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.

In other financing activity:

Exactech (Gainesville, Florida), a developer of orthopedic implant devices, said it has signed a new $40 million syndicated line of credit.

The secured credit revolver will be available to fund future acquisitions, refinance debt, and provide for capital expenditures and working capital, Exactech said. SunTrust Bank served as lead agent with participation by Compass Bank. The new credit facility matures in five years.

Exactech's orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis.

Pediatric Prosthetics (Houston) said it has negotiated a financing package that it says will allow the company to "step to the forefront, providing American children with state-of-the-art prosthetic care."

"We provide children with functional, comfortable prostheses in three to five days instead of six to eight weeks as is normally the case in our business," Kenneth Bean, VP of operations, said. "We charge no more than any other prosthetics company. We honestly believe that laying those simple facts before American parents in a caring way, makes the financing costs our shareowners have endured – and will endure – a pretty small price in the greater scheme of things."

Upon completion of the current financing agreement negotiations, Bean said the company would be able to increase its marketing budget more than 12 fold. If that happens over the next twelve months, he added, the company could generate revenue in the neighborhood of $6 million, and redoubling each year, with an annual cash overhead of $1 million net of financing costs.

Pediatric Prosthetics provides specialized pediatric prosthetics for both upper and lower limbs.

MIV Therapeutics (Atlanta), a developer of next-generation coatings and drug-delivery systems for cardiovascular stents and other implantable medical devices, said its board has approved a one-for-10 reverse stock split of the company's roughly 116 million issued and outstanding common shares. The reverse split is part of a strategy to maximize shareholder value, MIV said. As a result of the reverse split, a new trading symbol will be assigned.

Stockholders of record as of June 27, the effective date of the reverse split, will be notified by mail and asked to surrender their certificates representing shares of common stock to the company's transfer agent, Interwest Transfer, in exchange for new certificates representing post-reverse split common stock. MIV said it would not issue fractional shares as a result of the reverse split. Any fractional post-split shares from the reverse split shall be rounded up to the nearest whole post-split share. A new CUSIP identification number will be assigned to the certificates to differentiate them from pre-split certificates.

Oxis International (Foster City, California) said that its four debenture holders have been notified that the sale of its majority interest in BioCheck (also Foster City) and its diagnostic businesses is proceeding in a timely manner with strong interest from multiple potential buyers, and warned that the recently commenced foreclosure efforts disclosed in Oxis' 8-K filing of June 13 related to its collateral will both jeopardize repayment efforts and harm shareholder value.

Oxis said it has four letters of intent from interested parties. The company said proceeds from the asset sales would be used to repay debenture holders in full, as well as to generate funds to implement a growth strategy based on its neutraceutical and therapeutic assets. Last fall, Oxis retained Burrill, a San Francisco investment bank, to assist in the sale of its diagnostic businesses and informed the debenture holders of its plan to repay them with the sale proceeds.

Marvin Hausman, MD, CEO and chairman, has asked debenture holders Alpha Capital Anstalt, Bristol Investment Fund, Cranshire Capital and Whalehaven Capital Fund Limited end their foreclosure proceedings.

Hausman noted that Oxis, with the assistance of Burrill, is better equipped and motivated to sell the assets itself to maximize value as compared to a post-foreclosure sale attempt by the debenture holders, which could reduce the asset values as well as prohibit the company from arranging financing required to continue operations.

Hausman asked that one of the four debenture holders act as a coordinator for negotiations, while recognizing that each fund has to make its own decision on any restructuring. He also said that if the debenture holders continue with foreclosure proceedings, Oxis would consider legal options to preserve and enhance shareholder value.

Oxis develops technologies and products to research, diagnose, treat and prevent diseases of oxidative stress associated with damage from free radical and reactive oxygen species. The company has acquired a 53% interest in and has the option to buy the remaining 47% of BioCheck.

BioCheck provides high quality enzyme immunoassay research services and products including immunoassay kits for cardiac and tumor markers, infectious diseases, thyroid function, steroids, and fertility hormones.

NightHawk Radiology (Coeur D'Alene, Idaho), a provider of radiology solutions, reported the preliminary results of its modified Dutch auction tender offer, which expired Friday.

Based on the preliminary analysis by the depositary, an aggregate of 2,367,438 shares were properly tendered and not withdrawn at $8.05 a share, including 1,001,457 shares that were tendered through notice of guaranteed delivery. Accordingly, NightHawk said it expects to accept for payment an aggregate of 2,367,438 shares of its common stock at $8.05 a share. These shares represent about 7.7% of NightHawk's issued and outstanding shares as of Friday.

The dealer manager for the tender offer is Morgan Stanley, the information agent is Innisfree M&A and the depositary for the offer is Mellon Investor Services.

Medical Connections (Boca Raton, Florida) said it has completed a $5 million private placement. The private placement was sold to shareholders for $1.25 a share, for a total of 4 million shares, plus a warrant for the purchase of a full share exercisable at $1.50 until Dec. 31, 2010.

The company said it would use the net proceeds to build the infrastructure in order to position it for future growth, establish a reserve for future acquisitions and position the capital structure and shareholders' equity toward listing its stock on a more senior stock exchange.

Medical Connections is an early stage national provider of medical recruitment and staffing services.

Haemacure (Montrael), a specialty bio-therapeutics company developing high-value human plasma-derived protein products, said it has raised $7.8 million through the exercise of amended Series B warrants and broker warrants issued as part of the private placement it concluded in January 2007.

On June 4, Haemacure began fractionating plasma in its new facility in Sarasota, Florida. The company said it is on-schedule and on-budget to produce fibrin sealant clinical lots during 3Q08 and to file an amendment to its existing IND with the FDA during the fourth quarter.