A Medical Device Daily

Applied Imaging (San Jose, California) has closed a private placement in which it sold 773,810 shares of its common stock at a price of $1.68 per share, raising about $1.3 million in gross proceeds and $1.1 million net from certain investors.

In connection with their participation in the closing, these investors received warrants to purchase an aggregate of 193,453 shares of Applied Imaging's common stock at an exercise price of $2.52 per share.

Roaring Fork Capital SBIC is the lead investor in the placement.

Applied Imaging is a supplier of automated imaging and image analysis systems for the detection and characterization of chromosomes and molecular markers in genetics and pathology applications.

Symphony Medical (Eden Prairie, Minnesota) reported an agreement to use NDI Medical 's(Cleveland) neurostimulation technology from NDI Medical (Cleveland), Checkpoint AF, in its first product for the treatment of post-operative atrial fibrillation (AF). Terms were not disclosed.

This approach to treating post-operative AF is a coupling of NDI's neurostimulation diagnostics to identify target nerve centers on the heart with Symphony's biopolymer therapy and delivery system.

The company believes the therapy may lead to breakthrough treatment of AF. Post-operative AF occurs in 25% to 30% of all patients undergoing a coronary artery bypass graft procedure and about 80% of patients having a valve procedure. Post-operative AF slows patient recovery and can lead to blood clots and long-term AF. Human clinical trials using this treatment are currently under way.

A Cleveland Clinic (Cleveland) spin-off, Symphony recently raised more than $6 million in equity funding to develop treatments for AF and other ailments (Medical Device Daily, March 2, 2006).

NDI says that its flagship product, the Micropulse IPG (implantable pulse generator), is the smallest available 2-channel, rechargeable IPG, which can be scaled to achieve the therapeutic objectives of its partners.

In other financing news: Helicos BioSciences (Cambridge, Massachusetts), a developer of high-speed, high-sensitivity DNA sequencing, said it has secured investments of $40 million from a syndicate of venture capital firms to support its development of “true Single Molecule Sequencing“ (tSMS) technologies and techniques. tSMS is a technique that enables researchers to rapidly and accurately sequence individual molecules of DNA and RNA. This allows direct interrogation of the single molecule as opposed to an amplified population of molecules.

The financing was provided by Helicos BioSciences' current investors, which include Flagship Ventures, Atlas Ventures, Highland Capital, MPM Capital, and Versant Ventures. The new funding follows an initial investment of $27 million by these investors, made at the company founding in February 2004.

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