A Medical Device Daily
Sinexus (Palo Alto, California) reported yesterday that PTV Sciences has teamed up with its premier VC backers in a $20 million Series B financing. PTV led the round along with existing investors Kleiner Perkins Caufield & Byers and U.S. Venture Partners.
Sinexus also said that Lisa Earnhardt joined the company as its president/CEO in March. She most recently was president of Boston Scientific's (Natick, Massachusetts) cardiac surgery division.
Evan Melrose, MD, managing director of PTV, also joined Sinexus' board of directors.
Sinexus is developing new therapies for ear, nose & throat physicians to use in providing improved treatment for their patients. Sinexus' initial focus is treating patients with chronic rhinosinusitis, a debilitating chronic condition that affects one out of seven adults in the U.S.
PTV is a life science venture capital firm focused on building industry leading companies and investing in extraordinary people.
In other financing activity:
- CryoCath Technologies (Montreal) said that the underwriters have exercised in part the over-allotment option granted to them in connection with the company's recent bought deal offering of common shares.
CryoCath will issue an aggregate of 138,100 common shares at $4.15 a share, for additional total gross proceeds to CryoCath of $573,115. The total gross proceeds to the company, including the over-allotment gross proceeds, will be $17,961,615.
The syndicate of underwriters for the offering was led by GMP Securities and included Blackmont Capital and Macquarie Capital Markets Canada.
The over-allotment option is expected to close today.
CryoCath said it would use the net proceeds of the offering for additional R&D and commercialization of its products, including its pivotal clinical trial aimed at getting FDA approval for its Arctic Front system to treat atrial fibrillation, to expand marketing efforts in Europe and the U.S., and for general corporate purposes.
CryoCath makes cryotherapy products to treat cardiac arrythmias.
- Zila (Phoenix) said it has revised its agreement with the holders of its senior secured convertible notes to modify the EBITDA and minimum cash balance covenants.
The minimum cash balance has been lowered by $1 million and the EBITDA requirement has been moved to July 31, 2009, Zila said. The modifications did not alter the 7% interest rate of the notes nor require a cash payment.
Zila is an oral diagnostic company dedicated to the prevention, detection and treatment of oral cancer and periodontal disease. ViziLite Plus, its flagship product for the early detection of oral abnormalities that could lead to cancer, is the only adjunct device cleared by FDA for use in a population at increased risk for oral cancer, according to the company.
- Immucor (Norcross, Georgia), a provider of automated instrument-reagent systems to the blood transfusion industry, reported revenue and earnings guidance for the fiscal year ending May 31, 2009.
For fiscal year 2009, the company said it expects revenues to range from $292 million to $300 million. Gross margin is expected to be about 70%. Net income is expected to be $80 million to $83 million. Immucor also said it expects to generate earnings per diluted share in the range of $1.11 to $1.15.
- Angeion (St. Paul, Minnesota) reported results for its fiscal 2008 second quarter ended April 30. The company reported a net loss of $373,000, or $0.09 per diluted share, on revenues of $7.3 million. This compares to 2007 second-quarter net income of $453,000, or $0.11 per diluted share, on revenues of $10 million. The company said its 2Q08 revenues were adversely affected by $1.9 million compared to the 2007 second quarter due to the conclusion of a customer's nonrecurring clinical trial program.
Angeion acquired Medical Graphics in 1999, which makes non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics and New Leaf brand and trade names.
- Airgas (Radnor, Pennsylvania) reported its intent to begin an offering of $350 million of a new series of senior subordinated notes due 2018, which are to be guaranteed by the U.S. subsidiaries of Airgas that guarantee its existing credit agreement. Net proceeds from the offering will be used to reduce the outstanding balance under the company's existing revolving credit facility.
Airgas, through its subsidiaries, distributes industrial, medical and specialty gasses and hardgoods, such as welding equipment and supplies.