A Medical Device Daily
ev3 (Plymouth, Minnesota), a company focused on catheter-based technologies for the endovascular treatment of vascular diseases and disorders, reported that it has filed a registration statement relating to a secondary offering of $175 million of its common stock.
Under this registration statement, ev3 is offering $50 million of common stock and two stockholders, Warburg Pincus and The Vertical Group, are offering $125 million of common stock.
It is contemplated that Warburg Pincus will grant the underwriters a 30-day option to purchase up to an additional $26.25 million of common stock to cover any over-allotments.
ev3 said it intends to use the net proceeds from the common stock it is selling for working capital and general corporate purposes. It will not receive any of the net proceeds from the sale of common stock by the selling shareholders.
Immediately after the offering, Warburg Pincus and The Vertical Group will remain significant shareholders of ev3.
The underwriters of the offering will be Banc of America Securities, Piper Jaffray & Co. and J.P. Morgan Securities acting as joint book- running managers, with Bear, Stearns & Co. and Thomas Weisel Partners acting as co-managers.
MicroCHIPS (Bedford, Massachusetts), a developer of drug delivery and biosensing devices, reported a $13.4 million round of investment funding led by Novartis Venture Fund. CSK Venture Capital of Japan also joined existing MicroCHIPS investors Polaris Venture Partners, IDG Ventures, Medtronic (Minneapolis), Boston Scientific (Natick, Massachusetts), Intersouth Partners and Boston University Community Technology Fund in this round of financing.
As part of the financing arrangement, Reinhard Ambros, Global Head of Novartis Venture Fund, has joined the company's board of directors.
"Novartis' leadership in pharmaceutical development complements the medical device investment of Medtronic and Boston Scientific as MicroCHIPS develops solutions to help patients with debilitating diseases," said John Santini, MicroCHIPS' CEO.
MicroCHIPS is developing the next generation of implantable biosensing and drug delivery devices that it said will improve therapeutic control, reduce painful interventions and help maintain and improve health for the millions of diabetes and osteoporosis sufferers worldwide.
In other financing news: Elekta (Stockholm, Sweden) signed a five-year extendable $175 million multi-currency revolving credit facility.
The coordinating mandated lead arranger was SEB Merchant Banking and the mandated lead arrangers were Banc of America Securities., Danske Bank and SEB Merchant Banking.
The company said the facility will be used to refinance Elekta's existing $125 million multi-currency revolving credit facility dated Jan 17, 2005 with the same lenders, and for general corporate purposes.
The company said the new facility offers better conditions in pricing as well as terms and conditions and further strengthens Elekta's long term financing structure.
Elekta is a developer of advanced radiation therapy, comprehensive cancer management and non-invasive treatment of brain disorders.