A Medical Device Daily

GlucoLight (Bethlehem, Pennsylvania), a company focused on non-invasive, continuous blood glucose monitoring, reported the closing of the second tranche of its Series C round financing. The amount of the second tranche was not disclosed. The company had previously raised $2 million in the first tranche of the C round back in March of last year (Medical Device Daily, March 22, 2007). At that time, the company had said it expected to close the second tranche in 2Q07.

The financing was provided by Ben Franklin Technology Partners and individual investors, including both current and new investors.

The company said the funding will be used for its next series of clinical tests on its Sentris-100, a continuous, non-invasive glucose monitor for the acute care environment. The financing also allows GlucoLight to begin the miniaturization and productization of the device for an eventual consumer monitor, it said.

“This most recent influx of capital comes as we enter a pivotal time for GlucoLight and our Sentris-100 monitor,” said Ray Krauss, CEO of GlucoLight. “Our clinical tests through 2007 were successful in refining Sentris-100, as we made advances in accuracy, while also reducing the size of the sensor. Our upcoming clinical trials will provide additional data that will allow us to prepare Sentris-100 for FDA trials. In addition, we’re excited about the potential for a consumer version of Sentris-100 as we begin the process of engineering and miniaturizing our technology to make it.”

The company said the Sentris-100 monitor is the only continuous, non-invasive blood glucose monitor for the acute care environment that is in clinical trials.

Genoptix (Carlsbad, California) reported that it has filed a registration statement with the SEC for a proposed secondary public offering of 4.2 million shares of common stock. The shares to be registered are currently owned and will be offered and sold by certain existing stockholders, who will receive all of the net proceeds from this offering.

Genoptix said it will not be selling any shares of its common stock and will not receive any proceeds from the sale of the shares of common stock being registered.

The offering is being made through an underwriting syndicate led by Lehman Brothers acting as sole book-running manager. Banc of America Securities and UBS Investment Bank are acting as joint lead managers with Cowen and Co. as co-manager. The underwriters have a 30-day option to purchase up to 630,000 additional shares of common stock from these existing stockholders.

Genoptix is a specialized laboratory service provider focused on delivering personalized and comprehensive diagnostic services to community-based hematologists and oncologists.

The company completed its IPO in November, raising net proceeds of $72.7 million (MDD, Nov. 6, 2007)

In other financing news:

• Opexa Therapeutics (The Woodlands, Texas) reported that it has priced a public offering of 3.5 million shares of common stock at a price to the public of $2 per share and 3.5 million Series E warrants to purchase shares of common stock exercisable at $2 per share at a price of 15 cents per warrant.

The company has granted a 30-day option to the underwriters to purchase up to an additional 15% of the offering to cover any over-allotments.

The company said it expects to receive about $7.5 million (about $8.7 million if the underwriter’s over-allotment option is exercised in full) in gross proceeds from the offering, which is subject to closing conditions.

MDB Capital Group acted as sole managing underwriter for this offering. GunnAllen Financial was a co-underwriter in the offering.

Opexa develops cell therapies to treat autoimmune diseases such as multiple sclerosis, rheumatoid arthritis, and diabetes. The company is focused on autologous cellular therapy applications of its T-cell and stem cell therapies.

• ProUroCare Medical (Minneapolis) that its previously reported 1-for-10 reverse stock split was declared effective as of the opening of the market.

With the effectiveness of the stock split, Nasdaq has assigned ProUroCare’s common stock a new trading symbol, PUMD.

The company also reported that on Wednesday it closed a private placement of $150,000 of units consisting of unsecured, subordinated, convertible promissory notes and common stock purchase warrants.

The net proceeds will be used to pay certain existing obligations and for general corporate purposes. Combined with its Dec. 27, 2007 and January 4, 2008 private placement closings, the company said it has sold a total of $1.28 million of investment units to date, and has converted an additional $150,000 of debt into investment units.

At the closing, the company issued $142,500 in principal amount of notes, and warrants to purchase 30,000 shares (post-split) of common stock. The notes bear interest at 10% per year, mature on Aug. 13, 2009, and will convert into the type of equity securities offered by the company in any underwritten public offering prior to maturity at 70% of the public offering price. The warrants will become exercisable upon the earlier of the closing of a public offering or the maturity date of the notes, and will remain exercisable until Dec. 31, 2012. The exercise price will be 50% of the public offering price, or in the event a public offering is not completed before the maturity date, at 50% of the closing price of the company’s common stock on the maturity date.

ProUroCare is developing mechanical imaging technology applications to improve detection and active surveillance of prostate disease.