A Medical Device Daily
China Healthcare Acquisition (Pasadena, California) reported that its initial public offering (IPO) of 8.5 million units was consummated on April 25.
Each unit issued in the offering consists of one share of common stock and two warrants to purchase one share of common stock. The units were sold at an offering price of $6 per unit, generating aggregate gross proceeds of $51 million to the company. Immediately prior to the initial public offering, the company completed a private placement to its chairman of 3 million warrants, generating gross proceeds of $1.5 million.
On May 9, the underwriters for the company's initial public offering exercised the option to purchase an additional 1,251,555 units to cover over-allotments in the company's IPO.
Ferris, Baker, Watts, Inc. acted as lead underwriter for the initial public offering.
China Healthcare Acquisition is a newly organized blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, or an operating business. The company intends to focus its efforts on acquiring an operating business in the healthcare services sector headquartered in China.
LumaSense Technologies (Santa Clara, California), a provider of sensing solutions for the clean technology, medical and energy sectors, reported receiving a $25 million credit facility from Comerica.
The credit facilities include a $10.5 million working capital line and a $15 million term loan.
Vivek Joshi, CEO of LumaSense, said: "The credit lines will be used to increase LumaSense's financial flexibility as the business expands globally. The facilities from Comerica provide LumaSense with additional capital to support our strategy of growing organically and through acquisitions. In particular, we recently completed our acquisitions of Andros [Richmond, California] and Mikron Infrared [Oakland, New Jersey], leaders in their respective fields of gas and temperature sensing."
The credit facilities were provided through Comerica's Technology & Life Sciences Division.
LumaSense is backed by Oak Investment Partners and Element.
In other financing news:
• Unigene Laboratories (Fairfield, New Jersey) said it has repaid $1 million in stockholder debt and restructured the remaining $15.7 million debt balance as eight-year term notes with a fixed simple interest rate of 9% per annum.
The new notes replace short-term debt, a portion of which was in default. Payments under the new notes are not required for the first three years.
"This transaction will immediately replace all notes that have been in default, reduce the company's aggregate annual interest payments to a rate that is just .75% above the prime lending rate and extend the term required for repayment," said Dr. Warren Levy, president/CEO of Unigene. "The terms of the new notes are much more favorable to Unigene and they substantially improve our balance sheet."
Unigene Laboratories is a biopharmaceutical company focusing on the oral and nasal delivery of large-market peptide drugs.
• Alliance Imaging (Anaheim, California), a healthcare services provider of diagnostic imaging services, reported the underwritten public offering of 1,443,065 shares of its common stock by Viewer Holdings, a fund controlled by an affiliate of Kohlberg Kravis Roberts & Co.
Alliance Imaging will not receive any proceeds from this transaction.
Alliance had 494 diagnostic imaging systems, including 326 MRI systems and 77 PET or PET/CT systems, and served more than 1,000 clients in 43 states as of March 31.