A Diagnostics & Imaging

Inverness Medical Innovations (Waltham, Massachusetts) reported the pricing of its previously disclosed public offering of 6 million shares of its common stock at $39.65 per share. In connection with the offering, the underwriters have been granted a 30-day option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Inverness.

The offering of shares is expected to close on Jan. 31, subject to customary closing conditions.

The company reported earlier this month that it was offering to sell up to 5 million shares of its common stock in accordance with a shelf registration statement in an underwritten public offering. The company said at that time it also expected to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock to cover any over-allotments.

If all the shares are exercised, including the over-allotments, the company could raise up to about $273 million, before expenses.

The company said earlier this month that it intends to use a portion of the proceeds from the offering to repay outstanding indebtedness and for working capital and other general corporate purposes, including the financing of potential acquisitions or other investments, and for capital expenditures.

Jefferies & Co. and UBS Investment Bank are acting as joint book-running managers for the offering. Cowen and Co. and Leerink Swann & Co. are acting as co-managers for the offering.

Inverness has already made its first acquisition this year. Earlier this month, the company bought Canadian distributor Med-Ox Chemicals (Ottawa, Ontario) for $5.4 million.

In other financing news:

Signalife (Greenville, South Carolina) reported that on Jan. 25, it procured a $10 million revolving credit facility from SES Capital, under which Signalife may draw advances over a five-year term to meet its cashflow requirements.

All advances are repayable in a balloon payment on Feb. 25, 2012, together with interest at 7% per year. Signalife said that it may, at its discretion, convert any principal and interest outstanding into common shares at a rate equal to $3.15 a share or, if greater, the fair market value of those shares on AMEX as of the date of a draw request.

As additional compensation for any conversion, Signalife will issue SES Capital a five-year warrant entitling it to purchase a number of common shares equal to 25% of the shares received upon conversion at the same price as the conversion price.

Signalife also reported that its marketing agreement with Rubbermaid (Fairlawn, Ohio), under which Rubbermaid was granted the exclusive third-party right to market Signalife’s Fidelity 100 heart monitor system, was terminated on Jan. 24, and that Signalife has filed suit against Rubbermaid for its failure to perform under that agreement.

Pamela Burnes, Signalife president/CEO, said “The credit line Signalife has procured will ensure we have sufficient funding to bring our products to market. Signalife is actively selling our Fidelity 100 heart monitors and will continue to ramp up our sales efforts, including establishing relationships both internally and externally with sales and distribution partners.”

Signalife is focused on the monitoring and detection of disease through continuous biomedical signal monitoring. It uses its technology to develop devices that simplify diagnostic testing and patient monitoring in the ambulatory setting.