A Medical Device Daily

Orthopedic implants maker Amedica (Salt Lake City) said it expects to raise $57.8 million after expenses from a planned initial public offering (IPO) of 4.7 million shares, according to a regulatory filing . The company filed for its IPO back in May to raise up to $74.75 million (Medical Device Daily, May 24, 2007).

In the Securities and Exchange Commission filing, Amedica said it expects the offering to price between $13 and $15 per share.

The company said it plans to use its net proceeds from the IPO to develop and commercialize its lead products; to build the company’s sales, marketing and distribution capabilities; to establish commercial-scale manufacturing operations; to fund research and development for its pipeline products and for other general corporate purposes.

The company has incurred net losses since its inception in 1996. As of March 31, it had an accumulated deficit of $18.2 million. Its net loss was $6.2 million for the year ended Dec. 31, and $5.6 million for the three months ended March 31. As of March 31 it said it had cash, cash equivalents and marketable securities of about $10.3 million. It said it believes that the net proceeds from this offering, together with its cash and cash equivalent balances and interest will be enough to fulfill anticipated cash requirements through the end of 2009.

Amedica focuses on using silicon nitride ceramic technologies to develop a range of high-performance spine and joint implants, particularly for the spine, hip and knee markets.

Its lead product candidates are its Valeo family of spinal implants, used to restore and maintain the alignment of vertebrae in the cervical, or neck region, and lumbar, or lower back region, of the spine.

In its filing, the company said that it expects to launch these products by mid-2008, subject to FDA clearance. In 2006, it received FDA clearance for the first-ever ceramic spinal spacer for insertion between two vertebrae to help stabilize the spine. It said it also hopes to introduce additional spinal spacers by the end of 2008, including cortico-cancellous spacers that feature a bone-like structure with a solid, or cortical, load-bearing portion and a cancellous, or porous, structure that is intended to promote bone attachment for secure spinal fixation.

The company said that the Valeo family of spinal implant candidates includes an all-ceramic, motion-preserving cervical disc, for which it anticipates commencing a clinical trial by mid-2009. In addition, the company is incorporating its silicon nitride ceramic technology into the development of the Infinia family of total hip and knee implants. The company said it anticipates initiating a clinical trial for its first total hip implant product candidate in 2009.

Amedica expects to have 15.3 million shares outstanding after the offering.

Morgan Stanley, Jefferies & Co. and CIBC World Markets are underwriting the offering. And the company has granted the underwriters an option to buy up to 697,000 shares to cover any overallotments.

The company plans to list its shares on the NASDAQ Global Market under the symbol AMCA.

In other financing news:

• Lumera (Bothell, Washington), a developer of nanotechnology, reported that it has filed a universal shelf registration statement with the SEC.

Upon being declared effective, the registration statement will allow Lumera to offer and sell, from time to time, in one or more offerings, shares of its common stock, shares of its preferred stock, debt securities, warrants, or any combination of such securities, for proceeds in the aggregate amount up to $50 million.

The company said it intends to use the net proceeds from the sale of the securities to fund development of its current products and for general corporate purposes, including capital expenditures and working capital. It said it may use a portion of the net proceeds to invest in businesses or technologies that it believes are complementary to its own.

Lumera designs molecular structures and polymer compounds for the bioscience and communications/computing industries. The company also has developed processes for fabricating such devices.

• DaVita (El Segundo, California) reported that it has extended the expiration date of its offer to exchange its 6-5/8% senior notes due 2013 for any and all of its outstanding 6-5/8% senior notes due 2013 issued on Feb. 23, until 5:00 p.m., EDT, on July 25, unless earlier terminated or extended by DaVita in its sole discretion.

DaVita has been advised by The Bank of New York Trust Company, the exchange agent for the offer, that as of the close of business on July 18, about $398 million aggregate principal amount of its 6-5/8% senior notes due 2013 issued on Feb. 23, were validly tendered and not withdrawn pursuant to the exchange offer.

DaVita is a provider of dialysis services for patients suffering from chronic kidney failure.

• Cytyc (Marlborough, Massachusetts) reported that it is delivering a notice to the holders of its 2.25% senior convertible notes due 2024 (CUSIP Nos. 232946 AA 1 and 232946 AB 9) in connection with Section 15.01(a)(i) of the indenture between Cytyc and U.S. Bank Trust National Association, as trustee, under which the convertible notes were issued.

The notice advises that effective July 1, holders are entitled to convert the convertible notes into shares of Cytyc common stock due to the closing sale price of Cytyc common stock exceeding 120% of the convertible notes conversion price for at least twenty trading days out of the last thirty trading days in the quarter ended June 30.

Cytyc makes diagnostic and surgical products.