A Medical Device Daily

GE Healthcare Financial Services led a $65 million senior credit facility for Accuro Healthcare Solutions (AHS; Dallas), a company that provides solutions designed to optimize revenue and improve financial and operational efficiencies for healthcare providers.

AHS said it used the senior credit facility to support last month's acquisition of CodeCorrect (Yakima, Washington), which offers a set of web-based coding tools designed to help hospitals and physicians streamline the reimbursement process and optimize revenue (Medical Device Daily, Jan. 24, 2006).

Accuro was formed in late 2004 to provide solutions that optimize revenue and improve financial and operational efficiencies for healthcare providers.

Rockwell Medical Technologies (RMT; Wixom, Michigan), a dialysis products manufacturer serving the healthcare industry, reported raising $9.25 million in gross proceeds from the exercise of warrants.

The company will have 11.3 million shares outstanding after the exercise of about 2.4 million warrants at $3.90 each.

RMT said it intends to use the majority of the proceeds to fund its efforts to obtain FDA approval for its iron-delivery product, Soluble Ferric Pyrophosphate (FePPi). Soluble FePPi is a physiological iron replacement therapy for end stage renal disease patients via dialysis.

Rockwell's Phase III clinical trial protocol has been finalized and is scheduled to be submitted to the FDA in 2Q06.

Pending FDA approval of its development plan, the company said it anticipates initiating the Phase III clinical trial in late 2006.

“We are very pleased with successful completion of this offering,” said Thomas Klema, vice president and CFO. “We accomplished our primary objective to raise funds needed for the testing of our drug product. This is a significant infusion of capital for us and permits us to aggressively execute our business development plans.”

Rockwell develops dialysis solutions, powders and ancillary products designed to improve the quality of care for dialysis patients.

No Comments