Investment in Medivance


 

TIDMMDY 
 
RNS Number : 3657V 
MDY Healthcare PLC 
09 July 2009 
 

MDY Healthcare plc participates in over-subscribed 
$8.1 million Series E financing for Medivance, Inc. 
 
 
 
 
9 July 2009 - MDY Healthcare plc ('MDY Healthcare'), the strategic investor 
in healthcare companies, today announces that it has subscribed $1 million 
(approximately GBP630,000) in newly issued equity in Medivance, Inc 
('Medivance'). 
 
 
This Series E financing of $8.1 million was led by affiliates of Black 
Rock, the US investment management company, and is intended to assist Medivance 
with funds for working capital, product development and to enable Medivance 
favorably to restructure its loans. The over-subscribed fund raising was heavily 
supported by existing shareholders. 
 
 
MDY Healthcare had invested approximately GBP2.5 million in Medivance as at 31 
March 2009. This follow on investment in Series E preferred shares gives MDY 
Healthcare a holding of 9.4%, on a fully diluted basis. 
 
 
Medivance, the Colorado-based leader in the emerging field of therapeutic 
temperature management, has made excellent progress since MDY Healthcare first 
invested in December 2006, with the company's worldwide revenues increasing over 
three fold in this time.  Additionally, Medivance's patented, FDA-approved 
Arctic Sun(TM) device has significantly expanded its market presence and is now 
used in approximately 90% of the top twenty US hospital heart programs and 
fourteen of the top twenty US neurology programs (as defined by the US News and 
World 2008 American Best Hospital Report). In addition, it is also being 
increasingly adopted by smaller teaching and community hospitals. International 
adoption of Arctic Sun(TM) continues in Europe, Asia and Australia. Medivance 
has now achieved 20 quarters of revenue growth in the past 21 quarters and is 
targeting continued growth in 2009. 
 
 
Commenting on the investment, David Wong, Executive Director, said: 
 
 
"We are delighted to continue to support Medivance, which has performed well 
ahead of plan since we originally invested. We believe that the company has 
fulfilled its goals since our original investment and is well set to continue 
its successful expansion." 
 
 
Robert Kline, CEO of Medivance added: 
 
 
"We are pleased to announce the closing of our Series E financing.  MDY 
Healthcare's continued support is much appreciated.  The adoption of therapeutic 
temperature management therapy continues to accelerate and Medivance has 
established clear leadership in all major geographic markets.  The Series E 
financing will enable Medivance to continue to expand our business, launch new 
products and open new markets." 
 
 
For further information, please contact: 
 
 
+------------------------------------------+------------------------------------------+ 
| MDY Healthcare plc                       |                                          | 
+------------------------------------------+------------------------------------------+ 
| David Wong, Director                     | +44 (0) 207 647 1800                     | 
+------------------------------------------+------------------------------------------+ 
| david.wong@MDYhealthcare.com             |                                          | 
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|                                          |                                          | 
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| Financial Dynamics                       |                                          | 
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| Ben Atwell, Susan Quigley                | +44 (0) 207 831 3113                     | 
+------------------------------------------+------------------------------------------+ 
| ben.atwell@fd.com,                       |                                          | 
| susan.quigley@fd.com                     |                                          | 
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|                                          |                                          | 
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| Brewin Dolphin Limited (Nomad)           |                                          | 
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| Matt Davis                               | +44 (0) 845 270 8600                     | 
+------------------------------------------+------------------------------------------+ 
 
 
 
 
Notes for editors: 
 
 
About MDY Healthcare 
MDY Healthcare plc is a sector specialised strategic investing company quoted on 
AIM (ticker symbol: MDY).  The company seeks to achieve superior returns for 
shareholders by investing globally in companies, both public and private, across 
the healthcare sector.  The directors, executives and senior advisors have 
significant operational and investment experience in the sector and therefore 
the ability to identify and review a wide range of potential investments. 
 
 
Further information can be found on the website www.mdyhealthcare.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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