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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Endologix AAA efforts: Net proceeds from a $15.3 mil. private placement of common stock will support a clinical study of the PowerLink minimally-invasive endoluminal stent graft in treating aneurysms 34 mm in diameter and larger. An IDE will be submitted to FDA by the end of March, Endologix says. The funds also will go towards hiring up to eight sales reps by year end to correspond with when PowerLink is expected to receive FDA approval to treat smaller diameter abdominal aortic aneurysms. Company reps will meet with the agency in mid-April to discuss the progress of the PMA, Endologix says. One-year follow-up data for the small diameter AAA on 184 patients showed zero ruptures and 14 secondary procedures: 10 endoleaks (5.4%) and four device obstructions (2.2%), Endologix reports. Based on the strength of the data, the firm does not expect a panel review. The U.S. market for AAA stent grafts is estimated at $200 mil., Endologix says. The firm sold 3.2 mil. shares to accredited investors for $5.10 per share. Adams, Harkness & Hill acted as the placement agent on the transaction...
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