Key Developments For Merge Healthcare Inc.
Merge Healthcare Inc. (MRGE.O) (Consolidated Issue listed on NASDAQ Global Market)
Merge Healthcare Inc. and InSite One Expand License Agreement to Include New Solution
Merge Healthcare Inc. announced that InSite One, a service provider of medical data archiving, storage, and disaster-recovery solutions, has expanded its contract with Merge to provide a universal viewing solution for their InDex archiving services.
Merge Healthcare Inc. Announces $27.3 Million Registered Direct Offering
Merge Healthcare Inc. announced that it has entered into definitive agreements to raise up to $27.3 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, in a registered direct offering with select institutional investors. The transaction is expected to close on November 18, 2009. The offering consists of the sale and issuance of up to 9,084,032 shares of the Company's common stock at a purchase price of $3.00 per share. Merge intends to use the net proceeds from this offering to prepay in full its senior secured note held by Merrick RIS, L.L.C. due June 2010 (the Note). The remaining net proceeds from this offering will be used for general corporate purposes, including working capital. William Blair & Company, L.L.C. acted as the lead placement agent for the offering. Craig-Hallum Capital Group LLC and Robert W. Baird & Co. Incorporated acted as co-placement agents for the offering.
Merge Healthcare Inc. Announces Offering
Merge Healthcare Inc. announced that it is offering to sell up to 9,034,033 shares of common stock in a registered direct offering to select institutional investors at a purchase price of $3.00 per share. Merge expects to enter into definitive agreements with respect to this offering.
SEC Concludes Investigation Of Merge Healthcare Inc.
Merge Healthcare Inc. announced its settlement with the SEC of the multi year investigation into the conduct of two former company executives, and the circumstances which led to a restatement in 2006 of the Company's 2002 through 2005 financial statements. This investigation ran concurrent with two shareholder lawsuits, which were resolved in 2008. The complaint, filed by the SEC in federal court, charged Merge with record-keeping violations, and charged two of the Company's former executives with accounting fraud. In resolving this matter, the SEC decided not to charge the Company with fraud nor assess any penalty against the Company for the actions of its former executives. This outcome is in alignment with Merge's expectations, as previously disclosed.
Merge Healthcare Inc. And Medrad Announce Expansion of Their Distribution Agreement In European Union
Merge Healthcare Inc. And Medrad announced an expansion of their European Union Distribution Agreement for CADstream, a CAD system for MRI. According to the agreement, Medrad will be distributing CADstream in France, the United Kingdom, Germany and Italy.
