Kensey Nash Corp. (NSDQ:KNSY) landed a small business innovation research grant from the National Institutes of Health to investigate the use of surgical mesh for tendon repair procedures.
The two-year, $1.9 million grant will allow the Exton, Pa.-based regenerative medicine developer to investigate the ability of its bioadhesive mesh to improve standard sutured tendon repair.
"This grant will allow us to explore new applications for our recently acquired adhesive technology in combination with our other extracellular matrix, collagen, and polymer based biomaterials to develop new solutions for existing medical problems," Doug Evans, Kensey’s chief operating officer said in prepared remarks.
Kensey has had a tough year so far, sinking hard during the three months ended June 30after posting a 15 percent decrease in sales to $18.7 million, compared to $21.9 million during the same period last year.
Profits dove 50 percent to $2.9 million, compared to $5.9 million, or 60 cents per diluted share in Q4 of 2010.
Sales for the full year sank 11 percent to $71.6 million, or 23 cents per diluted share, from $80.6 million, or $1.78 per diluted share, for FY 2010.
It’s Q1 2012 profits were no better. Kensey posted $2.26 million on the three months ended Sept. 30. That compared with profits for $3.8 million on sales of $17.0 million during the same period last year.
Here’s a roundup of other dealflow and investment news:
- Zimmer announces $550M public offering of senior notes
Zimmer Holdings Inc. (NYSE:ZMH) commenced a $550 million public offering of senior notes. The company plans to use profits to repay outstanding credit borrowings.
- Hansen Medical agrees for private placement of $10M of common stock
Robotic catheter maker Hansen Medical Inc.(NSDQ:HNSN) entered into a stock purchase agreement to raise $10 million by selling common stock to existing shareholders.
- ProUroCare Medical sells stock to retire bank debt
With the sale of private placement stock, ProUroCare Medical Inc. retired $200,000 of its secured bank debt.
- Precision Optics extend maturity date of senior secured convertible notes
Investors of Precision Optics Corp. extended the stated maturity of senior secured convertible notes to December 15, 2011.
- Silicon Valley Bank agrees to loan modification for Stereotaxis
Stereotaxis Inc. entered into a modified loan agreement with Silicon Valley Bank, amended from the original loan agreement on March 11, 2009.