Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Pegasus Biologics closes $20 mil. private placement: The DurAdapt bioimplant for dura mater repair after craniotomies is among Pegasus Biologics' R&D projects to be bolstered by a $20 million private placement, announced May 10. The firm also is developing a graft for anterior cruciate ligament reconstruction. Current offerings include the 510(k)-cleared OrthAdapt bioimplant for reinforcing compromised soft tissues in sports medicine, orthopedic and spine applications. The device is a "biocompatible, stabilized, sterilized collagen scaffold that fortifies and promotes tissue ingrowth," the Irvine, Calif., firm explains. Pegasus also offers the Unite biomatrix wound dressing. The new funds, which bring the company's total private equity investment to nearly $32 milion, will help Pegasus expand its market reach while bolstering its development pipeline, the firm says. The "Series C" financing round was led by Onset Ventures...
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Financings In Brief
Insulet proposes $107 mil. IPO: Maker of the OmniPod insulin management system proposes initial public offering, comprising 6.7 million common stock shares at $14 to $16 each and valued at up to $107 million. Proceeds are tabbed for expansion of manufacturing capacity and marketing activities, plus R&D. About 1,750 U.S. patients with diabetes use OmniPod. Cleared via 510(k) in January 2005 and launched in the United States that October, OmniPod includes a small insulin infusion pump that adheres to the skin and can be worn under clothing, and a handheld, wireless programmer that incorporates a blood glucose meter (1"The Gray Sheet" June 6, 2005, p. 16). The Bedford, Mass., firm generated sales of $3.7 million in 2006 and has an accumulated deficit of $102 million. Underwriters include JP Morgan Securities, Merrill Lynch, Thomas Weisel Partners and Leerink Swann & Company...
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