A Medical Device Daily
ProUroCare Medical (Minneapolis) reported closing a private placement of $175,000 of units consisting of unsecured, subordinated, convertible promissory notes and common stock purchase warrants.
The proceeds will be used to pay certain existing obligations and for general corporate purposes, ProUroCare said. The closing completes ProUroCare's planned private placement fundraising goal. Combined with its previous private placement closings since Dec. 27, 2007, the company has sold $2 million of investment units.
"These funds we have raised have been important to sustaining our ongoing operations, and have enabled us to evaluate other funding strategies and opportunities. Our success in raising these funds, combined with our acquisition of key patents earlier this year and the signing of development and license agreements with our partner Artann Laboratories [West Trenton, New Jersey] last week, has made the past eight months an exciting time for ProUroCare," said Rick Carlson, ProUroCare's CEO.
ProUroCare is developing mechanical imaging technology applications for the detection and surveillance of prostate disease.
In other financing activity:
The board of ProAssurance (Washington) authorized $100 million for the repurchase of its shares or retirement of outstanding debt. The company said it has expended the $150 million authorized by its board in April 2007 for use in repurchasing shares and redeeming debt securities. ProAssurance said it used that authorization to buy roughly 2.6 million shares of its common stock and redeem $15.5 million of trust preferred debt.
OraSure Technologies (Bethlehem, Pennsylvania) said its board has approved the repurchase of up to $25 million of its outstanding common shares.
OraSure makes oral-fluid specimen collection devices using oral fluid technologies, diagnostic products, including immunoassays and other in vivo diagnostic tests, and other devices.
Aduromed Industries (Bethel, Connecticut) reported closing its restructuring plan and raiding $3.8 million of new equity.
All stakeholders in the company, including holders of bridge loan notes and preferred stockholders, converted their securities into common stock of Aduromed and warrants to purchase common stock. New investors received 271,497,456 shares of common stock and warrants to buy 235,497,455 additional shares at $0.025 for their $3.8 million investment. Existing investors converted their securities into a total of 137,693,121 shares of common stock and warrants to buy 173,693,122 more for $0.025 a share.