A Medical Device Daily

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 ofSingulex. “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.

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.

In other financing news:

• Analogic (Peabody, Massachusetts), a manufacturer of high-precision health and security imaging equipment, reported that its board has authorized the repurchase of up to $60 million of the company’s common stock.

The repurchase program will be funded using available cash.

Analogic had about 14 million shares of common stock outstanding as of May 31.

• Osiris Therapeutics (Baltimore), a stem cell therapeutic company, reported that it had priced a private placement of its common stock through the efforts of Friedli Corporate Finance, Inc. of Switzerland.

The company agreed to sell 1,757,469 shares, or $20 million, of its common stock at $11.38 per share.

The common stock will be sold directly to institutional and accredited investors primarily based in Switzerland, and will result in cash proceeds of about $20 million. There were no commissions paid on the proceeds raised.

The placement was led by Peter Friedli, the chairman of the board and largest stockholder of Osiris. Friedli is also the president and sole owner of Friedli Corporate Finance, Inc.

The proceeds from the placement are intended to be used to further develop the company’s adult stem cell products, currently in Phase III clinical trials.

Included among the purchasers of the common stock is Friedli, who individually invested $14 million. Additionally, New Venturetec, a Swiss publicly traded company for which Friedli serves as its president, purchased $3 million of common stock.

• Osteologix (San Francisco) reported that it has closed a financing in which the company has sold common stock and warrants to purchase common stock to both new and existing investors for gross proceeds of $5.05 million.

The company issued 3,825,754 shares of common stock and 1,912,877 warrants to purchase common stock to the investors. The common stock was sold for a purchase price of $1.32 per share. The warrants have an exercise price of $1.20 per share and expire on Aug. 31, 2008.

Osteologix develops therapeutics for the treatment of unmet medical needs in bone disease and women’s health. The company’s lead product, NB S101, is being evaluated in a phase II clinical trial for the treatment of osteoporosis.