A Medical Device Daily
Neuroptix (Acton, Massachusetts), an Alzheimer's and prion disease diagnostics company, reported receiving $500,000 in angel funds to help further commercialize the company's product offerings.
The investment, which was led by Launchpad Venture Group and included several angel groups and individuals, is intended to support ongoing equipment trials, Neuroptix said. It also will be used to further develop and market the company's products, which assist in the diagnosis and management of Alzheimer's disease and other degenerative neurological and ophthalmologic disorders.
Neuroptix's target market includes biopharmaceutical therapeutic and healthcare diagnostic and imaging companies.
Aside from Launchpad, participants in this financing included Granite State Angels, The Breakfast Club, Maine Angels, and other private investors.
Allergan (Irvine, California) reported that it is extending the expiration date of its exchange offer for all outstanding shares of common stock of breast implant maker Inamed (Santa Barbara, California).
The exchange offer is being extended because U.S. antitrust approval has yet to be received, and is now set to expire at 5 p.m. EST, Feb. 7. Previously, the offer was scheduled to expire today at 5 p.m. EST.
The company said about 19,479,899 shares, or roughly 52.8%, of Inamed's outstanding common stock had been tendered as of Jan. 20.
Allergan is offering to exchange for each outstanding share of Inamed common stock, either $84 in cash or 0.8498 of a share of Allergan common stock, at the election of the holder. The deal is valued at $3.2 billion.
Allergan said it continues to make “good progress“ toward closing of the planned acquisition.
To date, Allergan has received final approval from antitrust authorities in Germany and Spain in connection with the exchange offer, the only antitrust approvals required outside of the U.S.
In the U.S., Allergan and Inamed are continuing to work with the Federal Trade Commission (FTC) to complete Inamed's divestiture of its Reloxin license to facilitate U.S. approval of the acquisition and is the only remaining antitrust clearance still required.
“We are confident we will reach a successful outcome in the U.S. antitrust review and we are progressing to close the acquisition in the near future so we can execute the integration plan,“ said David Pyott, Allergan's president, CEO and chairman.
Allergan said it intends to promptly announce the results of the U.S. antitrust review by the FTC upon its completion, and will allow at least three business days after announcing the conclusion of the review before completing the exchange offer.
Allergan develops products in the ophthalmology, neurosciences, medical dermatology, medical aesthetics and other specialty markets.
In other financing news:
• Laboratory Corp. of America (LabCorp; Burlington, North Carolina) licensed a drug response interpretation service from Seryx (Montreal), called Signature Genetics. Financial terms were not disclosed.
Physicians are using pharmacogenetic tests such as cytochrome P450 (CYP450) to determine if an individual carries genetic variants, or polymorphisms, impacting the safety or effectiveness of many commonly prescribed drugs, LabCorp said. It said that the Signature Genetics interpretation and reporting service is intended to help take the “trial and error“ out of selecting the most appropriate drug and establishing the most effective dosage for a given individual.
LabCorp commercializes new diagnostic technologies, offering clinical assays ranging from routine blood analyses to HIV and genomic testing.
• Emdeon (Elmwood Park, New Jersey) reported that it has authorized a stock repurchase program in which the company may use up to $48 million to purchase shares of its common stock in the open market, through block trades or in private transactions, depending on market conditions.
Emdeon describes itself as a provider of business, technology and information solutions designed to transform both the financial and clinical aspects of healthcare delivery.