A Medical Device Daily

Medivance (Louisville, Colorado), a medical device company focused on the development of therapeutic temperature management products for treating critically ill patients, reported that it has completed a $23 million Series D private equity financing.

Existing investors Cross Atlantic Partners, Camden Partners, Skyline Ventures and Partisan Management widely participated in the financing, which was led by a significant unnamed institutional investor. MDY Healthcare based in London also participated in the Series D financing.

The company said the proceeds will enable it to take advantage of the rapidly expanding market for its Arctic Sun temperature management system, develop new products and expand into new therapeutic areas.

"We are pleased to announce the closing of our Series D financing which will enable Medivance to continue our rapid sales growth and provide the means to reach profitability," said Medivance CEO Robert Kline.

The Arctic Sun is currently established in hospitals worldwide with applications in emergency departments and intensive care settings.

Benchmark Electronics (Austin, Texas), a contract manufacturing provider, reported that its board of directors had approved the repurchase of up to $125 million of the company's outstanding common shares. Share repurchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the company's management, and as market conditions warrant.

Benchmark is in the business of manufacturing electronics and provides its services to original equipment manufacturers of computers and related products for business enterprises, medical devices, industrial control equipment, testing and instrumentation products, and telecommunication equipment.

In other financings news, Steris (Mentor, Ohio) reported that its board of directors has authorized the purchase of up to $300 million in shares of the company's common stock.

The authorization represents about 15% of outstanding shares as of June 30. This share repurchase authorization replaces an existing authorization that had about 1.9 million shares remaining.

Under this share repurchase authorization, the company may purchase shares from time to time in open market purchases or privately negotiated transactions. This authorization has no time limit, and may be suspended or discontinued at any time.

Steris develops infection prevention, decontamination and health science technologies, products and services.