Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Rubicon Medical: Boston Scientific buys $15 mil. of Rubicon Medical Series A Preferred Stock convertible into 10.9 mil. shares, bringing the firm's stake up to 18%. Boston Scientific says it will tender an offer for all outstanding shares of Rubicon if it acts on an option to buy the stock of the company's two largest shareholders, CEO Richard Linder and Chairman David Berger, who combined own just under 50%. The option will close 90 days after U.S. regulatory approval of the Rubicon Filter embolic protection system, which has yet to commence U.S. clinicals. European pivotal trials for heart and carotid artery indications are expected to complete in early 2004. Rubicon may wait until after CE mark approval to pursue U.S. indications, which likely will begin with saphenous vein grafts (1"The Gray Sheet" July 28, 2003, p. 6)...
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Rubicon SVG trial to commence
Cardiovascular Research Foundation Chairman Martin Leon, MD, will serve as primary investigator of the RULE-SVG trial of Rubicon Medical's Rubicon Filter saphenous vein graft filter. The study, likely to begin in Q2, will evaluate the filter's ability to capture and remove emboli released into the bloodstream during bypass surgery. The device also is being evaluated in Europe for distal protection during carotid stenting. Boston Scientific recently acquired an 18% share of the Salt Lake City firm for $15 mil. (1"The Gray Sheet" Nov. 10, 2003, p. 21)...
Rubicon SVG trial to commence
Cardiovascular Research Foundation Chairman Martin Leon, MD, will serve as primary investigator of the RULE-SVG trial of Rubicon Medical's Rubicon Filter saphenous vein graft filter. The study, likely to begin in Q2, will evaluate the filter's ability to capture and remove emboli released into the bloodstream during bypass surgery. The device also is being evaluated in Europe for distal protection during carotid stenting. Boston Scientific recently acquired an 18% share of the Salt Lake City firm for $15 mil. (1"The Gray Sheet" Nov. 10, 2003, p. 21)...
Financings In Brief
WorldHeart relisting: Stock (WHTOF) resumes trading on Nasdaq at $9.50 following seven-to-one consolidation approved by shareholders Nov. 25, 16 months after being delisted. On Sept. 23, the company issued $63.5 mil. in common stock and converted $58 mil. of preferred shares into roughly 5 mil. common shares. Shareholders also agreed to convert the remaining $20 mil. in preferred shares and $3.5 mil. in accrued dividends. Following the restructuring and consolidation, the Ottawa firm has no preferred shares outstanding, about 15 mil. common shares and no debt. WorldHeart recently announced a new strategy for the U.S. marketing of its Novacor left-ventricular assist device, taking advantage of Medicare reimbursement for investigational LVADs (1"The Gray Sheet" Nov. 10, 2003, p. 39)...