A Medical Device Daily

Phase Forward (Waltham, Massachusetts), a provider of data management solutions for clinical trials and drug safety, reported that it has filed a preliminary prospectus supplement with the Securities and Exchange Commission relating to an underwritten public offering of 5.5 million shares of its common stock under an effective shelf registration statement.

The underwriters will have an option to purchase up to an additional 825,000 shares from Phase Forward to cover over-allotments, if any.

In its filing, the company estimated that it will receive about $79.7 million in net proceeds from the sale of our common stock in this offering, or about $91.7 million if the underwriters' over-allotment option is exercised in full, assuming an offering price of $15.39 per share (which is the last reported sale price for its common stock on May 7), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by the company.

The company said it currently intends to use the net proceeds from the offering for working capital and other general corporate purposes, including sales and marketing expenditures, research and development expenditures and capital expenditures.

Thomas Weisel Partners and UBS Investment Bank will act as the joint bookrunners for the offering. Piper Jaffray & Co., Craig-Hallum Capital Group and Pacific Crest Securities will serve as co-managers.

NeuroVista (Seattle), a developer of medical technologies for the management and treatment of epilepsy, said it has closed a Series B financing with total proceeds of $33.8 million.

Advanced Technology Ventures and Delphi Ventures made the principal investment in the financing. Series A investors Three Arch Partners, Sprout Group and Foundation Medical Partners also participated in the round. In addition, the company reported a name change from BioNeuronics.

The company said it plans to use the financing to fund the continued development of its technologies and its clinical research program.

"With this capital, the NeuroVista team is looking forward to completing the development of our technology and having the opportunity to demonstrate its clinical utility in the lives of patients suffering from epilepsy," said John Harris, president/CEO of NeuroVista. "We believe that our technology has the potential to significantly impact the quality of life of epilepsy patients and dramatically alter treatment paradigms."

In other financing news:

• Bioabsorbable Therapeutics (Menlo Park, California) reported the close of a Series B round of $9 million whcih was led by Finistere Ventures and ITX International Equity.

"This investment will help us begin human clinical trials and move closer to regulatory approval and commercialization," said CEO Patrick Rivelli.

The company has developed a biodegradable polymer technology, which according to Rivelli "possesses innately anti-inflammatory characteristics." The polymer is used in a fully biodegradable coronary stent, which would eliminate permanent metal implants in patients.

Existing investors also participated in the round, including Synergy Ventures, BioStar Funds, Teton Capital, and Medfocus Funds.

• PolyMedix (Radnor, Pennsylvania) reported that it filed a registration statement with the SEC relating to a proposed offering of up to $35 million of its common stock and warrants to purchase shares of its common stock. Needham & Co. has agreed to act as lead placement agent, and WBB Securities has agreed to act as co-placement agent in connection with the offering.

The company said it intends to use the net proceeds of the offering to support the commercialization of its current and future product candidates, to fund research and development activities and for general working capital needs.

PolyMedix is a publicly traded biotechnology company that is developing synthetic small molecule compounds that mimic the activity of large natural proteins; compounds referred to as biomimetics. PolyMedix focuses on creating new therapeutic drugs to meet unmet medical needs for treatment of serious, life threatening, acute disorders, including PolyMedix's initial programs involving new drug treatments for infectious diseases and acute cardiovascular disorders. The company is also developing polymeric formulations of its antibiotic compounds as antimicrobial biomaterials, which can be used as additives to paints, plastics, and textiles to create self-sterilizing products and surfaces.