A Medical Device Daily

Cierra (Redwood City, California) reported receiving a $21 million financing led by Delphi Ventures (Menlo Park, California). The round also received support from current investors including Morgenthaler Ventures, Split Rock Ventures and Frazier Healthcare Ventures.

Cierra said that the funds will be used primarily to launch U.S. clinical trials and to initiate commercialization of its non-implant, catheter-based technology focused on migraine reduction by closure of patent foramen ovales in the heart.

“Cierra has an outstanding team of professionals who have developed a unique approach to PFO closure that does not involve leaving behind an implant in the heart,” said John Maroney, a general partner of Delphi.

Delphi is a venture capital firm focused on early stage healthcare investing, including medical devices, diagnostics and biotechnology.

Cierra, focused on minimally invasive treatment of heart conditions, is the seventh portfolio company from the medical device incubator, The Foundry, and is privately held.

Triad Hospitals (Plano, Texas) reported that it has replaced its $843 million credit facility with a new $1.1 billion credit facility.

The new facility is comprised of a $500 million term loan A and a $600 million revolving line of credit, both expiring June 2011; the previous facility comprised a $38.4 million term loan A, a $400 million revolving line of credit, and a $404.2 million term loan B.

Bank of America serves as administrative agent, and The Bank of Nova Scotia serves as syndication agent; JP Morgan Chase Bank, SunTrust Bank and Wachovia Bank, National Association serve as co-documentation agents.

Triad, through its affiliates, owns and manages hospitals and ambulatory surgery centers in small cities and selected larger urban markets. The company operates 53 hospitals and nine ambulatory surgery centers in 15 states with about 8,690 licensed beds. In addition, through its QHR subsidiary, the company provides management, consulting and advisory services to more than 180 community hospitals and health systems throughout the U.S.

Horizon Health (Lewisville, Texas) reported that it has amended and extended the maturity of its revolving credit facility agreement.

The credit facility is now a $125 million revolving credit facility that, at the request of Horizon Health, can be increased to a $175 million revolving credit facility, subject to satisfaction of certain conditions. The facility is available for acquisitions and working capital purposes. The revolving credit facility has a term until May 31, 2010.

The company said that the amended credit facility will provide it “more flexibility in executing its acquisition strategy while reducing the cost of the facility.”

Wachovia Bank, National Association and Amegy Bank, National Association were added to the company’s existing banks, which include JPMorgan Chase Bank (which also serves as agent); Bank of America, National Association; Wells Fargo Bank, National Association; and Key Bank, National Association.

Ken Newman, chairman and CEO, said that the new facility “will enhance the company’s ability to pursue growth through acquisitions.”

Horizon Health is a contract manager of clinical services for acute care hospitals and employers, and an owner of behavioral healthcare facilities.