A Medical Device Daily
AngioDynamics (Queensbury, New York) reported that it is offering 2.4 million shares of its common stock at a public offering price of $24.07 per share. The company has also granted the underwriters a 30-day option to purchase up to an additional 360,000 shares of common stock to cover any over-allotments. If all the shares and over-alltoments are exercised, the company could gross more than $64.99 million on the offering, before deducting transaction fees.
The offering is expected to close on May 30 and is subject to the satisfaction of customary closing conditions.
RBC Capital Markets is the sole book runner and lead managing underwriter. Canaccord Adams, First Albany Capital and KeyBanc Capital Markets are acting as co-managers for the offering.
AngioDynamics is a provider of medical devices used by interventional radiologists, vascular surgeons and other physicians for the minimally invasive diagnosis and treatment of peripheral vascular disease. The company's product line includes angiographic, dialysis, vascular access, PTA, oncology, thrombolytic and venous products.
Global Care Quest (GCQ; Aliso Viejo, California), developer of healthcare information systems that deliver patient data to mobile and wireless devices, reported the closing of a Series A round of venture financing.
The company said it will use the money to increase staffing, expand its sales and marketing, and accelerate new product development and deployment.
The $5 million investment was led by Lexington Venture, an early-stage venture firm based in Beverly Hills, California.
“Smartphones, mobile handsets and pocket PCs are moving out of the early adopter phase and into mainstream use among physicians,” said Cleve Adams, CEO of GCQ. “As a result, we're facing unprecedented demand for systems that can provide doctors with patient information no matter if the doctor is in the hospital, the office or the car. This funding will allow us to grow our corporate infrastructure and deploy our systems in more hospitals at a much faster rate.”
Along with the securing of the Series A round of financing, GCQ also reported the move of its corporate headquarters from Beverly Hills to new facilities in Aliso Viejo, California.
GCQ is the developer of the Integrated Clinical Information System (ICIS). ICIS performs real time integration and delivery of digital medical records, charting, bedside monitoring equipment and laboratory results to physicians and medical teams via stationary and wireless PCs as well as hand-held wireless devices.
In other financing news:
• Universal Health Services (UHS; King of Prussia, Pennsylvania) reported that it will redeem the entire $586,956,000 outstanding principal amount of its convertible debentures due June 23, 2020, for a purchase price per bond of $543.41 plus accrued and unpaid cash interest on June 23.
The notice of redemption was sent to the holders of the convertible debentures due 2020 on or about May 23.
UHS is one of the nation's largest hospital companies, operating acute care and behavioral health hospitals and ambulatory centers nationwide and in Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust.
• Sybron Dental Specialties (Newport Beach, California), acquired earlier this week by Danaher (Washington) for $2 billion (Medical Device Daily, May 22, 2006), reported that it initiated on May 23 a cash tender offer for any and all of its outstanding $150 million aggregate principal amount of 8-1/8% senior subordinated notes due 2012.
The total consideration per $1,000 principal amount of notes validly tendered and not withdrawn prior to 5 p.m., EDT, on June 6, unless extended, will be calculated based on the present value on the payment date of the sum of $1,040.63 (the redemption price for the notes on June 15, 2007, which is the earliest redemption date for the notes) plus interest payments through June 15, 2007.
The tender offer is scheduled to expire at midnight, EDT, on June 20, unless extended or earlier terminated.
Sybron Dental Specialties makes products for the dental profession, including the specialty markets of orthodontics, endodontics and implantology.