A Medical Device Daily

Third Wave Technologies (Madison, Wisconsin) reported that it has closed on the previously reported sale of convertible senior subordinated zero-coupon notes with an institutional investor (Medical Device Daily, Dec. 20, 2006).

The notes were sold at an original issue discount and will provide Third Wave with gross proceeds of about $14.9 million, exclusive of fees.

Third Wave develops molecular diagnostic reagents for a variety of DNA and RNA analysis applications to meet the needs of our customers. The company offers a number of products based on its Invader chemistry for clinical testing. Third Wave offers in vitro diagnostic kits, and analyte specific, general purpose, and research use only reagents for nucleic acid analysis.

Cancer diagnostics company RedPath Integrated Pathology (Pittsburgh) reported that Seneca Health Partners, Inflexion Partners, and HMA Capital Partners have invested in the company as part of RedPath’s final closing of their Series A round of institutional investment.

The three venture capital companies join New Spring Capital and CID Capital who led the first round of investment. In total, RedPath has raised $6.5 million in outside financing within the past three months. HealthCare Capital Advisors acted as placement agent and financial advisor to the company.

The company said it plans to use proceeds from the Series A financing round to scale operations to market demand levels and increase sales and marketing activities.

Brian Murphy, partner with New Spring Capital, has stepped in as RedPath’s new chairman of the board. Other new board members include Peter Kleinhenz, managing director of CID Capital and Dennis Smith, MD, an anatomic pathology industry expert and former board member of AmeriPath.

RedPath is a national specialty laboratory that provides complex cancer diagnostic testing for pathologists, oncologists and clinicians. Its PathFinderTG technology is designed to enable an early and definitive diagnosis for difficult cases where cancer is suspected or pre-cancerous conditions exist.

In other financing news,Uroplasty (Minnetonka, Minnesota), a company that develops products for the treatment of voiding dysfunctions, reported the pricing of a follow-on offering of 2.4 million shares of its common stock at $2 per share.

The company said it expects to use the net proceeds of $4.4 million, after underwriting commissions and estimated offering expenses, to fund operations and for working capital purposes.

Craig-Hallum Capital Group acted as the exclusive selling agent for this offering, which is expected to close on Dec. 27.

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