A Diagnostics & Imaging Week

Applied NeuroSolutions (ANS; Vernon Hills, Illinois), a developer of products for diagnosing and treating Alzheimer's disease (AD), reported completing a $2.9 million placement of its common stock and warrants. ANS sold 20,714,286 shares of unregistered common stock at 14 cents a share to SF Capital Partners, and issued 6,214,286 five-year warrants to purchase additional shares at 19 cents a share.

Ellen Hoffing, president/CEO of ANS, said that the company "now has financial support in place to drive development of our Alzheimer's diagnostic programs while continuing to advance our therapeutic collaboration with Eli Lilly & Co. [Indianapolis] toward attainment of paid milestones." She said its resources "should be sufficient to fund our current planned development activities into the first quarter of 2009."

The products being developed by ANS are based on discoveries at the Albert Einstein College of Medicine (New York). It is pursuing biomarkers that the company believes will aid in the development of effective AD treatments.

In other financing activity:

  • Imalux (Cleveland), developer of the Niris imaging system based on optical coherence tomography (OCT) technology, reported the closing of its Series C preferred shares offering. Proceeds from the offering were $5.1 million, including conversion of $2.5 million of bridge financing.
    Lead investors Early Stage Partners, ElectroSonics Medical, Reservoir Venture Partners and Symark were joined by more than 20 investors in the financing, both prior and new.
    "Imalux is now well positioned for the next stage in our business development," said Bill Sanford, CEO/chairman. "Although the company is not presently seeking additional financing, the board has authorized the issuance of a further $2 million under the Series C offering terms and conditions to qualified strategic and financial investors who can add value to the company by accelerating the next significant financing or liquidity event."
    He added: "The new funding enables the company to fully implement our well planned clinical validation of the Niris imaging system. We have successfully placed Niris in over 20 of the world's most respected medical institutions and have gained the support of leading clinicians and researchers, principally in the field of urology with emphasis on prostate and bladder procedures. We plan to have the System in additional 10 to 20 significant clinical sites in the U.S. and Europe within the next 12 months. A portion of the new funding will be used to support multi-center studies in bladder cancer that are already being implemented."
  • Aspect Medical Systems (Norwood, Massachusetts) reported filing a shelf registration statement with the SEC for re-sale of up to $125 million of 2.50% convertible senior notes, due 2014, which the company issued in a private placement in June 2007, and shares of Aspect common stock, $0.01 par value, issuable upon conversion of the notes.
    The holders of the 2.50% convertible senior notes, due 2014, and the common stock which may be issued upon conversion of such notes, may sell these securities in one or more offerings with the size, price and terms to be determined at the time of sale.
    Any offering of securities covered by the shelf registration will be made only by means of written prospectuses and prospectus supplements.
    Aspect develops brain monitoring technology. To date, it says that its Bispectral Index (BIS) technology has been used to assess about 20 million patients and has been the subject of more than 2,800 published articles and abstracts.
    It says that BIS technology is installed in around 80% of hospitals listed in the July 2007 U.S News and World Report ranking of America's Best Hospitals and in about 58% of all domestic operating rooms.
  • Abiant (Chicago), a company developing bio-imaging to accelerate drug development and disease diagnosis, reported closing a $600,000 private placement.
    Lead investor Heartland Angels, an angel network specializing in early-stage technology, syndicated the round with Kettering Medical Center and other participants.
    Abiant has obtained an exclusive license from New York University School of Medicine to image processing technology that has enabled early and accurate identification of dementias. Abiant uses these image analysis methods to acquire biochemical, functional, and structural measurements to accelerate or reduce risk of decision-making in drug development and disease treatment. The company's focus includes the central nervous system, oncology, and inflammation.
    Ed Maier, owner of the Maier Consulting Group and a former senior partner with Arthur Andersen, and Rick Mace, VP, clinical services division of Kettering Medical Center, have joined Abiant's board.

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