A Medical Device Daily

QLT (Vancouver, British Columbia) reported the final results of its modified Dutch Auction tender offer which expired on Sept. 8.

The company said it has accepted for purchase and cancellation 13 million shares of its common stock at a price of $8 share, for a total of $104 million. These shares represent about 14.7% of the shares outstanding as of Sept. 8.

With completion of the tender offer, the company said it now has about 75.2 million shares of common stock outstanding. Merrill Lynch & Co. and BMO Capital Markets served as dealer managers for the tender offer.

QLT specializes in developing treatments for eye diseases as well as dermatological conditions, including Visudyne and Eligard, and also develops photodynamic therapies.

In other financing news, bio-nanotech company pSivida (Perth, Australia) reported that the definitive documentation related to previously reported renegotiated terms of the convertible note dated Nov. 16, 2005 between the company and Castlerigg Master Investments has been completed.

The renegotiated terms provided for the lifting of restrictions on future sales of securities enabling the company to enter into additional capital-raising transactions, which it said it will be seeking to do.

The renegotiated terms also provided for an extension to Oct.15, 2006, of the registration deadline under the company's registration rights agreement with the note holder.

pSivida said delays in the registration statement being declared effective have been a direct result of “complex accounting issues” associated with the company's recent acquisition and the convertible note, the change-over in Australia from Australian GAAP to Australian IFRS and the reconciliation of the company's financial statements prepared under that new accounting scheme to U.S. GAAP.

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