A Medical Device Daily

Systems Xcellence (SXC; Milton, Ontario) reported that it will make a public offering of 3.2 million shares to raise gross proceeds of nearly $38.66 million. The per-share price is $12.08 or, in Canada, C$13.50.

SXC also has granted the underwriters an option to purchase up to 480,000 common shares in over-allotments, exercisable during the period ended 30 days from June 22, 2006. The offering is expected to close on or about June 30.

SXC has obtained approval to have its shares quoted on the Nasdaq under the symbol SXCI and the Toronto Stock Exchange beginning this past Friday.

SXC said it plans to use about $12.8 million of the net proceeds from the offering to retire its credit facility (excluding any pre-payment penalty, which would not exceed $200,000), and the remainder for potential acquisitions, working capital and general corporate purposes.

SXC is a provider of healthcare information technology solutions and services to the benefits management industry. Its product offerings and solutions combine a range of software applications, application service provider processing services and professional services, designed for large organizations in the pharmaceutical supply chain, such as U.S. federal, provincial, and, state and local governments, pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries.

Besides its headquarters office, SXC has offices and processing centers in Lombard, Illinois; Scottsdale, Arizona; Warminster, Pennsylvania; and Victoria, British Columbia. UBS Investment Bank is acting as the sole book running manager for the offering. JP Morgan a co-lead manager, and William Blair & Co, SunTrust Robinson Humphrey, Sprott Securities, Orion Securities and Clarus Securities are co-managers.

In other financing activity:

• Calypte Biomedical (Lake Oswego, Oregon), developer of point of care and over the counter tests primarily for the detection of antibodies to the human immunodeficiency virus (HIV), said it has entered into subscription agreements with two investors that will purchase $3 million of Calypte's stock in a private placement of 16.7 million shares at 18 cents a share.

The proceeds of the transaction are to be used for working capital for continuing commercialization of its Aware line of rapid diagnostic tests.

Roger Gale, CEO of Calypte, said the funding moves it closer to its goal of delivering HIV diagnostic tests “to those population centers suffering from high levels of HIV infections. We are realizing a portion of that mission by recent serious product inquiries from humanitarian organizations operating in regions where our products have received clearance for sale and distribution.”

Calypte develops tests for the detection of sexually transmitted diseases such as the HIV-1 BED Incidence EIA and for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples.

• GlycoMimetics (Gaithersburg, Maryland), developing a new class of glycobiology-based therapies for a range of indications, said it has completed its Series B financing, attracting an additional $15.4-million to advance its research.

GlycoMimetics said will use the funding to advance its two lead programs, based on specific roles played by certain carbohydrates. Its lead drug candidates – an anti-inflammatory and an anti-infective – are in preclinical development.

“The investment enables us to continue to achieve value-creating milestones,” said CEO Rachel King.