A Medical Device Daily

Medifacts International, a global contract research organization (CRO) providing clinical trial management, consulting and cardiac safety research services, reported that it has received $16 million in equity financing from Ampersand Ventures and SV Life Sciences (SVLS), known previously as Schroder Ventures Life Sciences.

This is the first institutional funding for Medifacts, the company said.

“The funding will be used to expand Medifacts' clinical research and cardiac safety services,“ said Sandra Garrett, president and CEO. “This capital will enable us to make critical investments in acquisitions, proprietary software in support of the integration of multiple endpoint data, and state-of-the-art technologies — all of which will expand our cardiac safety franchise.“

Medifacts said it is a worldwide leader in cardiac safety services, such as centralized ECG, Holter monitoring and ABPM.

In addition, Medifacts has a unit in G rlitz, Germany, that performs Phase I pharmacokinetic studies and also acts as an investigational site for Phase III-IV studies in all clinical indications.

Applied DNA Sciences (APDN; Los Angeles) reported that its managing investment banker, Vertical Capital Partners, along with participation from other funds and investors, has closed on $5,482,993 of funding for the company.

In addition, Vertical Capital Partners' clients converted more than $1.5 million in bridge loan notes issued in November 2003, into common shares of the company.

APDN said it would use the funds to speed research, development and distribution of its advanced DNA security programs.

Applied DNA Sciences extracts and recombines botanical DNA codes to create what it said is a virtually foolproof method to prove product authenticity, detect fakes and protect supply chain integrity. The technology provides overt and covert protection for corporations, governments and consumers against counterfeiting, fraud, theft, piracy, product diversion and adulteration, identity theft and unauthorized intrusion into secure facilities and databases.

In other dealmaking activity:

Select Medical (Mechanicsburg, Maryland) reported its intention to issue up to $660 million principal amount of senior subordinated notes due 2015.

The net proceeds of the offering will be used to provide a portion of the funds necessary to finance Select's previously disclosed merger with an affiliate of Welsh, Carson, Anderson & Stowe IX, refinance certain of Select's existing indebtedness, and pay related fees and expenses.

The simultaneous completion of the merger is one of the conditions to the offering. Select said it anticipates completing the offering next month.

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