In two recent filings with the U.S. Securities and Exchange Commission, Peter Kolchinsky’s RA Capital Management has revealed a new position in SANUWAVE Health Inc. (OTCBB:SNWV) and raising its stake in pSivida Corp. (NASDAQ:PSDV). In the first company, the fund has reported a 9.9% passive stake, which contains around 4.67 million shares.
SANUWAVE Health Inc. (OTCBB:SNWV) is a shock wave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. On March 18, the company said, in a statement that it closed a private placement with institutional and select accredited investors, led by RA Capital, raising total gross proceeds of $10.1 million. Included in the total is the conversion into equity, under the same terms as the private placement, of $815,000 worth of convertible notes with existing shareholders, including a member of the management team.
SANUWAVE Health issued common stock, and preferred stock convertible into common stock, totaling 20.2 million shares of common stock on a fully converted basis at a price of $0.50 per share. Also, it issued to the investors warrants to purchase up to 25.25 million shares of common stock at an exercise price of $0.50 and 15.15 million shares of common stock at $1.50. The warrants are immediately exercisable and have an exercise term of five years and one year, respectively.
Ra Capital’s stake in pSivida Corp. (NASDAQ:PSDV) amasses 8.8% of the company’s stock. According to the filing, the fund owns around 2.56 million shares of the company, up from 1.19 million shares held earlier.
Recently, pSivida Corp. (NASDAQ:PSDV) announced that RA Capital entered into a securities purchase agreement with the company to invest about $7.0 million in a registered direct offering through the sale of a total of 1.7 million shares of the company’s common stock at a per share price of $4.11.
pSivida provides miniaturized, sustained-release drug delivery products. One of the largest shareholders of the company is Thomas Ellis and Todd Hammer’s North Run Capital, which disclosed owning 2.14 million shares as at the end of 2013.
Boston-based RA Capital is a healthcare crossover fund that invests in development-stage private and public drug, medical device, and diagnostic companies. Last week, it revealed a new 6.2% passive stake in Repros Therapeutics Inc (NASDAQ:RPRX), holding 1.44 million shares of the company’s common stock.
In February, RA Capital disclosed owning 2.43 million shares of Dicerna Pharmaceuticals Inc (NASDAQ:DRNA), equivalent to 14.6% of the common stock. In addition, the fund initiated a 7.2% passive stake in Furiex Pharmaceuticals Inc (NASDAQ:FURX), the position amassing 750,000 shares. In January, Mr. Kolchinsky’s fund reported selling a total of 300,000 shares of Derma Sciences Inc (NASDAQ:DSCI).