Updated: 08/02/2011 1:30 p.m.
Accuray Inc. (NSDQ:ARAY) priced its proposed offering higher than previous estimates, coming in at $100 million in 3.75 percent convertible senior notes made available to institutional investors.
The sale was set to close yesterday, according to SEC filings.
The notes, due Aug. 1, 2016, were originally proposed at $75 million with an optional $11.25 million in notes for the first investor, and the announcement saw the company’s stock sink more than 10 percent to $7.58 when the news broke last week.
News of the increased offering, including raising the first-buyer incentive to $15 million in additional notes, brought the share price down another 6 percent to $7.15.
"Accuray intends to use the proceeds from the sale of the notes for general corporate purposes, including investing strategically in expanding its business and new product initiatives," according to the filing.
Here’s a roundup of other dealflow and investment news:
- Diabetes monitoring company raises $76 million in series D
Intuity Medical Inc.
announced the close of its second tranche series D financing round with a total of $76 million. The Sunnyvale, Calif.-based company plans to use the funds to obtain FDA clearance for its glucose monitoring and diabetes management devices and prepare for U.S. commercialization.
- Beacon Endoscopic rounds up $8 million *
Newton, Mass.-based Beacon Endoscopic Ltd. secured $5 million in financing from MVM Life Science Partners, as well as $3 million from angel investors. The company, which develops products for the upper gastrointestinal and bronchial endoscopy markets, plans to commercially launch its fine needle aspiration system for use in endoscopic ultrasound in the U.S. in the fourth quarter 2011, as well as set its sights on the global market.
- Bacterin lands $15 million credit facility
Belgrade, Mo.-based Bacterin International Holdings, Inc. (OTC:BIHI) announced a 42-month, $15 million credit facility through MidCap Financial LLC and Silicon Valley Bank. In connection with the arrangement, Bacterin will reduce its debt service payments by about $60,000 per month through the end of April 2012.
- PathoGenetiX touts $4 million
Gene-scanning tech company PathoGenetiX Inc. announced that it raised $4 million in the first closing of its series B financing round. The Woburn, Mass.-based company plans to use the funds to complete development of its first commercial pathogen identification systems.
- iPhone ECG maker lands $3 million
AliveCor, which made headlines for its powerful heart monitor technology that attaches to the back of an iPhone, announced that it raised $3 million in its first funding round. The company plans to built its team, gain regulatory approval and market the device in the U.S. and worldwide.