• Cardiac Science (Irvine, California), a manufacturer of public-access automated external defibrillators, reported that the Securities and Exchange Commission (SEC) has declared effective its statement related to its proposed merger with Quinton Cardiology Systems (Bothell, Washington). The action allows stockholders of the companies to vote on the proposed merger at their respective special meetings. CSQ Holding Company is a newly-formed corporation established to facilitate the merger.

Cyberquest (Branford, Connecticut) said it has completed the acquisition of 100% of the shares of Vascular Relief Centers (Orlando, Florida), a private company exclusively devoted to treatment of vein diseases through their medical facilities. As part of the acquisition, Vascular Relief Centers CEO Lee Fields and CFO Eric Luetkemeyer have assumed corresponding positions in Cyberquest; both also were appointed to the board of directors. The new management plans to change the corporate name of Cyberquest to Vascular Relief Centers Corp. and to seek a new symbol from Nasdaq. Vascular Relief Centers operates medical facilities devoted exclusively to the treatment of vein disease.

MicroMed Technology (Houston), a developer of miniaturized implantable ventricular assist technology, reported completing its previously announced merger with a wholly owned subsidiary of Salmon Express (Vernon, British Columbia). The deal was first unveiled in February. The combined company has been renamed MicroMed Cardiovascular and will have its shares publicly quoted on the OTC Bulletin Board. In connection with the merger, MicroMed also completed an equity financing through a private placement of $5 million of common stock by Hunter World Markets (Beverly Hills, California). MicroMed’s initial platform in heart failure products is the DeBakey Ventricular Assist Device for the treatment of advanced heart failure.

Micrus Endovascular (Sunnyvale, California) reported that it has acquired VascularFX, a privately held company focused on the development of catheters and guidewires for the interventional neurology, interventional cardiology and interventional radiology markets. The $4 million cash transaction includes an initial payment of $1.5 million, future milestone payments and an undisclosed royalty on potential future products sales. “The acquisition of VascularFX supports our strategy to deliver a complete product solution for the neuro endovascular market,” said John Kilcoyne, Micrus Endovascular president and CEO. “Gaining rights to important intellectual property owned by VascularFX furthers our ability to develop and commercialize products such as steerable catheters and guidewires that provide faster and more distal access through the tortuous vasculature of the brain. Currently, no steerable catheters are available for use in the neuro endovascular market.” Additionally, he said Micrus believes the ability to reposition catheters after reaching the aneur-ysm may enable physicians to more thoroughly fill aneurysms, “making this the catheter of choice for the approximately 50,000 coiling procedures performed worldwide.” The company said it also plans to investigate the opportunity of licensing the technology for applications outside of the neuro endovascular market. Micrus Endovascular makes both implantable and disposable medical devices used in the treatment of cerebral vascular diseases. Micrus products are used by interventional neuroradiologists and neurosurgeons primarily to treat cerebral aneurysms responsible for hemorrhagic stroke.

Pediatrix Medical Group (Fort Lauderdale, Florida), a provider of newborn and maternal-fetal physician services, reported that it has completed the acquisition of Texas Pediatric Cardiology Associates (Dallas), a three-physician group that provides comprehensive pediatric cardiology services in Dallas and surrounding north Texas areas. The physicians provide services including electrocardiograms, echocardiograms, ultrasound, stress tests and interventional cardiology to maternal-fetal, neonatal, pediatric and adult patients. Pediatrix provides pediatric cardiology services in several states, including Dallas and Austin, Texas; Miami, Fort Lauderdale and West Palm Beach, Florida; Phoenix and Tucson, Arizona; and Denver.

WorldHeart (Oakland, California) reported the completion of its acquisition of MedQuest Products (Salt Lake City), which in the development stages of its HeartQuest ventricular assist device (VAD). In conjunction with the deal, first disclosed in February, the company raised about $23 million in gross financing from a private placement with Maverick Venture Management and the exercise of certain outstanding warrants for the purchase of common shares. In conjunction with the acquisition, WorldHeart completed a $12 million private placement of about 8.9 million common shares at a price of $1.35 a share with Maverick. WorldHeart issued 9.3 million common shares to MedQuest in connection with the acquisition. Maverick and the shareholders of MedQuest now have a roughly 33% ownership stake in the combined company. All of the holders converted their debentures, at a price of $1.25 a common share, receiving about 10.7 million common shares. The convertible debenture holders also exercised all of their corresponding warrants, and received about 10.7 million common shares of the company at an adjusted exercise price of $1.00 per common share, resulting in gross proceeds to WorldHeart of close to $10.7 million.

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