A Medical Device Daily
Alliance Imaging (Anaheim, California) has reported the pricing of an underwritten secondary public offering of 8 million shares of its common stock by certain selling stockholders at a public offering price of $5.75 per share. The underwriters of the offering have a 30-day option to buy up to an additional 1.2 million shares of common stock from selling stockholders to cover over-allotments, if any. Alliance Imaging will not receive any proceeds from this transaction, the company said.
Citigroup Corporate and Investment Banking and Merrill Lynch & Co are acting as joint book-running managers for the underwritten offering. Deutsche Bank Securities and Piper Jaffray & Co. are acting as co-managers for the underwritten offering. The offering is being made only by means of a written prospectus forming part of the effective registration statement.
Alliance Imaging is a provider of shared-service and fixed-site diagnostic imaging services, based upon annual revenue and number of diagnostic imaging systems deployed. Alliance provides imaging and therapeutic services primarily to hospitals and other healthcare providers on a shared and full-time service basis, in addition to operating a growing number of fixed-site imaging centers. The company had 494 diagnostic imaging systems, including 334 MRI systems and 71 PET or PET/CT systems, and served over 1,000 clients in 43 states at September 30, 2006. Of these 494 diagnostic imaging systems, 74 were located in fixed-sites, which includes systems installed in hospitals or other buildings on or near hospital campuses, medical groups’ offices, or medical buildings and retail sites.
Orchid Cellmark (Princeton, New Jersey) said it has entered into a definitive agreement with certain new and existing institutional investors to raise about $14 million in aggregate gross proceeds in a common stock private equity financing. The financing is comprised of about 4.87 million shares of common stock issued at $2.88 per share. The transaction is subject to customary closing conditions and is expected to close Nov. 21, 2006. Orchid Cellmark intends to use the proceeds for working capital and general corporate purposes.
The securities issued in the transaction have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. Orchid Cellmark does, however, intend to file a registration statement covering the resale of the shares of common stock sold within 45 days of the closing.
Orchid Cellmark is a provider of identity DNA testing services for the human identity and agriculture markets.
In other financings news: China Medical Technologies (Beijing) reported the closing of a previously disclosed offering of $150 million principal amount of 3.5% convertible senior subordinated notes due 2011 to qualified institutional buyers.
The aggregate principal amount of notes sold reflects the exercise in full by the initial purchaser of its option to purchase up to an additional S$25 million aggregate principal amount of the notes to cover over-allotments.
China Medical is a China-based medical device company that develops products using high intensity focused ultrasound for the treatment of solid cancers and benign tumors and advanced in-vitro diagnostics products using enhanced chemiluminescence technology, to detect and monitor various diseases and disorders.