A Medical Device Daily
Cytori Therapeutics (San Diego) received a second $6 million payment from Green Hospital Supply (Tokyo) in exchange for 1 million shares of Cytori common stock. This was the final installment of a $12 million equity agreement entered into in February for the sale of 2 million shares of unregistered Cytori common stock (Medical Device Daily, Feb. 11, 2008).
Cytori received the first $6 million payment on Feb. 29, and issued 1 million shares to Green at that time. Under the equity agreement, Green also was granted a non-voting observer seat on Cytori's board.
Green now owns 3 million shares of Cytori stock.
Cytori's Celution 800 System is being introduced in Europe into the reconstructive surgery market, while the Celution 900 System will be launched in Japan for cryopreserving a patient's own stem cells and regenerative cells. Clinical trials are ongoing in cardiovascular disease, and planned for spinal disc degeneration, gastrointestinal disorders, and other unmet medical needs.
Align Technology (Santa Clara, California) reported that its board has authorized a stock repurchase program of up to $50 million, effective immediately.
"Returning this excess cash to our shareholders through a repurchase program will contribute to our goal of enhancing shareholder value. It will also have the effect of offsetting dilution from our employee equity plans," said Ken Arola, VP and CFO of Align.
The program does not obligate Align to acquire any particular amount of common stock and depending on market conditions and other factors, these purchases may be commenced or suspended at any time, or from time-to-time without prior notice.
As of April 25, Align had about 69.6 million shares outstanding.
Align makes Invisalign, a method for treating the misalignment of teeth.
In other financing news: National Health Investors (NHI; Murfreesboro, Tennessee) reported that its board has authorized the company to purchase up to 1 million of its outstanding common shares.
The purchases will be made from time to time in the open market over the next 12 months
The company has about 27.8 million common shares outstanding.
NHI is a long-term care real estate investment trust that specializes in the financing of healthcare real estate by first mortgage and by purchase and leaseback transactions. Currently, NHI said it has a market value of about $850 million.