A Medical Device Daily
Signaling what it said is a vote of confidence in its "vision" for opening dialysis clinics in underserved markets, National Renal Alliance (Franklin, Tennessee) reported that it has attracted an additional $40 million in private equity from the Warwick Group.
In conjunction with the $40 million equity investment, which consists of Series B and Series C preferred units, the company said it has secured an additional $3 million in debt financing from Fifth Third Bank.
National Renal said it will fund an "aggressive growth and expansion plan" with the investment, aiming to double its number of dialysis centers by 2006. Currently, it owns and operates 11 centers in conjunction with physicians and hospitals.
For Warwick, this marks the firm's second investment in National Renal. The private equity firm led a $23 million in debt and equity raise to launch the company in 2002.
Ambrx (San Diego) reported the completion of a $23.4 million preferred stock financing.
The company said the funds will be used to advance its lead product candidate, a human growth hormone with "enhanced pharmacologic performance," into clinical development and exploit its technology platform in other applications.
New investors in the company, including Maverick Capital, CMEA Ventures, Twilight Venture Partners and Alexandria Real Estate Equities, were joined by existing investors Tavistock Life Sciences, 5AM Ventures, Versant Ventures and Aravis Ventures.
David Singer of Maverick Capital will join the Ambrx board of directors in connection with the close of the financing.
Ambrx's most advanced product candidate, a human growth hormone, is currently in preclinical development with an investigational new drug filing anticipated in 2006. Ambrx said it also is optimizing several other protein therapeutics representing what it said are large markets and significant unmet medical needs.
In other financing activity:
• FoxHollow Technologies (Redwood City, California) said that lock-up agreements entered in conjunction with its initial public offering will be extended 19 days until May 14. The first sales of previously restricted shares may take place on May 16.
This extension affects about 17.7 million shares of common stock. The lock-up period was due to expire on April 26, but the company's underwriting agreement provided for an extension, depending on the timing of FoxHollow's quarterly earnings press release. The company said it plans to release financial results for the first quarter of fiscal 2005 after market close on April 27.
Upon expiration of the lock-up period, these shares will be available for sale subject to any resale restrictions of the federal securities laws.
The company completed an initial public offering of 5.2 million shares for roughly $67 million in October 2004 (Medical Device Daily, Oct. 29, 2004).
FoxHollow develops minimally invasive plaque excision devices for the treatment of peripheral artery disease (PAD). An estimated 12 million people in the U.S. are thought to suffer from PAD, with 2.5 million patients currently diagnosed. PAD results from plaque that accumulates in the arteries and blocks blood flow in the legs. These blockages can result in severe pain for patients and very limited physical mobility.
The company's SilverHawk Plaque Excision System is a minimally invasive method of removing obstructive plaque and restoring blood flow to the legs and feet.