News9 Jul 2009 09:17
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 £630,000) 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 £2.5 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™ 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