A Medical Device Daily
iNTELOMED and the Pittsburgh Life Sciences Greenhouse (PLSG; Pittsburgh) reported that PLSG will invest $100,000 in iNTELOMED.
iNTELOMED said the investment will be used to support clinical proof-of-concept testing and prototype development of CVInsight, a noninvasive device that, it says, "overcomes the limitations of the current protocol of using static vital signs as a basis for assessing cardiovascular sufficiency."
The CVInsight device is a rapid bedside test providing a measure of a patient's cardiovascular stability. The assessment is performed using a stress test created from a passive leg raise, which is "a proven way" to create a safe cardiovascular "stress" measurement, according to the company.
The first application of the CVInsight device will focus on heart failure patients in critical care centers such as hospital intensive care units. Statistics show that heart failure patients are frequently admitted to the ICU more than is necessary, the company said.
It said that the solutions that currently determine when it is appropriate to discharge cardiovascular patients "offer little insight as to whether the cardiovascular system is meeting its primary objective of circulating adequate oxygen to meet metabolic needs; the basis of a healthy, functioning body."
"The iNTELOMED technology has the potential to provide clinicians with a straightforward, more objective assessment when trying to evaluate who is an at-risk patient versus a low-risk patient in the ICU," said John Manzetti, PLSG's president/CEO. "The investment by the PLSG will help iNTELOMED develop and test the accuracy of the CVInsight device."
"We are eager to begin a pilot study that will be performed to conduct clinical testing in an ICU setting," said Jan Berkow, CEO of iNTELOMED.
PLSG invests in biosciences companies in Southwestern Pennsylvania, with programs to increase the linkage between research, technology and commercialization and grow the region's life sciences.
In other financing activity:
- Lifeline Biotechnologies (Reno, Nevada) reported completing the exchange of preferred shares for common shares.
Jim Holmes, CEO, said the exchange was completed "as a part of the capital restructuring of the company. We anticipate that the exchange could provide participating shareholders an opportunity to benefit from the impending reverse split of the remaining common shares, which is being considered …"
The company said it is focusing on completing development of its First Warning System, designed to assist in the early detection of breast cancer. It says that the underlying technology, upon which the First Warning System is based, "holds the possibility of eliminating over 90% of unnecessary breast biopsies performed each year providing a potential savings of up to $2.8 billion annually."
- National Health Investors (NHI; Murfreesboro, Tennessee) reported receiving payoff at par of a mortgage loan investment in the amount of $44.5 million.
The recovery of amounts previously written down related to this loan will have a positive impact on earnings during the third quarter of 2007 in the amount of $21.3 million, NHI said. The funds received from this customer are expected to decrease interest income in 2007 by an estimated $1 million as NHI plans to invest the funds in short-term investments until the longer-term investments are identified.
NHI specializes in the financing of healthcare real estate.
- The chief financial officer of medical device maker FoxHollow Technologies (Redwood City, California) sold 5,000 shares of common stock under a prearranged trading plan. In an SEC filing, Matthew Ferguson reported selling the shares Monday for $21.80 apiece.
- The chief financial officer and secretary of medical device maker Volcano (Rancho Cordova, California) exercised options for 5,000 common shares and then sold them under a prearranged trading plan, according to an SEC filing.
In an SEC filing on Tuesday, John Dahldorf reported exercising options for the shares Monday for 33 cents apiece, and then sold all of them for $20.27-$20.79 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan,
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
- The board ofAMN Healthcare Services (AMN; San Diego) has authorized it to repurchase up to 1 million shares of its outstanding common stock in the open market commencing in the third quarter.
The company said it expects to use available cash on hand to fund the purchase of shares, and repurchased shares will be held in treasury.
As of June 30, AMN had 34,810,658 shares of common stock outstanding.
- EaglePicher (Inkster, Michigan) reported engaging Credit Suisse to act as its advisor in evaluating refinancing opportunities.
EaglePicher's agreement to sell EP Boron should enable the company to favorably refinance its existing debt. EP Boron is an EaglePicher company that produces enriched boron and products containing other stable isotopes for the nuclear, semiconductor and hazardous materials industries. The agreement to sell to Ceradyne for about $69 million was announced June 27, subject to final regulatory approval.