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Cardiac Science

This article was originally published in The Gray Sheet

Executive Summary

Maker of the Powerheart automatic external cardiac defibrillator-monitor raises $9.7 mil. through a private placement of about 2.2 mil. shares of common stock at $4.50 per share to Swiss investors. Proceeds will be used for global marketing initiatives for the Powerheart, which gained 510(k) clearance in January, as well as for development of additional products and working capital. The Irvine, California company says it is in discussions "with several other investor groups and anticipates additional subscriptions to the current private placement round prior to its closing." Separately, Cardiac Science announces June 27 a license agreement with Medtronic Physio-Control for use of its proprietary technology in Medtronic Physio-Control's LifePak external defibrillators for the hospital market
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