.
The company said the loan will be used for its ongoing clinical and business operations, as it continues to actively pursue additional investment support.
"We hope to soon introduce intelligent devices that offer synergies with our clinical therapies and provide critical at-home monitoring of these patients," said Chairman/CEO Howard Leonhardt.
Bioheart recently announced its plan to enter the device market as a complement to its MyoCell clinical therapy program, which targets patients with congestive heart failure.
Earlier this month, the company said it planned to acquire to acquire Medicalgorithmics (Warsaw, Poland) and the worldwide rights to the PocketECG, a real-time wireless beat-to-beat, intelligent heart monitor and diagnostic system, designed for long-term, fully-automated ECG arrhythmia and AFib analysis (Medical Device Daily, Aug. 4, 2008).
In July, the company reported that it secured worldwide non-exclusive distribution rights to the Bioheart 3370 heart failure monitor, an interactive at-home intelligent device designed specifically to improve available healthcare to patients outside hospitals who are suffering from heart failure (MDD, July 14, 2008).
In other financing news, Angiotech Pharmaceuticals (Vancouver, British Columbia), a global specialty pharmaceutical and device company, reported that in connection with a previously reported tender offer for its outstanding senior floating rate notes due 2013, and its outstanding 7.75% senior subordinated notes due 2014, that it has extended the date on which the tender offer will expire from midnight, EDT, on Aug. 22, to midnight, EDT, on Sept. 12.
The expiration date is dependent on the date of the Angiotech shareholders meeting that will be called to approve the investment in Angiotech Pharmaceutical Interventions (API), a newly formed subsidiary of Angiotech, by Ares Management and New Leaf Venture Partners, because the proceeds of the API Investment are needed to fund the $165 million tender offer (MDD, July 8, 2008).
The date of the shareholders meeting has not yet been determined and the expiration date remains subject to extension by Angiotech in its sole discretion.
Angiotech has retained Goldman, Sachs & Co. to act as the exclusive dealer manager for the tender offer. Global Bondholder Services Corp. is the information agent for the tender offer.