A Medical Device Daily

Plethora Solutions Holdings (London), a developer of products for the treatment of urological disorders, reported entering a revenue interest financing agreement with Paul Capital Healthcare (PCH, New York) for up to $28 million in cash, $15 million payable upon signature and $10 million upon first sale of PSD502, PLE's development stage product for the treatment of premature ejaculation, in the U.S.

PCH will receive an interest in the revenues generated from Plethora's male health portfolio, and Plethora will have the option to have PCH invest $3 million by way of equity subscription in 2008. The initial payment of $15 million will provide working capital to underwrite ongoing Phase III programs in premature ejaculation and erectile dysfunction and facilitate potential product and corporate transactions by Plethora.

Additional terms were not disclosed.

The revenue interest will be paid by Plethora on revenues derived from sales of ErecAid, described as a vacuum therapy system, PSD502 and PSD510. ErecAid is marketed by Plethora's subsidiary, Timm Medical (Minneapolis), for treatment of erectile dysfunction; PSD502 and PSD510 are in Phase III clinical development for treatment of premature ejaculation and erectile dysfunction respectively. Future revenues from the remainder of the existing Plethora portfolio for the treatment of female urological disorders are not covered by the agreement.

Plethora has expanded the existing convertible debt facility with ETV Capital that it put in place so that ETV could potentially make available up to another $3.4 million to cornerstone a future product or acquisition.

Tryton Medical (Newton, Massachusetts) a developer of stents designed to treat bifurcation lesions, reported closing a $14 million Series C round.

PTV Sciences and RiverVest Venture Partners joined with Spray Venture Partners in the financing. Rick Anderson from PTV and Jay Schmelter from RiverVest have been appointed to the Tryton board.

The Tryton Side-Branch Stent is a cobalt chromium balloon expandable stent, married with approved drug eluting stents to treat coronary artery bifurcation lesions, the company said, and that bifurcation lesions account for about 20% of the 2.2 million angioplasty procedures performed annually.

"This capital will allow Tryton to advance its leadership position with aggressive execution of its European commercialization strategy and clinical trial plans in the U.S," said Dan Cole, co-founder and board member of Tryton, and general partner of Spray.

In other financing news:

• Derma Sciences (Princeton, New Jersey), a provider of wound care products, said that its Medihoney Wound & Burn Dressing with Active Leptospermum Honey unit has entered into securities purchase agreements with existing and new investors for a placement of common stock and warrants.

Derma will receive $6.1 million in gross proceeds from the sale of 6.1 million shares of its common stock and about 3.1 million warrants with an exercise price of $1.20.

Aside from the sales force expansion and a broadened license agreement relating to Medihoney, proceeds will also be used for working capital and general corporate purposes. Pending such uses, the proceeds are expected to temporarily pay down the company's revolving credit facility.

• Alure Medical (San Diego), a developer of technologies for minimally-invasive soft tissue lift devices and delivery systems, said it has closed a $4.5 million series A financing.

The company also reported the appointment of France Helfer, as president/CEO, who closed the financing.

The company said the funds will enable it to develop and launch products for percutaneous lifts for the breast, neck and other soft tissue structures.

"This money will enable us to build our technology portfolio, obtain regulatory clearances, recruit key employees, and introduce our products," said Helfer. "The first product we anticipate launching in 2009 is the Alure Refine Breast Lift System."

EDF Ventures participated in the round through Mike DeVries, a general partner, along with private industry investors, and was responsible for recruiting Helfer.

• Arcadia Resources (d/b/a Arcadia Healthcare; Indianapolis), a provider of consumer healthcare services, reported obtaining a new debt facility with a maximum borrowing amount of $5 million. The facility matures on Oct. 31, 2009, bears annual interest of 10% and is secured by company assets.

"This financing will provide Arcadia with the cash to fund DailyMed and our related pharmacy fulfillment strategy and the working capital needs associated with the pharmacy business growth anticipated during our fiscal year beginning April 1, 2008," said Marvin Richardson, president/CEO

Arcadia is a provider of home care/medical staffing; respiratory/home medical equipment and specialty pharmacy services under its DailyMed program.