CardioFocus Inc. drummed up in nearly $14 million in a hoped-for $15.6 million funding round.
The Marlborough, Mass.-based company is developing a visually guided balloon catheter that uses a rotating laser to ablate the tissue surrounding the pulmonary artery’s entrance into the heart. The technology is intended to reduce atrial fibrillation.
CardioFocus investors include KBL Ventures, Oxford Biosciences Partners, SV Life Sciences Advisors and H.I.G. Ventures. The company raised $6 million in a debt offering in 2009 and another $5 million in an April 2010 offering of equity, debt, options and warrants, according to regulatory filings.
Here’s a roundup of the latest dealflow and investment news:
- Charles River implements $150 million stock repurchase plan
Charles River Laboratories International Inc. (NYSE:CRL) implemented a new accelerated stock repurchase program to repurchase $150 million of common stock, as part of its previously announced authorization from its board to repurchase up to $750 million of common stock. This new program follows a $300 million ASR program that was completed on Feb. 11, and resulted in the repurchase of a total of approximately 8.9 million shares. Under the $150 million ASR program entered into with Morgan Stanley & Co. Inc., the company will receive an initial delivery of approximately 3.7 million shares. The actual number of shares that Charles River repurchases under the ASR program will be determined based on a discount to the daily volume-weighted average price of its common stock over the course of a calculation period, which may extend approximately three months or conclude earlier at Morgan Stanley’s option. The company intends to fund the stock repurchases through a new $150 million term loan.
- MD Start adds VC and medical device firms as new investors
MD Start, the first and only European-based venture capital- and industry-backed medical device technology incubator, announced today the addition of two new shareholders: US-based venture capital firm Versant Ventures, and European medical device company, Sorin Group. Shortly after being founded by European medical device entrepreneurs Tim Lenihan and Gerard Hascoet along with the Paris-based venture capital firm Sofinnova Partners, MD Start partnered with global medical device leader Medtronic to identify and develop revolutionary early-stage medical device technologies in Europe. Lausanne, Switzerland-based MD Start’s mission is to accelerate development of revolutionary medical devices in Europe by providing inventors a way to develop their ideas without having to abandon their careers.
- PLC Systems lands $4 million institutional investment
PLC Systems Inc. (OTC:PLCSF) completed a financing with an institutional investor that provides PLC with up to $6 million in secured convertible debt financing, of which $4 million has been provided at this initial closing. These funds are intended to enable PLC to resume U.S. clinical trials for its RenalGuard program. PLC has issued the investor 5 percent Senior Secured Convertible Notes that mature three years from date of issuance as well as Warrants offering 100 percent coverage that can be exercised within five years from issuance. In addition, under the terms of the agreement, PLC may secure additional secured convertible debt funding from the investor of up to $2 million in the aggregate in two separate $1 million tranches, based upon meeting certain operational milestones including sales and clinical trial objectives.
- Medisafe 1 Technologies secures $5 million institutional investment
Medisafe 1 Technologies Corp. (OTC:MFTH) signed of an LOI to secure a $5 million Equity Funding Facility with Centurion Private Equity LLC, an institutional investor managed by Roswell Capital Partners LLC. Medisafe 1 Technologies intends to use the funding facility to fund ongoing research and development, and to support general corporate purposes. Upon closing of the agreement, Centurion will be committed to purchase for cash consideration, subject to certain conditions and limitations described in the agreement, up to an aggregate of $5 million of Medisafe 1 Technologies’ common stock. Under the Equity Funding Facility, Medisafe 1 Technologies may, at its discretion, periodically sell to Centurion shares of Medisafe 1 Technologies’ common stock at a price based upon the market price (as defined in the agreement) of Medisafe 1 Technologies’ common stock.
- Correx’s second funding round adds $2.8 million to company’s coffers
Waltham, Mass.-based surgical device company Correx Inc. raised $2.8 million out of a planned $4 million in new financing. The equity-based funding round from 10 unnamed investors is the second the company has taken since its 2004 founding, according to SEC filings. Correx first raised $4.5 million in 2008.
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