A Medical Device Daily

IPC The Hospitalist Company (North Hollywood, California) last week unveiled the number of shares and pricing on its previously reported initial public offering (Medical Device Daily, Jan. 23, 2007). It will offer 5.2 million shares of common stock at $16 a share, seeking to raise more than $83 million.

IPC has agreed to sell 3.3 million shares of common stock and the selling stockholders have agreed to sell the remaining 1.9 million shares of common stock. The selling stockholders have also granted to the underwriters an option for 30 days following the closing to purchase up to another 705,000 shares to cover over-allotments.

IPC’s common stock will trade on the Nasdaq Global Market under the symbol IPCM. The company said that the offering is expected to close on Jan. 30, subject to customary conditions.

Credit Suisse Securities (USA) and Jefferies & Company acted as joint bookrunners for the offering. Wachovia Capital Markets and William Blair & Company acted as co-managers for the offering.

Founded in 1995, IPC is a provider of hospitalist services in the U.S. IPC’s physicians manage and coordinate the care of hospitalized patients and serve as the inpatient partner of primary care physicians and specialists.

The company provides its hospitalists with management systems, information technology, training and administrative support, employing more than 550 hospitalists at over 300 medical facilities in 18 states.

MicroIslet (San Diego), a biotech company developing transplantation therapies for diabetes, reported that it will borrow up to $1 million from a private trust under an unsecured revolving promissory note. The trust has agreed to make an initial advance of $400,000 to the company under the note. Additional advances may be made subject to the trust’s consent, it said.

MicroIslet is developing technologies in the field of transplantation therapy for patients with insulin-dependent diabetes.

The company has licensed several technologies from Duke University (Durham, North Carolina) for isolation, culturing, storage and microencapsulation of insulin-producing islet cells from porcine sources.

The company says it is planning human clinical trials in the U.S., and that it is “exploring” possible trials abroad.

In other financing news:

• Elekta (Stockholm, Sweden) said that on Jan. 24 it repurchased 100,000 B shares at an average price of SEK 104.79.

Elekta said its current holding of own shares (treasury stock) amounts to 1,730 871 B-shares, including 1,630,871 B shares, which are in the process of being cancelled.

The total number of shares in Elekta as of Dec. 31 amounts to 93,903,316, divided between 3,562,500 A shares and 90,340,816 B shares.

The repurchases being carried out follows a board decision to mandate management the repurchase of shares amounting up to SEK 100 million, but maximized to 1,200,000 shares.

Elekta provides clinical solutions, management and information systems and services for cancer care and management of brain disorders. Its solutions include the Leksell Gamma Knife for non-invasive treatment of brain disorders; Elekta Axesse and Elekta Synergy for stereotactic and image-guided radiation therapy and radiosurgery; and the MOSAIQ suite of software for image-enabled EMR and management of clinical and patient data.

• Fresenius Medical Care (Bad Homburg, Germany) reported that its subsidiary, FMC Finance III, extended the expiration date of its exchange offer to the holders of its 6 7/8% senior notes, due 2017. The notes will be guaranteed by the company, Fresenius Medical Care Holdings, and Fresenius Medical Care Deutschland. The exchange offer to holders of the senior notes will now expire at 5 p.m., EST, on Feb. 7.

FMC Finance III S.A. is offering to exchange up to $500 million amount of 6 7/8% senior notes, due 2017, which have been registered for a like principal amount of its outstanding 6 7/8% senior notes, due 2017. The exchange offer was originally scheduled to expire at midnight, EST, on Jan. 24.

At the close of business on Jan. 24, about $499,885,000 out of $500 million of old notes, including $8,785,000 of tendered by guaranteed delivery procedures, have been received.

Fresenius Medical Care is an integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure.