A Medical Device Daily
Iris International (Chatsworth, California) reported that it has filed a shelf registration statement with the Securities and Exchange Commission, which, when declared effective, will allow the company from time to time to offer and sell up to $125 million of common stock, preferred stock and debt securities.
Iris, which makes urinalysis diagnostic systems, said it plans to use the proceeds from the sale of any securities for product development, to finance potential acquisitions and investments in companies or products that are complementary to its business if and when suitable opportunities arise, and for general corporate purposes.
In other financing news:
• SpinalMotion (Mountain View, California), a developer of artificial discs for treating degenerative disc disease, said it has closed a $14 million loan facility with GE Healthcare Financial Services.
The company said that the venture debt will be used to fund its product expansion and additional clinical evaluation.
“We are pleased to work with GE Healthcare Financial Services as we finalize the development of our shock-absorbing discs and posterior disc,” said David Hovda, president/CEO of SpinalMotion.
SpinalMotion presented two of its new product expansion concepts at the North American Spine Society meeting in Austin, Texas recently. The first new technology is a shock-absorbing disc for use in both cervical and lumbar applications. The second is a posteriorly-placed lumbar disc.
• biospace med (Atlanta), an orthopedic imaging company, reported that it closed $18 million in venture capital financing led by NBGI Ventures (London) and Cr dit Agricole Private Equity (Paris). Edmond de Rothschild Investment Partners (Paris) and UFG PE (Paris), current investors in the company, also have subscribed to the current round of financing.
Infusion of new capital from these venture funds will allow for a worldwide market expansion of EOS ultra low dose 2D/3D X-ray.
“This is a quantum leap in technology for the orthopedic and imaging communities, which have been waiting for a solution to address their specific needs,” said Marie Meynadier, biospace med president/CEO. “This new round of financing will accelerate the worldwide commercial deployment of EOS, which already is installed in several European countries and Canada.
Aelios Finance served as financial advisor to biospace med.
• Uroplasty (Minnetonka, Minnesota) said it has closed the previously reported public offering of about 1.5 million shares of its common stock and expects to use the net proceeds of about $4.7 million to expand its sales and marketing organization in the U.S., to conduct clinical studies to support its marketing efforts and for general working capital purposes.
Uroplasty, makes products for the treatment of voiding dysfunctions.
Craig-Hallum Capital Group served as lead manager for the offering. Noble International Investments acted as co-manager.
• LifePoint Hospitals (Brentwood, Tennessee) reported its board of directors has authorized a share repurchase program of up to $150 million of the company’s common stock over the next 12 months. LifePoint, which had around 58.1 million shares of common stock outstanding as of Sept. 30, 2007, is not obligated to repurchase any specific number of shares under the program.
Based on the Nov. 26, 2007, closing price, about 5.1 million shares, or 9% of the company’s shares outstanding, could be repurchased for $150 million.
William Carpenter III, president/CEO of LifePoint, said, “We are pleased to announce this new authorization, our second in the past five years. This latest action underscores our long-term commitment to enhancing stockholder value.”