A Diagnostics & Imaging Week
AFP Imaging (Elmsford, New York) said it has entered into subscription agreements with qualified investors for the sale of 5.5 million shares of its common stock, for about $8 million.
Scandinavian corporate finance consultant, HDR Partners, was the financial advisor in this transaction and acted as the placement agent.
Closing of this placement is conditioned upon the company completing the acquisition of Quantitative Radiology (QR; Verona, Italy), a supplier of in-office 3-D dental computed tomography by May 31. That deal was disclosed last month.
The company said it expects to use the proceeds to fund the acquisition of QR and for strategic corporate purposes.
AFP, which has granted the investors certain registration rights with respect to the resale of the shares acquired, said it expects to complete the transaction in 30 to 45 days.
QR says it has internally developed and owns its image reconstruction algorithms and software. The scanner is known as the NewTom 3G, a third generation that captures and displays low-dose, 3D digital images. NewTom images are enhanced CT scans of the cranial anatomy, including the jaw and teeth.
AFP's products have applications in dental, medical and veterinary markets.
CompuMed (Los Angeles) a medical informatics company developing imaging technology for analysis and monitoring, said it has closed a $2 million private placement consisting of 4,167 shares of preferred stock and warrants to purchase 4,166,500 shares of common stock. The warrants have an exercise price of 30 cents and expire on March 12, 2012. The shares of preferred stock will convert into 8.34 million shares of common stock.
The company's core products include the OsteoGram, which is an automated, computer-aided diagnostic system for the rapid screening, diagnosis and monitoring of osteoporosis.
In other financing news:
• MedCath (Charlotte, North Carolina) reported that it has filed a statement with the Securities and Exchange Commission to register for resale 7,668,741 shares of its common stock held by investment funds and individuals associated with Kohlberg Kravis Roberts and Co. and Welsh, Carson, Anderson & Stowe.
The shares may be offered and sold by the selling stockholders from time to time in one or more transactions. MedCath will not receive any of the proceeds from sales by the selling stockholders.
MedCath is focused on the diagnosis and treatment of cardiovascular disease. The company owns interests in and operates 11 hospitals with 667 licensed beds, in Arizona, Arkansas, California, Louisiana, New Mexico, Ohio, South Dakota and Texas. It also provides cardiovascular care services in diagnostic and therapeutic facilities in various states.