A Medical Device Daily
ADM Tronics (ADMT; Northvale, New Jersey) reported that its Ivivi Technologies (Northvale/Santa Clara, California) subsidiary has filed with the Securities and Exchange Commission for a proposed initial public offering (IPO) of its common stock, no par value.
Ivivi Technologies is an early stage medical technology company focusing on developing electrotherapeutic technologies for the non-invasive treatment of a wide array of acute and chronic disorders of soft tissue.
Ivivi was previously AA Northvale Medical Associates, ADM Tronics changing the name last year as part of a branding effort aligning it with anticipated market growth of Ivivi's SofPulse, a non-invasive, medical electrotherapy device for soft tissue injuries.
SofPulse is used to reduce pain and edema. It has been approved for reimbursement by the Centers for Medicare & Medicaid Services (CMS; Baltimore) for off-label use on non-healing wounds, such as type III and type IV pressure ulcers, or diabetic ulcers, arterial ulcers or venous stasis ulcers. The technology treats through clothing and other materials. Facilities rent the SofPulse for a monthly fee and then are entitled to its unlimited use.
Ivivi's technologies and research target wound, plastic surgery, pain and related markets.
ADMT is a manufacturer of products in three segments: non-invasive electronic medical devices, environmentally safe chemical products and topical dermatological products.
The shares are to be offered by Maxim Group, managing underwriter.
Aesthera (Livermore, California) reported closing its Series B financing, totaling $6.5 million. Led by MedVenture Associates (Emeryville, California), the round included Adams Street Partners and private investors. It brings Aesthera's total invested capital to $8.5 million, the company said.
The funds, Aesthera said, will be used for product development and to build worldwide sales marketing, as it prepares to launch what it termed “a new generation of non-invasive light-based aesthetic“ devices.
Aesthera has developed what it calls Photopneumatic Technology, a combination of pneumatic energy and broadband light for, it said, “up to five times more photon efficiency in a painless treatment.“
Initial applications of Photopneumatic Technology include hair removal, skin rejuvenation and treatment of vascular and pigmented lesions.
Its first product, Aesthera PPx, delivers hygienic treatments fast and painlessly, according to the company.
Photopneumatic Therapy will be unveiled at this year's annual meeting of the American Academy of Dermatology (Schaumburg, Illinois) in New Orleans.
Aesthera estimates the annual volume of light-based aesthetic treatments to grow to 60 million by 2007 worldwide, triple the volume of 2003.
Among dermatology and plastic surgery physician specialties, total market penetration for light-based aesthetic devices has only reached 35% and 25% respectively, compared to 2% to 5% penetration in other “high-growth specialty markets,“ Aesthera said.
“This market has simply been awaiting an effective, easy-to-acquire device that doesn't require high patient volume for profitability,“ said Alon Maor, president and CEO. “Aesthera Photopneumatic Therapy is designed to meet this need,“ he said, adding: “We now have the resources necessary for us to solidify our commercial operations and help physicians establish and grow their aesthetic practice.“
In other financing activity:
• Pressure BioSciences (PBI; Gaithersburg, Maryland), an early stage company focused on the development of Pressure Cycling Technology, reported that its offer to purchase up to 5.5 million shares of its common stock at $3.50 a share expired at 10 a.m. EST on Feb. 11. More than 5.21 shares of common stock were tendered, and the company accepted for purchase all 5,210,001 shares at $3.50 a share.
The aggregate price to be paid for the tendered shares, after deducting the aggregate exercise price for the 761,275 shares issued upon exercise of stock options, is $16.1 million. The company now will have 2,424,189 shares of common stock outstanding.
PBI said it has reviewed the Nasdaq's continued listing requirements, does not believe it will meet the $10 million stockholders' equity requirement and will seek transfer to the Nasdaq SmallCap Market.
• Following the sale of substantially all the assets and selected liabilities of its BBI Diagnostics and BBI Biotech divisions to SeraCare Life Sciences (Oceanside, California) last September for $30 million (Medical Device Daily, Sept. 16, 2004), Boston Biomedica (West Bridgewater, Massachusetts) has changed its name to Pressure BioSciences (PBI).
PBI's PCT technology uses cycles of hydrostatic pressure between ambient and ultra-high levels (35,000 psi and greater) to control biomolecular interactions. The company reports holding 13 U.S. and foreign patents for PCT applications in life sciences, including genomic and proteomic sample preparation, pathogen inactivation, control of enzymes, immunodiagnostics and protein purification.
PBI owns a 30% passive investment in Source Scientific (Garden Grove, California), which manufactes the company's PCT equipment, and a 4.45% investment in Panacos Pharmaceuticals (Gaithersburg, Maryland), an anti-viral drug discovery company.