A Medical Device Daily

Somanetics (Troy, Michigan) reported completing a public offering of 2.3 million of its newly-issued common shares, par value 1 cent a share, at an offering price of $24 a share, thus raising net proceeds of about $51,388,000.

These amounts include the exercise in full by the underwriters of an option to purchase up to 300,000 shares of over-allotments.

At offering completion, Somanetics had 13,015,885 shares outstanding.

Somanetics said it will use the proceeds for the expansion of its sales team and other sales and marketing activities, to sponsor additional clinical trials, to expand R&D activities, and for general corporate purposes, including potential acquisitions of complementary products, technologies or businesses.

Somanetics manufactures the Invos System, a non-invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain. Somanetics in November 2005 received 510(k) clearance to market the Invos System to monitor changes in blood oxygen saturation elsewhere in the body in somatic, or skeletal muscle, tissue in patients with, or at risk for, restricted blood flow.

Citigroup Global Markets was the sole bookrunning manager of the offering; Cowen & Co. was co-lead manager; SunTrust Robinson Humphrey was a co-manager of the offering.

In other financing activity:

• Noble Device Technologies (Newark, New Jersey) reported raising $8 million in Series A equity financing to expand development of its visible/infrared image sensor. The round was led by Matrix Partners with equal participation from North Bridge Venture Partners.

Noble develops high-resolution, short wave infrared image sensors for the medical and military markets, using a patented process for combining infrared detection with silicon electronics. Its technological roots are at Bell Laboratories. Early growth was supported by the National Science Foundation, the U.S. Air Force, and the New Jersey Economic Development Authority. Noble said it will relocate part of its operations to the Boston area while retaining facilities in New Jersey.

Matrix focuses on companies developing cornerstone technologies of the information revolution. North Bridge focuses on investments in the communications, software and other technology markets.