MDY Mdy Healthcare

RNS Number:7435A
MDY Healthcare PLC
24 July 2007




    MDY Healthcare plc participates in $23.0 million Series D financing for
                                Medivance, Inc.





24 July 2007 - MDY Healthcare plc ("MDY Healthcare"), the strategic investor in
healthcare companies, today announces that it has subscribed $2,500,000 in newly
issued equity in Medivance, Inc ("Medivance").  This follows its subscription
for $2,500,000 in convertible loan notes announced in December 2006.



This Series D financing of $23.0 million was led by Quellos Group, LLC a US
investment management company and is intended to provide Medivance with
sufficient resources to continue to market the Arctic Sun(R) domestically and
internationally.



As a consequence of this financing, conversion of the convertible loan notes was
triggered at a discount of 15% from the price paid in this Series D financing;
MDY Healthcare will therefore own approximately  9.8% of the fully-diluted
equity of Medivance.



Taking into account the discounted conversion price coupled with a total of
$131,130 paid in interest, MDY Healthcare's original investment has generated a
return of $572,308 equivalent to approximately 22.9% in the seven months since
investment.



Based in Boulder, Colorado, Medivance is a leading company in the emerging field
of therapeutic temperature management. The company's non-invasive technology,
Arctic Sun(R) is patented and FDA approved to rapidly cool patients ("
therapeutic hypothermia") and precisely control their temperatures as a
therapeutic tool.  Therapeutic cooling has been shown to reduce brain damage
after traumatic events such as cardiac arrest and brain injury. It also has
potential applications in the treatment of stroke and fever.  Introduced in
2004, the Arctic Sun(R) has been adopted by prestigious hospitals throughout the
US, Europe and Asia.





Commenting on the investment, Charles Spicer, CEO, said:



"We are delighted to continue to support Medivance which has performed ahead of
plan since we invested and has attracted significant further investment from
high quality investors.  This has been an excellent investment for us to date
and will be a key part of our portfolio going forward. "



Robert Kline, CEO of Medivance added:



"We are pleased to announce the closing of our Series D financing which will
enable Medivance to continue our rapid sales growth and provide the means to
reach profitability. MDY Healthcare's continued support is much appreciated
along with their ongoing counsel on European business matters."





For further information, please contact:



MDY Healthcare plc

Charles Spicer, CEO

+44 (0) 207 647 1800

charles.spicer@MDYhealthcare.com



Financial Dynamics

Ben Atwell / John Gilbert

+44 (0) 207 831 3113

ben.atwell@fd.com



                     This information is provided by RNS
            The company news service from the London Stock Exchange

END

MSCSEEFSLSWSESW

MDY Healthcare (LSE:MDY)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

MDY Healthcare (LSE:MDY)
Historical Stock Chart
Von Jul 2023 bis Jul 2024