A Medical Device Daily
Ventas (Chicago) said it has agreed to sell 4.4 million shares of its common stock to Merrill Lynch, as sole underwriter, in an underwritten public offering. The company has also granted Merrill Lynch a 30-day overallotment option to buy up to 660,000 more shares.
The company said it would use the net proceeds to repay indebtedness outstanding under its revolving credit facility and for other general corporate purposes, including acquisitions.
The shares are being offered under Ventas' existing shelf registration statement, which became effective upon filing with the Securities and Exchange Commission.
Ventas is a healthcare real estate investment trust. Its portfolio of properties in 43 states and two Canadian provinces includes senior housing communities, skilled nursing facilities, hospitals and medical office and other properties.
In other financing activity:
nTelagent (Nashville) reported completing a $1.7 million round of Series E convertible preferred shares.
nTelagent has developed The Retail Application for the healthcare industry, called the Self-Pay Management System (SPMS), which the company says is revolutionizing the way providers interact with patients at the point of service regarding financial responsibilities. Similar to applications used in the retail industry at the point of sale, the company's automated system tells healthcare registrars and financial counselors exactly what to do and what to say to each patient. Moving workflow to the front end of the revenue cycle, nTelagent says it helps providers ensure a better patient experience through clearer communication and better handling of patient accounts, while improving upfront and overall cash flow, receivables and profitability by reducing bad debt.
nTelagent's investors include Burch Investment Group, a private venture capital firm in Nashville and formerly known as Massey Burch Investment Group. Marty Rash, former founder, CEO/chairman of Province Healthcare Company, was an early investor in the company. The late Chris Hannon, former CFO of Province, was also a key investor and instrumental in the development of the solution and direction of nTelagent, the company noted.
ProUroCare (Minneapolis) said it plans to file a registration statement with the SEC for a public offering of its equity securities. The company said it expects to file the registration statement during the third quarter and begin the offering in the fourth quarter.
The purpose of the offering is to provide funding to retire certain short-term liabilities, complete the preparation of ProUroCare's ProUroScan prostate imaging system for clinical trials, submit a premarket notification application for the ProUroScan system to the FDA and obtain 510(k) clearance.
ProUroCure develops mechanical imaging technology applications intended to improve detection and active surveillance of prostate disease.