In Vitro Diagnostics Financing from Elsevier Business Intelligence

[DiagnoCure] nets $11.8mm in Canadian IPO

Fri, 01 Nov 1996 00:00:00 -0400

[DiagnoCure] (cancer diagnostics and therapeutics company) completed its initial public offering, selling 4.02mm units consisting of one common share and one warrant to purchase one common share, at $2.96 (Cdn$4) each, and netting $11.8mm (Cdn$16mm). The company will use the proceeds to fund R&D and acquire complementary technologies, and for general corporate purposes. It was incorporated in 1994 to develop diagnostic and therapeutic products for genito-urinary and breast cancers. Thecompany's lead products are based on monoclonal antibodies discovered by Dr. Yves Fradet of the [Universite Laval], and licensed from that institution. DiagnoCure hopes to launch {ImmunoCyt}-1,a fluorescence-based immunocytological test for superficial bladder cancer, by the second quarter of 1997, and it has several cancer therapeutic products in development as well.

[American Biogenetic Sciences] raises $9mm in private placement

Tue, 01 Oct 1996 00:00:00 -0400

Publicly-held [American Biogenetic Sciences] completed a $9mm private placement of convertible debentures. The offering raises ABS's cash and marketable securities on hand to about $16mm. The company will use the proceeds for general capital purposes, including clinical and diagnostic testing, sales and marketing, R&D and to purchase new equipment. ABS's core technology includes a patented antigen-free system that allows the generation of highly-specific monoclonal antibodies that are unattainable by present technologies. ABS has alliances with [Abbott], [Hoffmann-La Roche] and the [Medical Research Council] of Great Britain.

[Oncor] raises $2.5mm in private debt placement

Sun, 01 Sep 1996 00:00:00 -0400

[Oncor] (gene-based diagnostics) has raised $2.5mm from the private placement of 6% three-year unsecured notes convertible into stock and warrants into 250,000 common shares. Upon effectiveness of the registration, a second tranche of $2.5mm will be received. Oncor is currently developing the HER-2/neu diagnostic used for node-negative breast cancer.

[Meridian Diagnostics] raises $20mm in debt offer

Sun, 01 Sep 1996 00:00:00 -0400

[Meridian Diagnostics] (immunodiagnostics) has sold $20mm principal amount of 7% convertible subordinated debentures due 2006, raising net proceeds of $18.6mm. Meridian will use the proceeds to acquire products or product lines, licensing new products or technologies and general corporate purposes. In June, Meridian purchased the enteric product line of [Aquila Biopharmaceuticals] (formerly Cambridge Biotech) for $6.7mm. Meridian's product line includes {in vitro} diagnostics which utilize antigens to test for the antibodies released by the immune system in response to disease, purified reagents such as antigens and mono- and polyclonal antibodies and related diagnostic products.

[Innogenetics] raises $19mm in private placement

Sun, 01 Sep 1996 00:00:00 -0400

[Innogenetics] has issued approximately 9500 shares raising $19mm (BFr 571mm) in a private financing preparing for listing on the new European stock exchange. Innogenetics will use the funds to finance R&D and expand product capacity. Kredietbank purchased 6100 of the shares for $12mm (BFr 366mm) and will sponsor the financing on the EASDAQ--modelled after the US NASDAQ for growth companies--through its KB Securities. The remainder of the funds came from existing shareholders which exercised warrants and convertible bonds.

[Spectral] raises $8.23mm in two private placements

Thu, 01 Aug 1996 00:00:00 -0400

Pubilcly-traded [Spectral Diagnostics] (Canadian cardiovascular diagnostics company) raised $8.23mm (Cdn11.25mm) in two recent financings --a special warrant offering and a European private placement. The special warrants, priced at $6.51 (Cdn8.90) each are exchangeable for one common share; total proceeds from this offering were $4.88mm (Cdn6.675mm). The European placement was 500,000 common shares at the same price of $6.51 each for the remaining $3.35mm. The company will use the proceeds to fund its sales and marketing efforts in the US, Canada and Europe. It makes the {Cardiac STATus} line of diagnostic panel tests and reagents.

[Integ] nets $26.5mm in IPO

Mon, 01 Jul 1996 00:00:00 -0400

[Integ] (bloodless glucose monitoring) netted $26.5mm in an IPO of 3mm shares priced at $9.50 per share. The company had tentatively priced the offering at $12-14 per share in the preliminary prospectus. Integ's painless {Lifeguide System}, which utilizes interstitial fluid sampling (not blood samples drawn with a lancet), encourages frequent self-monitoring. The device (Integ expects to file 510k first half of 1997) draws a sample from the outermost layers of the skin and measures the glucose levels by infrared spectroscopy. For the patient, this means simply holding the device against the skin for 5-30 seconds until an adequate sample has been obtained and then waiting for the displayed result. Proceeds will be used for continued development and testing and clinical trials for the {Lifeguide System}; capital expenditures, primarily manufacturing facilities; manufacturing and marketing activities; and working capital.

[Adeza] withdraws 2.5mm share IPO

Mon, 01 Jul 1996 00:00:00 -0400

[Adeza Biomedical] (women's reproductive diagnostics) will offer 2.5mm common shares in its initial public offering, at $11-$13 per share, looking to net $27mm. The overallotment of 375,000 shares will be offered by selling shareholders. The company will use $6mm of the proceeds to fund R&D, $5mm to expand marketing and sales, $4mm to fund clinical trials, and the rest for general corporate purposes. Adeza's primary focus is developing tests to diagnose pregnancy-related and female reproductive disorders. It recently received an expedited premarket approval to market its ELISA (enzyme-linked immunosorbent assay) test fFN, which measures the fetal fibronectin in vaginal fluids, for use in women with symptoms of premature birth. The fFN test has been marketed in Japan since 1995 by Daiichi, and in Europe through various distributors; in the US Adeza licensed marketing rights to [Matria Healthcare].

[Calypte Biomedical] completes IPO of 2.54mm shares, nets $13mm

Mon, 01 Jul 1996 00:00:00 -0400

[Calypte Biomedical] (urine-based diagnostic tests) completed its initial public offering of 2.54mm common shares (2.3mm plus an overallotment of 236,259 shares) at $6 each, raising net proceeds of $13mm. The company will use the proceeds to establish a clinical reference laboratory, expand its product development and manufacturing capacity, repay debt, redeem preferred shares and for general corporate purposes. Calypte is developing urine-based diagnostics with an initial focus on HIV, chlamydia and H. pylori. It recently received marketing approval (pending final labeling approval) for its urine-based HIV test when used with the western blot confirmatory test which Calypte has licensed from [Cambridge Biotech]. The western blot has already received FDA approval for use with blood; clearance for urine is pending.

[Oncor] spins-off [Appligene] in France, nets $9.95mm

Mon, 01 Jul 1996 00:00:00 -0400

[Oncor]'s (genetic cancer diagnostics) French subsidiary [Appligene Oncor SA] went public on France's Nouveau Marche stock exchange, netting $9.95mm on the sale of 336,000 common shares at $31.52 (163 francs) each. Oncor now owns 79% of the company, which it purchased in 1994 for about the same amount as this offering. The company will use the proceeds to fund its expansion in Europe, and plans to acquire technologies and business units.

[Molecular Geriatrics] raises $7.2mm privately

Mon, 01 Jul 1996 00:00:00 -0400

[Molecular Geriatrics] (diagnostics and therapeutics for Alzheimer's) has raised $7.2mm in a private offering of 3.6mm shares of preferred convertible shares. The proceeds will be used to complete the development of its diagnostic to detect Alzheimer's disease in cerebrospinal fluid and to advance the R&D of its Alzheimer's therapeutic. MG licensed [Pharmacia & Upjohn] rights to its Alzheimer's disease associated proteins assay to screen compounds P&U is developing for treating Alzheimer's disease.

[Selfcare] raises $9.3mm in IPO of 1.3mm shares at $8.50 a share

Sat, 01 Jun 1996 00:00:00 -0400

[Selfcare] (self-test diagnostics in women's health, diabetes and infectious diseases) raised net proceeds of $9.3mm in its IPO of 1.3mm shares of common stock at $8.50 per share. The company originally offered 2.8mm shares, hoping to net $30mm. The company will use the proceeds to retire debt, fund acquisitions (including its pending acquisition of the Israeli infectious disease test kit manufacturer [Orgenics]) and for general corporate purposes. Selfcare was founded in 1992 (the successor to [Superior Sensors]) and had 1995 sales of over $7mm--$17.5mm if Orgenics sales are included. It markets home pregnancy and ovulation test in the US and Europe under its own brandname as well as private labels; it is developing an electrochemical blood glucose monitoring system (with partner J&J LifeScan), as well as home HIV, strep-A and chlamydia tests.

[Aprogenex] grosses $2mm in private placement

Sat, 01 Jun 1996 00:00:00 -0400

Publicly-traded [Aprogenex] (DNA probe diagnostics for genetic abnormalities and disease) completed a private placement of convertible notes and warrants, grossing $2mm. The company said the proceeds will fund the company's operations through the end of 1996. Aprogenex went public in 1993. Its lead product is {GenSite}, a prenatal genetic screening test that uses maternal blood. The company has filed a 510k on {GenSite}; while awaiting approval it is marketing the DNA probes associated with that test for research purposes.

[Digene] nets $30mm in IPO of 3mm common shares

Sat, 01 Jun 1996 00:00:00 -0400

[Digene] (DNA tests) completed its initial public offering of 3mm common shares, netting about $30mm. The company will use the proceeds to expand its sales and marketing force, fund its research and development, and for general corporate purposes. Its technology, called {Hybrid Capture} uses RNA probes that bind to specific DNA sequences. Its test for human papillomavirus received FDA approval for follow-up on inconclusive PAP smears, and is marketed in several territories outside the US. It is also developing a test for cytomegalovirus, and several sexually-transmitted diseases.

[Cortecs] launches international private placement