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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

World Heart: Gross proceeds of $12.8 mil. from two private placements, announced Dec. 5, will be used to support ongoing clinical trials of the Ottawa, Ontario firm's Novacor left ventricular assist system for use as an alternative to transplant (1"The Gray Sheet" Nov. 19, 2001, p. 16). The funds also will support pre-clinical and clinical studies of the HeartSaver VAD for the same indication, for which an IDE submission is expected in late 2002. The financing includes the private placement of 3 mil. special warrants at $3.50 each, and the separate sale of shares in an R&D unit at $3.50 per share. The transactions are expected to close on Dec. 17...

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Financings In Brief

Hologic: Planned secondary offering of up to 3 mil. shares of common stock will be used in part to fund continued development of the firm's second-generation, full-field digital mammography system using DirectRay direct-to-digital technology, the firm says Nov. 19 ("1The Gray Sheet" Nov. 5, 2001, p. 24). A PMA supplement filing is anticipated in the first quarter of 2002. A portion of the net proceeds also will be used to pursue approval, as well as for R&D and general corporate purposes, the firm says. Needham & Company is acting as underwriter for the offering. Separately, the firm plans to eliminate about 80 employees and take a roughly $1 mil. restructuring charge in the first quarter of fiscal 2002 (ending Dec. 29) related to closure of a manufacturing facility in Littleton, Massachusetts and relocation of certain operations to its headquarters facility in Bedford. The move is in line with a previously announced plan to phase-out non-core and unprofitable product lines such as conventional radiographic systems...

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