A Medical Device Daily

Ivivi Technologies (Northvale, New Jersey) reported the pricing of its initial public offering of 2.5 million shares of its common stock at $6 a share. Net proceeds are expected to be about $12.5 million.

The underwriters of the offering have been granted an option for a period of 45 days to purchase up to 375,000 more shares of common stock from the company to cover any over-allotments.

The shares will be listed on the American Stock Exchange and will trade under the symbol II.

Maxim Group is acting as representative of the underwriters of the offering, and Brean Murray, Carret & Co. acted as co-manager.

Ivivi is an early-stage company developing electrotherapeutic technologies. These technologies use electric or electromagnetic signals to help relieve pain, swelling and inflammation and promote healing processes and tissue regeneration.

• Xthetix (Mesa, Arizona), a company developing therapeutic ultrasound targeting the consumer aesthetics market, said it has raised $2 million in Series A funding from venture capital and private equity firm 3i.

Xthetix was formed to develop ultrasound products for the over-the-counter aesthetics market. Its first product is for acne treatment and prevention, a condition affecting 85% of all adolescents and 25% of adult women in the U.S.

With the funding, Allan Ferguson, senior partner with 3i, joins Xthetix co-founders, Chairman Michael Slayton and CEO Brian O’Connor on the board.

O’Connor describes the Xthetix technology as a platform for addressing unmet needs in the consumer aesthetic market. He notes, “Additional devices in the product pipeline target skin rejuvenation, hair removal and inflammation-related skin diseases such as rosacea. The value of these combined markets will exceed $12 billion in 2006.”

Xthetix is the second company spun off by the founders. 3i made a previous investment in Ulthera (Phoenix), a company addressing non-invasive facelifts for the professional dermatology and plastic surgery market.

In other financing activities:

• NMT Medical (Boston) has filed a shelf registration statement with the SEC to offer and sell up to $65 million of equity or debt securities.

The company said that this offering of securities will provide it with the flexibility to take advantage of financing opportunities, subject to market conditions and its capital requirements.

NMT describes its implant technologies as enabling interventional cardiologists to treat structural heart disease through minimally invasive, catheter-based procedures. It is investigating the potential connection between a patent foramen ovale heart attacks and brain attacks such as migraine headaches, stroke and transient ischemic attacks

Commercial genetic testing provider Tm Bioscience (Toronto) reported that it has amended its license agreement with Sirius Genomics (Vancouver, British Columbia) to defer a $2 million license fee payment originally due on Sept. 5.

This payment will now become due in October 2007 or 90 days after completion of certain milestones by Sirius. Amendments related to the delay of the license fee payment have been made to the interest rate calculation used when determining the aggregate amount which Tm is eligible to set off against its licensee fee obligations. All other terms of the original license agreement remain in effect.

• HealthSouth (Birmingham, Alabama) reported that its stockholders have approved a 1-for-5 reverse stock split. The reverse split will become effective Oct. 26, to coincide with HealthSouth’s relisting on the New York Stock Exchange under the ticker symbol HLS.

It said that more than 95% of its shareholders participated in the vote, and more than 90% of the participating shareholders voted approval.

The company noted that the reverse split will affect all of its stockholders uniformly and will not change the proportionate equity interests.

With the reverse split and relisting, the company said it has made substantial progress toward recovery from “the fraud perpetrated by the previous management team.”

HealthSouth is one of the nation’s largest providers of outpatient surgery, diagnostic imaging and rehabilitative healthcare services.

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