Sunnyvale, Calif. — Cardiac Pathways Corp. (Nasdaq:CPWY) today announced a significant infusion of capital with the closing of a common stock financing.
Cardiac Pathways has issued and sold 5.9 million shares of common stock at a purchase price of $4.25 per share for aggregate net proceeds of $22.5 million. Principal investors in the financing include Van Wagoner Capital Management as lead investor, BA Venture Partners, Morgan Stanley Dean Witter Venture Partners, State of Wisconsin Investment Board and Special Situations Funds.
The Company intends to use the net proceeds of this financing to expand sales, marketing and manufacturing capacity for its key product platforms, the Realtime Position Management (RPM) Tracking System and the Chilli(R) Cooled Ablation Catheter, and for working capital and general corporate purposes.
Toronto — Blue Zone, Inc. (Nasdaq: BLZN), the interactive broadcast solutions company and NewsBZ(TM) software developer, announced today that it has negotiated new terms with investors, who participated in a private placement of Blue Zone’s securities completed in September 2000.
Under the original terms of the private placement, the investors paid US $4 million at closing for the securities and agreed to pay Blue Zone an additional US $1 million when Blue Zone registers the securities with the SEC. The investors also received warrants containing anti-dilution provisions and a one-year option to acquire up to an additional US $2 million of Blue Zone’s common shares.
Under the revised terms, Blue Zone issued additional shares of common stock such that the aggregate number of shares purchased in the private placement equaled 3,000,000 in exchange for the surrender of all the warrants and options originally obtained by the investors in the private placement and termination of all put rights of the investors. Blue Zone also returned $1.5 million of the purchase price for the securities as well as cancelled the $1 million payment due upon SEC registration.
Scotland — CoreData, the Scottish based aerospace data management company, has secured a