A Medical Device Daily
Advanced Magnetics (Cambridge, Massachusetts) reported an offering of 1,233,214 shares of common stock, garnering net proceeds of about $31.7 million.
The company said it will use the proceeds to fund clinical development programs, including continued development of ferumoxytol as an iron replacement therapeutic, and for general working capital purposes.
The securities were issued in accordance with the company's shelf registration; ThinkEquity Partners is the book runner.
Advanced Magnetics is a developer of super-paramagnetic iron oxide nanoparticles used in pharmaceutical products to treat anemia, as well as imaging agents used for the diagnosis of cardiovascular disease and cancer.
In other financing activity:
• NJTC Venture Fund (Roseland, New Jersey) reported that it has made an investment, the amount not disclosed, in InstaMed Communications (Philadelphia), a provider of real-time processing of healthcare and financial transactions.
Jim Gunton, general partner of NJTC, said, “Payment processing is an issue at the forefront of healthcare providers and payers. We believe InstaMed is well-positioned to capitalize on this trend and will become the industry standard. The company provides a commercial-grade, real-time solution to the leaders in the industry while offering a compelling ROI.“
InstaMed is a real-time gateway and processor of healthcare and financial transactions, through a suite of products and services that integrate into existing systems and workflow for direct connectivity to payers and banks.
NJTC is an $80 million, early-stage, venture capital fund investing in companies in the New Jersey region.
• Take Care Health Systems (Conshohocken, Pennsylvania), a provider of retail-based healthcare delivery, reported completing a $77 million round of financing, calling the funding “ the largest capital raise in the healthcare services industry in two years, and the largest such funding to date in the retail healthcare space.“
Beecken Petty O'Keefe & Co. (Chicago), a private equity firm focused on healthcare investing, its affiliates, and Take Care management and founding shareholders, provided the funding.
The company said it will use the funding to continue expansion into select geographic markets.
Take Care utilizes nurse practitioners to offer healthcare for common family illnesses, wellness screenings and vaccinations, administered in Take Care Health Centers, centers inside high-traffic retail pharmacy stores. Its products include an electronic medical record system and touch-screen sign-in kiosks.
In late 2005, Take Care opened centers with Rite Aid in Portland, Oregon, and Osco Drug in Greater Kansas City. The company says it anticipates introducing centers on the East Coast with Brooks Eckerd Pharmacies .
“Since our founding, we have built our infrastructure to support the substantial demand that exists for Take Care's services,“ said Peter Miller, cofounder, president and CEO of Take Care. He said that experience “confirms our operating assumptions and provides the foundation for accelerated growth.“
Cofounder and Chairman Hal Rosenbluth will remain the largest single shareholder of Take Care. The company was advised in the financing by Viant Group (New York) and Blank Rome (Philadelphia).
• Quintiles Transnational (Research Triangle Park, North Carolina) reported that it and Pharma Services Intermediate Holding (Durham, North Carolina) have launched a cash tender offer for all of Quintiles' outstanding $450 million principal amount 10% senior subordinated notes, due 2013, and all of Pharma Services Intermediate Holding's outstanding $219 million aggregate principal amount at maturity 11.5% senior discount notes, due 2014.
Consideration for each $1,000 principal amount of subordinated notes tendered and accepted will be $1,156.25, plus accrued and unpaid interest to, but excluding, the payment date, and the total consideration for each $1,000 principal amount at maturity of discount notes accepted in the tender offer will be $901.25.
Total consideration includes a payment of $30 per $1,000 principal amount of subordinated notes and $30 per $1,000 principal amount at maturity of discount notes, payable to holders who tender their notes and deliver their consents on or prior to 5 p.m. EST on March 16.
Holders who tender their notes after the consent payment deadline and prior to the expiration of the offer will receive total consideration less the consent payment, or $1,126.25 per $1,000 principal amount of subordinated notes and $871.25 per $1,000 principal amount at maturity of discount notes. The offer is to expire at midnight EST on March 30.
Quintiles is a provider of pharmaceutical services.
• HealthSouth (Birmingham, Alabama) reported that, in connection with its tender offers for all of a group of outstanding notes is extending the expiration time of the offers to 5 p.m., EST, tomorrow. The amendments will not become operative until the notes are accepted for payment pursuant to the terms of the tender offers.
HealthSouth is a major provider of outpatient surgery, diagnostic imaging and rehabilitative healthcare services.