Neiman Marcus leaves IPO bankers hanging: Reuters

(Reuters) — Investment bankers put on their best business attire to pitch luxury department store operator Neiman Marcus Group Inc for underwriter roles in an initial public offering. Yet more than a month after their beauty parade, banks are still in the dark. At stake for bankers are not just tens of millions of dollars in underwriting fees, but assignments in what was expected to be one of this year’s biggest and most high-profile IPOs in the United States. “For a marquee name such as Neiman Marcus, it is not just the fees you generated, but the ability to leverage that name. Everybody knows the name Neiman Marcus, whether you shop there or not,” said Timothy Golomb, executive director at Dresner Corporate Services, an investor relations and IPO advisory firm. Neiman Marcus’ delay in handing out roles finds IPO bankers already on the edge, with many of their deals having frozen due to the stock market turmoil that started last month. Among other high-profile IPOs that are waiting in wings are Spanish language broadcaster Univision Holdings Inc and payments processor First Data Corp. While Neiman Marcus has not provided a reason for the holdup to banks, carrying out underwriter interviews without following up with appointments is rare in investmentbanking, according to people familiar with the matter who requested anonymity to discuss the matter. “It’s like getting engaged without getting married,” one banking source said. Neiman Marcus, which also operates under the Bergdorf Goodman and MyTheresa brands, registered with the U.S. Securities and Exchange Commission on Aug. 4 for an IPO, close to two years after private equity firm Ares Management LLC (ARES.N) and Canada Pension Plan Investment Board acquired it for $6 billion. Earlier this month, Neiman Marcus reported that its adjusted earnings before interest, tax, depreciation and amortization were $710.6 million in the 12 months to Aug. 1, slightly up from $698.4 million the year prior.

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Neiman Marcus leaves IPO bankers hanging: Reuters

Neuromod Devices raises $6.2 mln

Neuromod Devices Ltd. said Tuesday that it raised 5.5 million euros (US$6.2 million) in Series A funding from Fountain Healthcare Partners. Dublin-based Neuromod specializes in treatment of chronic tinnitus. PRESS RELEASE DUBLIN–(BUSINESS WIRE)–Neuromod Devices Limited (Neuromod), an Irish medical device company specialising in the treatment of chronic tinnitus, announces that it has raised €5.5 million ($6.2million) in Series A Funding from international life sciences venture capital fund Fountain Healthcare Partners. The investment will be used to further enhance scientific and clinical understanding of its bi-modal neuromodulation device, mutebutton®, and commence US clinical trials. The international launch of mutebutton® is targeted for 2018. This investment marks a significant milestone for Neuromod and brings the total raised by the company to-date to over €8 million ($9 million). As part of the Series A financing, Dr Manus Rogan of Fountain Healthcare Partners will join the Board of Directors of Neuromod. Neuromod’s non-invasive mutebutton® device uses bi-modal neuromodulation via simultaneous auditory stimulation in the ear and sensory stimulation on the tongue to promote positive changes in neuroplasticity in parts of the brain implicated in tinnitus. Recent developments in international tinnitus research indicate that neuromodulation is emerging as one of the most promising therapies for certain forms tinnitus. Neuromod will use the proceeds from the investment to advance dose optimisation and patient sub-typing research and commence US clinical trials. The mutebutton® device received a medical device CE mark in Europe in October 2014 and a US Patent for its technology in September 2015. About 250 million people worldwide experience chronic tinnitus on a daily basis. It manifests as an illusory sound with no external source or origin. Chronic tinnitus can have a severe impact on a patient’s quality of life, with documented secondary symptoms including anxiety, insomnia, headaches and depression, resulting in repeat visits to GP’s, ENT surgeons and Clinical Audiologists. Dr Ross O’Neill, Founding CEO of Neuromod commented, “Neuromod is delighted to announce this investment, which will help us to advance our unique chronic tinnitus treatment technology. As an emerging company we welcome the support and knowledge offered to us from partnering with an experienced international life sciences venture capital fund such as Fountain Healthcare Partners. We are also particularly grateful for the ongoing support we have received from our manufacturing partners, M&M Qualtech and Molex, and from Enterprise Ireland, which enable innovative Irish companies, like Neuromod, to grow and succeed on the international stage.” Dr Manus Rogan, Co-Founder and Managing Partner at Fountain Healthcare Partners added. “Neuromod is an exciting company, with the potential to offer a superior treatment to and improve the quality of life of the millions of patients suffering with chronic tinnitus. The company has a proprietary neuromodulation technology, promising clinical results and a highly committed team. Neuromodulation is a key area of interest for Fountain Healthcare and chronic tinnitus is a poorly served global market opportunity with relatively little competition. We are investing in Neuromod to help build a credible and sustainable business in tinnitus with prospects for strong future growth.”

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Neuromod Devices raises $6.2 mln

IK aims for 2015 listing of its Swedish care provider Attendo, say sources: Reuters

Private equity firm IK Investment Partners aims for a stock market listing this year of Swedish elderly care provider Attendo, which had sales of 9 billion crowns ($1.1 billion) in 2014, two people familiar with the matter said. A listing of Attendo would follow that of healthcare provider and hospital operator Capio which has strongly outperformed the wider market since listing in June, topping a bumper six months for Swedish listings. The sources said IK had hired banks SEB and Carnegie to lead the listing. IK, Attendo and the banks declined to comment. The sources declined to be identified because the plans are not public. Uncertainty over Swedish policy toward corporate profits in taxpayer-funded public services such as schooling, healthcare and elderly care have made companies like Attendo a hard sell for years, but the successful listing of Capio showed there were investors willing to stomach such risks. After some scandals, including the 2013 bankruptcy of education provider JB Education, politicians vowed to tighten rules on companies operating in care and schools, and while capping profits looks unlikely for now, uncertainty lingers. Attendo, which employs around 18,000 and has more than 20,000 people in its care, made earnings before interest, tax, depreciation and amortisation of 960 million crowns in 2014. Most of its revenues are generated in Sweden and Finland while it has smaller businesses in Norway and Denmark. Private equity firm EQT said this month it was considering listing education firm AcadeMedia, having noted the success of Capio. Another source said Carnegie had been picked to lead that listing.

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IK aims for 2015 listing of its Swedish care provider Attendo, say sources: Reuters

Elastimed raises $1 mln

Elastimed has raised $1 million in funding, including an investment from Pix Vine Capital. Misgav, Israel-based Elastimed, a portfolio company of Trendlines Medical, is developing a wearable device to treat Chronic Venous Insufficiency and prevent Deep Venous Thrombosis. PRESS RELEASE MISGAV, Israel, September 24, 2015 /PRNewswire/ — ElastiMed, a portfolio company of Trendlines Medical, announced this week that it raised $1 million, which includes an investment from Pix Vine Capital, a Singapore-based investment house. ElastiMed is developing an effective wearable device using smart materials to treat Chronic Venous Insufficiency (CVI) and to prevent Deep Venous Thrombosis (DVT). CVI is a condition that affects 40% of the adults in the United States, whereby the veins cannot pump enough blood back to the heart, causing blood to “pool” or collect in the veins. Symptoms include pain, swelling, ulcers, lymphedema, varicose veins, and spider veins. DVT, one of the most common causes of CVI, is responsible for 600,000 hospitalizations per year in the U.S. and is one of the leading causes for preventable deaths. Wearing compression stockings is a proven and effective treatment that works by exerting pressure on the lower limbs. The stocking reduces the diameter of distended veins and causes an increase in venous blood flow velocity and valve effectiveness. However, current compression therapy devices are inconvenient and difficult to apply, causing patients’ non-compliance to reach 60%. ElastiMed utilizes innovative, smart material technology in the development of an easy-to-wear stocking, which is expected to significantly improve patient compliance. Omer Zelka, CEO of ElastiMed, commented: “We are extremely pleased with the interest that our technology has generated. The venture capital investment at this early stage is a testimony to the investors’ confidence in our team and in the business potential that this technology holds.” Eran Feldhay M.D., CEO of Trendlines Medical, added: “For a company just starting off, this is an amazing achievement. I am confident that in the near future we will see ElastiMed’s technology implemented in the treatment of CVI to provide a solution for the many patients worldwide who suffer from this condition.” Patrick De Silva, Chief Investment Partner of Pix Vine Capital, said: “We are excited to support the potential commercialization of a simple but effective wearable device based on smart material technology, to treat CVI and to prevent DVT.” The Trendlines Group (http://www.trendlines.com) is an innovation commercialization company that discovers, invests in, and incubates innovation-based medical and agricultural technologies to fulfill its mission to improve the human condition. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development to business building. Pix Vine Capital (http://www.PixVC.com) is a Singapore-based Investment House providing early-stage venture capital to startups aspiring to commercialize innovative solutions in the areas of Info-Tech, Med-Tech and Fin-Tech. PixVC has had Israeli technologies as a focus since 2007, establishing itself as a player within the startup-investments ecosystem in Israel. With Singapore as its home base, PixVC invests in the Asian region, having taken stakes in startups in Myanmar, Vietnam, Thailand, India, China, Malaysia andSingapore.

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Elastimed raises $1 mln

Graycliff Partners backs Founders Equity’s investment in Stone Source

Graycliff Partners said Wednesday it provides a loan to support Founders Equity’s recapitalization of Stone Source. Financial terms weren’t announced. New York City-based Stone Source sells stone and decorative products to consumers and contractors via the architect and design channel for commercial and high-end residential use. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Graycliff Partners, an independent investment firm focusing on middle market private equity and mezzanine investments, today announced it has provided subordinated debt financing to Stone Source, a supplier of natural stone and other decorative surface products including porcelain and glass tile, engineered stone and reclaimed wood. Graycliff’s investment in Stone Source supported a recapitalization of the business by Founders Equity. Headquartered in New York City, Stone Source sells stone and decorative products to consumers and contractors via the architect and design channel for commercial and high-end residential use. The company has a nationwide presence, with operations in New York, New Jersey, Massachusetts, Illinois, Washington, DC, Texas and California. “Stone Source’s reputation for excellence, expansive product line and long-term customer relationships have positioned the company as a premier operator in the Architecture and Design market,” said Steve Hindmarch, Managing Director, Graycliff Partners. “Graycliff Partners is excited to work with Stone Source’s management to support the company’s continued success.” About Graycliff Partners LP Graycliff Partners is an independent investment firm focusing on middle market private equity and mezzanine investments in the United States and Latin America. Graycliff Partners LP is an SEC-registered investment advisor under the US Investment Advisors Act of 1940, as amended. Since 1991, the Graycliff Partners team, previously operating as HSBC Capital, has invested over $1 billion and completed over 80 transactions. With offices in New York and São Paulo, Graycliff Partners seeks to partner with companies led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, dividend recapitalizations, growth and expansion. For more information about Graycliff Partners visit www.graycliffpartners.com.

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Graycliff Partners backs Founders Equity’s investment in Stone Source