A Medical Device Daily

CV Therapeutics (Palo Alto, California) said it has agreed to sell 9 million shares of its common stock at a purchase price of $9.50 per share in a public offering.

All of the shares are being offered by CV Therapeutics, and the company has granted the underwriters a 30-day option to purchase up to another 1.35 million shares to cover over-allotments, giving the offering a potential gross value of about $86.78 million

CV Therapeutics focused on applying molecular cardiology to the development of small-molecule drugs for the treatment of cardiovascular diseases.

The company's approved products include Ranexa, indicated for the treatment of chronic angina in patients who have not achieved an adequate response with other anti-anginal drugs. The company also co-promotes Aceon, an ACE inhibitor, for reduction of the risk of cardiovascular mortality or nonfatal myocardial infarction in patients with stable coronary artery disease and treatment of essential hypertension.

The company is also developing Regadenoson for use as a pharmacologic stress agent in myocardial perfusion imaging studies.

Lehman Brothers and Merrill Lynch & Co. acted as joint lead managers and joint bookrunners of the public offering.

• LipoScience (Raleigh, North Carolina) reported the closing of a $13 million Series F financing.

Investors in the round include Camden Partners, GE Capital Equity Investments, Invesco Private Capital, Pappas Ventures, Sightline Partners, Three Arch Partners and Varian. Richard Johnston of Camden Partners was placed on the company's board.

“The fact that $7 million of the funding came from existing investors demonstrates a strong commitment to this company's vision and its prospects for the future,” said Charles Sanders, MD, chairman of LipoScience.

“This funding will allow us to confidently invest in the deployment of our in vitro diagnostic system and to continue to drive growth and awareness for the NMR LipoProfile test,” said Richard Brajer, president/CEO of LipoScience.

The company said that its NMR LipoProfile test is the only test that measures the number of LDL particles to accurately determine risk for heart disease. The company markets the NMR LipoProfile test to clinicians, commercial diagnostic laboratories and clinical research clients.

In other financing activity:

• BioMed Realty Trust (San Diego) reported the pricing of its public offering of 6.95 million shares of its common stock at $28.75 per share.

The offering is expected to close on Aug. 21, producing gross proceeds of about $199.8 million. All of the shares are being sold by the company.

BioMed also granted the underwriters a 30-day option to purchase up to an additional 1,042,500 shares to cover any over-allotments.

The company said it expects to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its existing $500 million revolving credit facility.

Raymond James & Associates is the sole book-running manager for the offering, with Morgan Stanley & Co., KeyBanc Capital Markets, Wachovia Capital Markets, RBC Capital Markets, Stifel, Nicolaus & Co., and Robert W. Baird & Co. acting as co-managers.

BioMed is a real estate investment trust providing real estate to the life science.

• Safeguard Scientifics (Wayne, Pennsylvania), which says its goal is to “build value in high-growth life sciences and information technology companies,” reported that it has repurchased $16 million of face value of its 2.625% convertible senior debentures for about $12.5 million in cash.

The company said this is the second bond repurchase it has made this year. So far, Safeguard has repurchased a total of $21 million of convertible senior debentures and has used $16.3 million of cash.

In December 2005, Safeguard disclosed its program to use up to $20 million of cash to repurchase outstanding debentures.

Safeguard provides growth capital as well as a range of strategic, operational and management resources to its partner companies. It participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings.

• Biosite (San Diego) said that certain non-officer employees were granted inducement stock options covering 37,825 shares of common stock, granted on condition that each option has been classified as a non-qualified stock option; has an exercise price equal to the fair market value on the grant date; has a 10-year term; and vests in 16 equal quarterly installments over four years.

Biosite develops proteomics products for diagnostics. It says that its Triage rapid diagnostics are used in more than 50% of U.S. hospitals and more than 50 international markets.