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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Zeltiq Aesthetics raises $25 million: Fat reduction technology developer raises $25 million in a "Series D" private placement led by Aisling Capital, announced June 2. The funds will help Zeltiq Aesthetics "scale up globally," notes CEO Gordie Nye. The firm received European CE Mark approval last September for non-invasive fat layer reduction with its Zeltiq system, which is based on Cryolipolysis controlled cooling technology. The non-surgical alternative to liposuction relies on the natural biologic vulnerability of fat cells to cold. It "is designed to only kill fat cells and not cause the injury to the skin or other tissue that results from liposuction," the company claims. In the U.S., the system is cleared for dermatologic applications; an application is pending for fat-cell reduction, Zeltiq says. Based in Pleasanton, Calif., Zeltiq has raised $50 million since it was founded in 2005

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Zeltiq's CoolSculpting

Non-invasive fat reduction system will be available in the U.S. immediately after receiving 510(k) clearance, announced Sept. 8. Zeltiq received a CE mark in September 2009 for the controlled cooling technology (1"The Gray Sheet" June 7, 2010). The non-surgical substitute for liposuction is based on the natural biologic susceptibility of fat cells to cold. The CoolSculpting system kills underlying fat cells and does not affect the skin tissue, the firm explains

Zeltiq's CoolSculpting

Non-invasive fat reduction system will be available in the U.S. immediately after receiving 510(k) clearance, announced Sept. 8. Zeltiq received a CE mark in September 2009 for the controlled cooling technology (1"The Gray Sheet" June 7, 2010). The non-surgical substitute for liposuction is based on the natural biologic susceptibility of fat cells to cold. The CoolSculpting system kills underlying fat cells and does not affect the skin tissue, the firm explains

Financings In Brief

GenMark Diagnostics/Osmetech plans U.S. IPO: Molecular diagnostics firm Osmetech proposes to officially relocate from the U.K. to the U.S. and raise additional capital through the planned U.S. initial public stock offering of a newly created parent holding company named GenMark Diagnostics, announced March 19. While Osmetech first went public in 1994 and currently trades on the London Stock Exchange, current Osmetech shareholders will trade their shares for those of GenMark Diagnostics under the planned reorganization and stock offering, the company explains. "The proposal will align the place of listing with the business activities of the Osmetech Group, which are almost entirely based in the U.S. and where the board expects the majority of ... future growth to take place," the firm states. GenMark, which filed its preliminary IPO prospectus with the Securities and Exchange Commission on March 19, aims to raise up to $46 million. Proceeds are tabbed for R&D, marketing activities and working capital. Headquartered in Pasadena, Calif., the firm aims to expand its testing menu for its 510(k)-cleared XT-8 automated bench-top molecular diagnostics system; warfarin sensitivity and cystic fibrosis genotyping tests are already FDA cleared for use on XT-8. Also under development is the next-generation AD-8 system to integrate DNA amplification with the firm's eSensor technology. The firm reported 2009 sales of $998,000, up 54%. Competitors include Cepheid, Gen-Probe, Hologic, Luminex, Nanosphere, Qiagen and Roche Diagnostics. Underwriters for the IPO include Piper Jaffray and Leerink Swann

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