A Medical Device Daily

Signalife (Los Angeles) reported that it has received American Stock Exchange Approval for up to $102 million in financing with Yorkville Advisors through its YA Global Investments LP fund.

As part of the financing, Signalife has received immediate funding of $2 million through the sale of its common stock to YA Global Investments, and has also entered into a standby equity distribution agreement (SEDA) allowing Signalife, at its sole discretion upon effectiveness of a registration statement relating to the shares underlying the SEDA, to sell up to $100 million in additional common stock to YA Global Investments over the next three years.

The company said it will now proceed forward with its newly constituted board and immediate sales initiative. The company said it would provide a market update via a conference call later this month or immediately after Labor Day.

Signalife is a life sciences company focused on the monitoring and detection of disease through continuous biomedical signal monitoring. Signalife uses its signal technology to design and develop medical devices that simplify and reduce the costs of diagnostic testing and patient monitoring in an ambulatory setting.

Signalife is publicly traded on the American Stock Exchange under the symbol SGN.

In other financing news:

• Advanced Cell Technology (ACT; Alameda, California) said that subject to market conditions, it plans to privately offer up to $10 million of senior secured convertible debentures and warrants. The timing of the closing of the offering will be subject to market conditions. The proceeds of the financing are expected to be used to fund working capital, including costs associated with advancing the technology the company expects to acquire in its pending acquisition of Mytogen (Charlestown, Massachusetts) to Phase II clinical trials.

The financing is expected to be in the form of up to $10 million principal amount of senior secured convertible debentures, with accompanying warrants. The debentures are expected to have a term of no more than 36 months, amortizing on a basis that will result in full payment by maturity, with amortization payable in cash or stock, at the company’s option. The debentures are also expected to be convertible into common stock and to be accompanied by warrants for the company’s common stock, with conversion and exercise prices based on market conditions. Both the warrants and the debentures are anticipated to contain customary anti-dilution provisions.

ACT reported earlier this month that it planned to acquire Mytogen for $5 million, payable in common stock, and assume Mytogen liabilities of about $1 million (Medical Device Daily, Aug. 2, 2007). Mytogen will also receive a warrant to purchase another 1.5 million shares of ACT common stock at $1 each, subject to achievement of certain milestones. Mytogen shareholders will also receive a warrant to buy an additional 1.5 million shares of ACT common stock at 75 cents a share subject to the achievement of certain milestones.

The company reported about two months ago that it had agreed to acquire Mytogen and its Myoblast program for the treatment of heart failure (MDD, June 1, 2007).

The Myoblast Program may prove particularly beneficial for patients that have experienced a serious heart attack and have a high risk of heart failure. This stem cell therapy involves transplantation of expanded autologous myoblasts (adult progenitor stem cells) derived from a small biopsy of skeletal muscle from a patient’s leg. The technology allows for the expansion of myoblasts into hundreds of millions of cells over a period of two to three weeks. The resulting myoblasts are then transplanted back into the patient’s scarred heart tissue through the use of a catheter-based procedure.

ACT is a biotechnology company applying stem cell technology in the emerging field of regenerative medicine.

• Pall (East Hills, New York) reported that the company has entered into an amendment and waiver with its lenders under its $500 million revolving credit facility.

Eric Krasnoff, Pall CEO/chairman and CEO said, “Pall Corporation is pleased to have the continued support of our bank group and the full flexibility and availability of its $500 million credit facility.”

The amendment and waiver relates to tax and financial reporting matters previously reported by the company. The company’s previously disclosed audit committee inquiry into these matters is proceeding.

Earlier this month, the company said that its annual and quarterly financial statements for the fiscal years 1999 through 2006 and the first three quarters of 2007 should no longer be relied upon and may need to be restated (MDD, Aug. 3, 2007).

The company reached this conclusion based on its previously disclosed understatement of U.S. income tax payments and of its provision for income taxes.

Pall is a developer of filtration, separation and purification technology. It is organized into two businesses: Life Sciences and Industrial.