A Medical Device Daily
Biopure (Cambridge, Massachusetts) reported the pricing of an underwritten public offering of stock and warrants. The underwriters have agreed to buy 16.85 million new shares of Biopure common stock and warrants to acquire an additional 16.85 million new shares. The price for one share and one warrant is 85 cents, and the exercise price of each warrant is $1.06.
This transaction is expected to close on or about Nov. 6, resulting in net proceeds to Biopure of about $13 million assuming no exercise of the warrants issued in the offering.
These warrants have a five-year term and are callable by Biopure after six months provided that the weighted average price of the company’s common stock for ten consecutive days is more than $1.59.
Biopure has granted the underwriters a 45-day option to buy an additional 2,527,500 shares and 2,527,500 warrants to cover over-allotments.
Biopure said it plans to use the proceeds for general corporate and working capital purposes.
The company develops oxygen therapeutics that are intravenously administered to deliver oxygen to the body’s tissues.
In other financing activity:
•National HealthCare (NHC; Murfreesboro, Tennessee) reported that its Series A convertible preferred stock has been listed and began trading on the American Stock Exchange with the symbol NHC.PR.A.
NHC affiliates operate 73 long-term health care centers with 9,127 beds. NHC affiliates also operate 31 homecare programs, six independent living centers and assisted living centers at 22 locations. Other services include managed care specialty medical units, Alzheimer’s units, hospice and a rehabilitation services company.
•Uroplasty (Minneapolis) reported record net sales of $3 million for 2Q08, ended Sept. 30, up 73% from $1.8 million in the same quarter last year.
Excluding the translation impact of fluctuations in foreign currency exchange rates, sales during the second quarter were up about 66%, the company said.
For the three months ended Sept. 30, sales to U.S. customers increased to $1.2 million from $253,000 in the year-ago quarter. The company said sales for the three months ended Sept. 30 represent a sequential increase of 20% from $1 million in the first quarter.
Sales to customers outside the U.S. for the three months ended Sept. 30, were $1.8 million, representing a $318,000 or 21% increase, compared to $1.5 million in the year ago quarter, according to the company. Excluding the translation impact of fluctuations in foreign currency exchange rates, sales to customers outside of the U.S. increased by about 13%.
For the six months ended Sept. 30 net sales of $6 million increased 70% from $3.5 million for the same period last yearn the prior year.
Excluding the translation impact of fluctuations in foreign currency exchange rates, sales increased by about 64%.
For the six months ended Sept. 30, sales to customers in the U.S. increased to $2.2 million, compared to $357,000 in the same six-month period last year. Sales to customers outside the U.S. for the six months ended Sept. 30 were $3.8 million, representing a $592,000 or 19% increase, compared to $3.2 million in the same six-month period last year.
Excluding the translation impact of fluctuations in foreign currency exchange rates, sales to customers outside of the U.S. were up by about 12%.
Net loss for the three- and six-month periods ended Sept. 30 was $1.4 million, or 10 cents per diluted share, and $2.2 million, or 17 cents per diluted share, respectively. Net loss for the corresponding periods in FY07 was $2.2 million, or 28 cents per diluted share, and $3.4 million, or 46 cents per diluted share, respectively.