A Medical Device Daily

ePlanet Ventures (Silicon Valley, California) reported it has invested $11 million in Trivitron (Chennai, India).

Trivitron said that the investment, which was made in alliance with HSBC Private Equity Limited (Hong Kong), will be used in part to facilitate its development of a medical technology park, that the company said “will promote indigenization of medical technology in India.”

Trivitron said it has asked the government of Tamil Nadu to allot 25 acres of land near Chennai to start this project.

“With an existing portfolio of more than 15 companies in the healthcare and life sciences arena, coupled with a dedicated team, ePlanet, has special interests in this sector,” said ePlanet Ventures Managing Director Chandrasekar Kandasamy. “Our strong focus, especially in the healthcare devices space, could provide significant value add to Trivitron and help them in identifying and acquiring companies in the healthcare space worldwide.”

G.S.K Velu, managing director of Trivitron Group, said, “The Indian medical technology industry accounts for an expenditure of $2.7 billion, with $2.4 billion of it accruing towards imports alone. The medical technology park will be the first step towards indigenization of medical equipment manufacturing in India.”

In other financing news:

North American Scientific (NAS; Chatsworth, California) reported that on Oct. 29 it executed an amendment and forbearance to its loan and security agreement with Silicon Valley Bank.

The amendment includes an extension of the maturity date of a loan agreement to Nov. 20, 2007, and an extension of the maturity date of the bridge loan sublimit to the earlier of Nov. 20, 2007, or the date the company closes a private investment public equity transaction.

It also includes a forbearance by the bank from exercising its rights and remedies against the company, until the bank determines in its discretion to cease such forbearance, due to the defaults under the agreement. Defaults may result from the company failing to comply with the tangible net worth covenant in the agreement and a consent to NSA issuing up to $500,000 in unsecured subordinated debt to John Friede, or an entity owned or controlled by Friede, a director and a significant stockholder.

NSA develops radiation therapy devices, primarily for the oncology field.