A Medical Device Daily

Edwards Lifesciences (Irvine, California) reported that its board of directors has authorized a new share repurchase program to acquire up to $250 million of the company's outstanding common shares. Edwards recently completed a $250 million share repurchase program that its board of directors approved in September 2007.

"This new program reaffirms the confidence we have in our future growth prospects, and provides us with an opportunity to continue to increase shareholder value," said Michael Mussallem, Edwards' CEO/chairman.

About 2.7 million shares were issued in June in response to the call for redemption by the company of its $150 million convertible debenture. During 2Q08, the company repurchased 2.3 million shares for about $135 million, partially offsetting the issuance of these shares.

During the first half of 2008, Edwards repurchased a total of 4.6 million shares for about $235 million. As of June 30, 2008, the company had about 56.2 million shares of common stock outstanding.

Edwards is a developer of heart valves and hemodynamic monitoring equipment.

Tyrell (Houston), the creators of Zeno, a hand-held device used in the treatment of acne, reported that it has closed a $28 million round of equity financing.

The investment was led by Sante Ventures and Catterton Partners, and joined by existing investor Austin Ventures. Tyrell will use the funds to support expanded distribution of the Zeno line as well as to support new product introductions.

Kevin Lalande, managing partner for Sante Ventures, and Michael Farello, partner at Catterton Partners, will join the company's board.

"Tyrell has developed a plan to develop consumer products around their proprietary ClearPoint technology in various product categories," said Lalande. "They have achieved category leadership in acne care and are poised to repeat that success in other skin care segments."

"Tyrell has built both a brand and a product line which provides a platform for growth," said Farello. "By focusing on increasing retail velocity and new product introductions, Tyrell is poised to become a major player in the emerging personal medical device category and in personal care more broadly."

In other financing news: Aviv REIT (Chicago) has filed a registration statement with the SEC for an IPO valued at up to $200 million.

Aviv is a self-administered real estate investment trust (REIT) that focuses on the ownership, acquisition and development of healthcare properties, principally skilled nursing facilities (SNFs).

As of March 31, the company's portfolio consisted of 156 properties with 15,187 licensed beds in 20 states leased to 33 operators. For the year ended Dec. 31, 2007, and for the quarter ended March 31, 2008, its revenues were $72.4 million and $19.2 million, respectively.

The company said it intends to use a portion of the proceeds to repay outstanding borrowings under its existing credit facilities in connection with the refinancing of all or a portion of its existing credit facilities.