A Medical Device Daily
Reliant Technologies (Mountain View, California) reported that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock to raise up to $95 million.
The company said it plans to use about $20 million of the proceeds for sales and marketing initiatives to support the commercialization of its existing and any future products; and $10 million to support its research and development activities, clinical trials and obtaining necessary regulatory approvals.
It said it intends to use the remainder of the net proceeds from this offering for capital expenditures, working capital and general corporate purposes.
The underwriters for the offering will be Piper Jaffray & Co. and Banc of America Securities acting as joint book-running managers and Jefferies & Co. and RBC Capital Markets as co-managers. The number of shares to be offered and the price range for the offering have not yet been determined.
Reliant develops non-surgical therapies for the treatment of various skin conditions under the Fraxel brand.
Cardium Therapeutics (San Diego) reported that it has filed a shelf registration statement with the SEC that, upon being declared effective, would allow it to periodically sell up to $50 million of its common stock in one or more registered direct offerings.
The terms of any such future offerings will be established at the time of an offering.
“Having a shelf registration statement in place is designed to allow direct transactions with institutional and other large investors, as well as facilitating strategic investments by companies with whom we enter into licensing, partnering or other commercialization arrangements,” said Christopher Reinhard, Cardium’s CEO/chairman.
Cardium Therapeutics and its subsidiaries, InnerCool Therapies and the Tissue Repair Company (TRC), are medical technology companies primarily focused on the development of therapeutic products and devices for cardiovascular, ischemic and related indications. InnerCool is involved in the emerging field of temperature modulation therapy to rapidly and controllably cool the body in order to reduce cell death and damage following acute ischemic events such as cardiac arrest or stroke, and to potentially lessen or prevent associated injuries such as adverse neurological outcomes. The TRC subsidiary is a biopharmaceutical company focused on the development of growth factor therapeutics for the treatment of severe chronic diabetic wounds.
In other financings: Health Discovery (Savannah, Georgia) reported that in its second quarter 10QSB that it has entered into a stock purchase agreement with several financial institutions and other accredited investors, two of whom have agreed to serve on the board upon closing.
HD said it expects to raise a minimum of $1.5 million to a maximum of $2.5 million in new equity funding. In addition, the company’s current note holders intend to convert about $2 million of existing debt into equity. The deal is anticipated to close on or before Sept. 7.
“When we close this deal, we expect that the equity infusion and the related debt conversion will give us a completely restructured balance sheet,” said Stephen Barnhill, MD, HD’s CEO/chairman. The resulting financial strength will allow us to fuel our biomarker discovery efforts, increase the pace of our licensing and development opportunities with our collaborative partners, and continue the enhancement and protection of our valuable patent estate.”
HD is uniquely positioned in the field of pattern recognition technology. Through the application of its patent protected technology, it is a biology-oriented biomarker discovery company providing all aspects of First-Phase Biomarker Discovery. The company’s SVM and other pattern recognition tools have application potential in other sizable commercial markets such as radiology, Internet search and spam, homeland security, financial futures, and other areas where analysis of large volumes of complex data is required.