A Diagnostics & Imaging Week
Luminex (Austin, Texas) reported that it is initiating an underwritten public offering of 3.5 million shares of its common stock. The company said it expects to grant the underwriters a 30-day option to purchase up to an additional 525,000 shares of common stock to cover any over-allotments.
If all the shares are exercised, the company could raise close to $90.14 million before expenses, based on Monday's closing share price of $22.41.
Luminex said it intends to use the net proceeds from the offering for general corporate purposes, including research and development, potential acquisitions and capital expenditures.
J.P. Morgan Securities and UBS Investment Bank are joint book-running managers for the offering.
Luminex develops biological testing technologies with applications throughout the life sciences industry. The company's xMAP system is an open-architecture, multi-analyte technology platform that delivers bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets.
In other financing news:
• Aurora Imaging Technology (North Andover, Massachusetts) reported the introduction of AuroraCapital, the company's financing group, to aid customers in the analysis and selection of financing solutions to bring the Aurora Dedicated Breast MRI system to its breast health centers.
"There is no question the lease or purchase of major capital equipment is a significant investment. It is very important to us that financing not be an obstacle for breast centers that want to offer patients advanced imaging technology through the selection of the Aurora Breast MRI System," said Steve James, the company's CFO. "With AuroraCapital, our customers can be offered more flexible financing solutions, which allow them to more easily develop and maintain a state of the art facility, while also managing their budget."
Designed exclusively for Aurora customers, AuroraCapital provides a full range of flexible financing options, as well as a variety of lease alternatives, including $1 buyout, skipped rent, deferred rent, stepped rent, operating lease, progress funding for deposits and terms up to 84 months. AuroraCapital also offers instant accessibility and one point of contact, providing customers expedited credit decisions and the convenience of simplified paperwork.
According to the company, AuroraCapital's financing options present many customer benefits, including: flexibility, allowing the payment plan to be selected based on each customer's cash flow and budget parameters; 100% financing, enabling "soft" costs such as build-out to be included in the monthly payments; conservation of capital budget, freeing up cash for other expenses, such as supplies, personnel and training; and technology upgrades, supporting the addition of add-ons and upgrades into a customer's existing lease, ensuring the Aurora system is maintained with the latest product enhancements.
The Aurora Breast MRI System is in clinical use at breast health centers in the U.S., Europe and Asia.
• Merge Healthcare (Milwaukee), a medical imaging software and services company, reported that its board has approved the redemption of all preferred share purchase rights outstanding on each share of the company's common stock and on each exchangeable share issued by Merge Cedara ExchangeCo Ltd., an indirect majority-owned subsidiary of the company.
The rights were previously issued pursuant to the terms of a rights agreement, dated as of Sept. 6, 2006, as amended, between the company and American Stock Transfer & Trust Co. as rights agent.
One right is outstanding on each outstanding share of company common stock and on each exchangeable share of Merge Cedara ExchangeCo Ltd. Pursuant to the rights agreement, the redemption price is $0.001 per right.
Shareholders of record on June 23 will receive payment of the redemption price on July 7. However, pursuant to the terms of the rights agreement, the right to exercise the rights terminated effective immediately upon the action of the board.
Merge develops clinical and medical imaging software applications and development tools. Its medical imaging software solutions support business and clinical workflow for radiology department and specialty practices, imaging centers and hospitals.
Its diagnostic imaging workflow applications include picture archiving and communication systems, radiology information systems, and clinical applications that support medical imaging in various specialized areas, such as orthopedics, cardiology, mammography and oncology.
• BSP (Tel Aviv, Israel) a company developing systems for non-invasive diagnosis and monitoring of ischemic heart disease (IHD), reported that they successfully raised $2.6 million in a private funding round, that included existing shareholders in the company as well as new investors.
BSP developed the HyperQ, a technology that offers cardiac monitoring for broad populations and testing for IHD. The HyperQ system has received FDA clearance, as well as the CE mark.
The company has entered the clinical and commercial phase, during which the HyperQ system will be integrated in inpatient and outpatient hospital settings, private doctor offices and major research centers.
Further applications on the horizon include bedside monitors for ischemic events, devices for cardiac home care and telemedicine, and the implementation of the HyperQ technology in implantable cardiac devices.
"This round will enable us to step up the marketing and business development efforts in the U.S., and accelerate development of BSP's next application the HyperQ bedside monitor," said CEO Amir Beker. He added that the system "adresses the dire needs of private and national healthcare systems to balance the immense costs of cardiac diagnosis and monitoring."
• PerGenix (Henderson, Nevada), a private company founded a year ago that is developing diagnostics for the professional and consumer diagnostics market, has received an investment from Ault Glazer & Co. Terms of the transaction were undisclosed.
The founder and CEO, Robert Case, has an extensive background in the medical device and diagnostics field. The firm said it anticipates FDA clinical field testing of its product in 1Q09.