A Medical Device Daily
Hoping to put a larger developmental light on its flagship product, the VeinViewer, Luminetx (Memphis, Tennessee) on Friday reported securing $4 million in an initial financing round.
The company said it would use the proceeds to support manufacturing and marketing of the VeinViewer, a device that uses infrared light and patented technologies to project real-time images of underlying veins directly onto a patient’s skin. It said that some of the proceeds also would go to development of other technologies in its product portfolio.
The VeinViewer is used much like a work light, according to Luminetx. It features an adjustable head that can be positioned over a portion of the patient’s anatomy, leaving both of the clinician’s hands free to work with the patient.
Luminetx said it is “on track” to take the system to market in 1Q06.
It reports clinical trials showing the device to be effective in accessing difficult-to-find veins and that it is especially effective with pediatric patients. A recent trial with blood donors with known difficult-to-find veins demonstrated that the device facilitated first-time access in 100% of the time, it said.
“This trial validates the value that we expect VeinViewer to have in the blood donor population,” said Edward Scott, MD, president and medical director of Luminetx. “VeinViewer holds the promise of making sure that this essential process can be performed as effectively as possible every time.”
Jim Phillips, president, CEO and chairman, of Luminetx, said that the VeinViewer “will change the standard of healthcare delivery in America. It boosts clinician confidence and patient satisfaction” by improving care and “efficiency of delivery.”
The Morgan Keegan (Memphis) firm reported investing in Luminetx through its private equity funds group.
In addition to the VeinViewer, other products being developed by Luminetx target the digital imaging, nanotech, wireless and communications arenas.
The company said it would pursue a second-round financing later this year.
Fisher Scientific International (Hampton, New Hampshire) reported pricing of the previously disclosed tender offer and consent solicitation for its 8-1/8% senior subordinated notes due 2012 (Medical Device Daily, April 18, 2005).
The total consideration for each $1,000 principal amount of notes validly tendered and not revoked prior to the April 27 deadline is $1,108.94, which includes a consent payment of $30.
The total consideration was determined by reference to a fixed spread of 75 basis points over the bid-side yield of the 3-3/4% U.S. Treasury Note due March 31, 2007, which was calculated on April 28.
The reference yield and the tender offer yield are 3.604% and 4.354%, respectively. Holders of notes tendered on or prior to the consent payment deadline will also receive accrued and unpaid interest on the notes up to, but not including, the initial payment date for the offer, which was expected to be this past Friday.
Holders tendering their notes after the consent payment deadline, but on or prior to midnight EDT on May 11 will receive the tender offer consideration of $1,078.94 per $1,000 principal amount of notes tendered, but will not receive the consent payment.
In addition, holders of notes tendered after the consent payment deadline will receive accrued and unpaid interest on the notes up to, but not including, the final payment date for the offer, which is expected to be on or about May 12.
As of the consent payment deadline, the company said it had received tenders and consents for $289.7 million in aggregate principal amount of notes, representing about 95.3% of the outstanding notes.
Fisher Scientific is a provider of products and services to the scientific community.
In other financings news, Ardent Health (Nashville, Tennessee) reported the results to date of its previously disclosed tender offer and consent solicitation by its subsidiary, Ardent Health Services for its outstanding 10% senior subordinated notes due 2013 (MDD, April 19, 2005).
As of 5:00 p.m. EDT on April 28, which was the deadline for holders to tender their notes and deliver their consents in order to be eligible to receive the consent payment of $30 per $1,000 principal amount in connection with the tender offer and consent solicitation, tenders and consents had been received from holders of $224.97 million in aggregate principal amount of the notes.
This number represents about 99.99% of the outstanding notes, the company said.
Accordingly, the requisite consents to adopt the proposed amendments to the indenture governing the notes have been received, and a supplemental indenture to effect the proposed amendments has been executed.
Ardent Health Services is a provider of healthcare services to communities throughout the U.S. It currently owns 34 hospitals in 13 states.