A Medical Device Daily

Exactech (Gainesville, Florida), a developer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, said it has agreed to sell 877,391 shares of its common stock at $23 a share, resulting in gross proceeds of roughly $20.2 million and net proceeds of about $18.8 million after expenses and placement agency fees.

Exactech offered the shares as part of an effective registration statement filed with the Securities and Exchange Commission. The offering is expected to close by Wednesday.

CFO Jody Phillips said the impact of the transaction already has been factored into the company's financial targets and its 2008 guidance of revenues of $162 million to $169 million and diluted EPS of 92 cents to 98 cents.

The company said it plans to use the net proceeds from the sale to pay debt and for general corporate purposes, including working capital, product development and capital expenditures.

Thomas Weisel Partners and Canaccord Adams served as co-lead agents for the transaction. Robert W. Baird & Co. and Noble Financial Capital Markets served as additional co-agents.

CardioDynamics (San Diego), developer of the BioZ Impedance Cardiography, said its shareholders approved a 1-for-7 reverse split of its common stock. The company's common stock began trading Friday on the Nasdaq Capital Market on a split-adjusted basis. The stock will trade under the symbol "CDICD" for about 20 trading days to denote the reverse split, after which time the trading symbol will revert to CDIC.

In the reverse split, each seven shares of CardioDynamics common stock issued and outstanding will be combined into one share of common stock, which initially should proportionately increase the stock price, according to the company. Following the reverse split, the total number of shares outstanding will be reduced to about 7.2 million shares, CardioDynamics said.

In other financing activity: Somanetics (Troy, Michigan) reported board authorization for repurchasing up to an additional $15 million of its common shares for a total of $30 million of its common shares.

The company makes the INVOS Cerebral/Somatic Oximeter system, a noninvasive patient monitoring system designed to continuously measure changes in the blood oxygen levels in the brain and elsewhere in the body, in somatic, or skeletal muscle, tissue in patients with or at risk for restricted blood flow.