A Diagnostics & Imaging Week

Intraop Medical (Sunnyvale, California) reported issuing an additional $4.5 million of 7% convertible debentures to "a few select" institutional investors.

The 7% convertible debentures mature in October or November 2008 and are convertible into shares of Intraop's common stock at 40 cents a share.

The purchasers of the debentures also have been granted five-year warrants to purchase about 5.625 million shares of Intraop stock. The purchasers also have been granted additional short-term warrants to purchase about 5.625 million shares of Intraop common stock at any time prior to the earlier of the 13th month anniversary of the issue dates of such warrants, or six months after the date of the registration to be filed by the company with the Securities and Exchange Commission.

"This completes our financing," said Donald Goer, president and CEO of Intraop. "We have now moved to our new 14,000-square-foot facility, recapitalized our debt structure, secured a $3 million inventory financing line of credit, and, with this last financing, obtained the working capital we believe is necessary to fully implement our business plan."

Intraop is the developer of the Mobetron, a mobile electron beam system for intra-operative radiation therapy (IORT) treatment of cancer, coronary/vascular restenosis and other medical applications. The company says the Mobe-tron allows IORT to be used without shielding the operating room (OR), and it can be moved between ORs or even between hospitals, increasing utilization and cost effectiveness.

AmeriPath (Palm Beach Gardens, Florida), a provider of cancer diagnostics, genomics and related services, said it is proceeding with its plan to refinance its senior credit facilities in connection with its merger agreement with Specialty Laboratories (Valencia, California), a clinical reference laboratory, the agreement disclosed in September.

The company previously received a letter in which Wachovia Bank, National Association, Citigroup Global Markets, Deutsche Bank Trust Company Americas and UBS Loan Finance committed up to $298.5 million in senior secured credit facilities, consisting of a $203.5 million term loan and a $95 million revolving credit facility.

Up to $203.5 million of the loan and up to $52 million of the credit facility may be used to fund a portion of the merger consideration, pay transaction costs, refinance indebtedness, pay related expenses and provide working capital, the company said.

AmeriPath provides physician-based anatomic pathology, dermatopathology and molecular diagnostic services.

In other financing news:

Hologic (Bedford, Massachusetts), a provider of digital imaging systems directed toward women's health, reported that its stockholders approved an amendment to the company's certificate of incorporation at a special meeting to increase the number of shares of common stock. Hologic has the authority to issue from 30 million to 90 million.

As a result of the amendment, the previously disclosed two-for-one stock split to be effected as a stock dividend will be paid on Nov. 30 to shareholders of record on Nov. 16.

Hologic is a developer of digital imaging technology for general radiography and mammography applications. Its core business units are focused on osteoporosis assessment, mammography and breast biopsy, direct-to-digital X-ray for general radiography applications and mini C-arm imaging for orthopedic applications.

Immucor (Norcross, Georgia) reported that it intends to resume repurchases from time to time under its existing stock repurchase program as market conditions allow.

The company has not made any repurchases under the program since the commencement of its previously reported internal investigation.

With the completion of the internal investigation and the company's filing of its quarterly report for the period ended Aug. 31, Immucor's board has authorized it to resume repurchases under the program.

As of Nov. 11, 1,002,750 shares remain authorized for repurchase under the program.

Securities class actions have been filed against the company, charging insider trading and alleging that the company's Italian subsidiary made illegal payments to individuals associated with the Italian government's medical facilities. The U.S. Securities and Exchange Commission is investigating the charges.

Earlier this month, the company reported that it was closing its Houston manufacturing facility by December 2007 in order to reduce what it called "the regulatory burden posed by operating two separate FDA-licensed facilities."

Immucor manufactures a line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion.

Molecular Insight Pharmaceuticals (Cambridge, Massachusetts) has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. All shares of the common stock to be sold in the offering will be offered by the company.

Piper Jaffray and SG Cowen are acting as joint book-running managers for the offering. In addition, Oppen-heimer & Co. and Roth Capital Partners are acting as co-managers. The number of shares to be offered and the price range for the offering have not yet been determined.

Molecular Insight is focused on the development of molecular imaging pharmaceuticals and targeted radiotherapeutics.