This article was originally published in The Gray Sheet
Executive SummaryGoing public via offering of 1.5 mil. shares at an estimated price of $9.50 per share; CryoLife is offering 1 mil. of the shares, while existing shareholders are selling 500,000 shares. Underwriting the deal is The Robinson-Humphrey Company and Morgan Keegan & Co. CryoLife, which cryopreserves human heart valves, saphenous veins, and orthopedic tissues, will use $2.1 mil. of the expected $8.2 mil. in net proceeds to repay debt. The remaining proceeds will be used for working capital, including $700,000 to cover expenses associated with obtaining FDA approval of the firm's human heart valves and $2 mil. for ongoing research and development. Among products/technologies under development are viral inactivation processes for bone, soft tissue and blood products that decontaminate microorganisms such as hepatitis B and human immunodeficiency viruses. Also under development is: FibRx, a surgical bio-adhesive based on a derivative of fibrinogen, "which, if successful, may control bleeding and assist in positioning tissue at wound sites during and after surgery"; SynerGraft, a process for transplanting human cells onto the structure of a non-viable animal tissue that could alleviate "donor supply constraints associated with human tissue"; a technique for red blood cell cryopreservation; and "improved fluids for tissue transport and cardioplegia".
You may also be interested in...
The amyloid-targeting drug is years behind Biogen/Eisai’s aducanumab, but its subcutaneous administration and the GRADUATE studies’ design could give Roche’s gantenerumab an advantage.
Correvio's atrial fibrillation drug Brinavess will return to a US FDA advisory committee more than a decade after the agency first declined to approve the drug; FDA still has a series of cardiovascular safety concerns related to the drug and is not convinced by data from the European experience.
FerGene bladder cancer therapy achieved a complete response in more than half of patients in its pivotal trial. The joint venture now looks to commercialization and potential expansion of indications.