A Medical Device Daily
Global Med Technologies (Denver), an international e-Health, medical information technology company, reported that it has secured a $6 million credit facility from Silicon Valley Bank (SVB), a provider of diversified financial services to companies in the technology, life science, private equity and premium wine industries. The capital will be used to complete its acquisition of private European medical software firm Inlog (Lyon, France), including its German subsidiary.
That acquisition, first disclosed in April, was for a maximum payout of $11.5 million in cash, stock and earn-outs.
Inlog is a provider of donor center and transfusion information management systems, laboratory information systems and other ancillary medical software.
In other financing news:
• NightHawk Radiology Holdings (Coeur D'Alene, Idaho), a provider of radiology solutions to radiology groups and hospitals throughout the U.S., reported the final results of its modified Dutch auction tender offer, which expired on June 13.
Based on the final count by the depositary for the tender offer, an aggregate of 2,240,883 shares of common stock were properly tendered and not withdrawn at a price of $8.05 per share. These shares represent about 7.3% of the shares outstanding as of June 18. With completion of the tender offer, NightHawk will have about 28.5 million shares of common stock outstanding.
The depositary will promptly pay for the shares accepted for purchase.
• Biomet (Warsaw, Indiana) reported the extension of exchange offers for all of its unregistered outstanding senior notes due 2017 for an equal principal amount of registered senior notes due 2017.
The exchange offers were originally scheduled to expire this past Thursday and are now scheduled to expire on June 26, unless further extended or terminated by Biomet.
Biomet and its subsidiaries make products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy.
• Biofield Corp. (King of Prussia, Pennsylvania reported that its 1-for-10 reverse split of its common stock has taken effect. Biofield's new stock symbol on the Nasdaq is BZEC.
Biofield will provide information on its website, www.biofield.com, about the procedure, forms and other information needed by its transfer agent, American Stock Transfer and Trust Company, to exchange pre-split certificates for post-split certificates.
Biofield Corp. is a development-stage medical technology company that has developed a device to assist in detecting breast cancer in a non-invasive procedure, the Biofield Diagnostic System.