A Diagnostics & Imaging Week

Singulex (Hayward, California) reported that it has raised $19.1 million in a private financing led by OrbiMed Advisors and joined by existing investors, Fisk Ventures, Prolog Ventures and Advantage Capital.

The company said the financing will be used to advance the scope and development of its commercial diagnostic solutions. Singulex’s customizable assays and single molecule detection platform can monitor protein biomarkers from normal to disease levels, giving the necessary information for drug development and healthcare decisions.

In conjunction with the financing, Singulex reported the addition of Carl Gordon, PhD, partner of OrbiMed, to the company’s board of directors.

“We are in an excellent position to provide information with better clinical utility to drug developers and clinicians with the Erenna Immunoassay System by using our proprietary single molecule detection technology and disease-focused immunoassay menus,” said Philippe Goix, president/CEO of Singulex. “This recent financing will enable us to continue to expand our commercial efforts with the biotechnology and pharmaceutical industry, our diagnostic industry expertise and our intellectual property foothold in emerging diagnostic markets.”

The company said that Erenna has been shown to detect, at previously undetectable limits, normal cellular levels of cardiac troponin I, cTnI, a protein biomarker critical to assessing cardiac tissue damage following a heart attack.

Acusphere (Watertown, Massachusetts) has entered into definitive agreements with institutional investors to raise $20 million in gross proceeds in a registered direct offering through the sale of shares of its common stock and warrants.

The company estimated that net proceeds from the offering will be about $18.65 million, after deducting placement agent fees and estimated offering expenses.

Acusphere has entered into subscription agreements with these investors to sell a total of 7,694,220 units, each unit consisting of one share of common stock and one warrant to purchase 0.4 shares of common stock at an exercise price of $3.10 per share, for a purchase price of $2.60 per unit.

Units will not be issued or certificated. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants will be exercisable beginning on Dec. 15, 2007 and until June 15, 2012.

The closing of the transaction is scheduled to occur on June 15.

Cowen and Co., acted as exclusive placement agent for the offering.

Acusphere is a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its microsphere technology. Acusphere’s lead product candidate, Imagify injectable suspension, is a cardiovascular drug which has completed pivotal Phase III clinical trials for the detection of coronary artery disease.

In other financing news:

• NeoGenomics (Ft Myers, Florida) reported that a group of investors has purchased $4 million of common stock from NeoGenomics in a private transaction.

The transaction was priced at $1.50 per share and resulted in 2.67 million shares of new common stock being issued by the company. No warrants were issued as part of the transaction.

The company said it used $1.7 million of the proceeds to pay off all of its existing short-term indebtedness. After payment of fees and expenses, the remaining roughly $2 million will be held in cash reserve for general corporate purposes.

Noble Financial Group acted as the placement agent for this transaction.

The company also said it has entered into a term sheet for a $4 million credit facility with Wachovia Bank. The credit facility will be comprised of two parts; a $2 million working capital facility based on eligible accounts receivable and a $2 million capital expenditures facility.

NeoGenomics is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing.

• SeraCare Life Sciences (SRLS; Oceanside, California) reported that it has entered into a three-year credit and security agreement, with Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services, as a lender and as the administrative agent, in which a $10 million revolving loan facility was made available to the company.

Obligations under the credit agreement are secured by substantially all the assets of the company, excluding its real property located at its West Bridgewater, Connecticut facility, which is subject to a separate mortgage.

The revolving loan facility, which may be used for working capital and other general corporate purposes, is governed by a borrowing base.

As of June 11, the company has not borrowed any amounts under the revolving loan facility.

The loan bears interest at a rate per annum equal to 2.75% over LIBOR. Interest is payable monthly. Amounts under the revolving loan facility may be repaid and re-borrowed until June 4, 2010. Mandatory prepayments of the Revolving Loan Facility are required any time the revolving loan outstanding balance exceeds the borrowing base.

“I’m pleased we have been successful in our efforts to enter into this $10 revolving loan facility with Merrill Lynch Capital. This facility provides us with additional financial flexibility to expand our capabilities and service to customers,” said Susan Vogt, SeraCare’s president/CEO.

SeraCare is a manufacturer of biological products and services to diagnostic, therapeutic, drug discovery, and research organizations.

• Clarity Imaging International (Austin, Texas) said its board has authorized a 3-for-1 forward split of its common stock, part of its program to improve its equity structure, it said.

“Clarity is entering into a strong growth phase and has identified multiple emerging products ready to launch in the near future,” said Michael Chermak, CEO. “When a company executes a forward stock split from a position of strength, it can have very positive results, including increased investor interest, improved stock liquidity, and reduced administration costs.”

Clarity’s activities include introduction of diagnostic and imaging technologies, providing in-office diagnostic services, and offering medical imaging center development, consultation and management.