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-- The Company completed a private offering of $85 million in aggregate principal amount of its convertible senior notes due 2013 to qualified institutional buyers. The notes will pay interest semi-annually at a rate of 5.375% per annum and mature on June 15, 2013. The notes will have an initial conversion rate of 46.8467 shares of the Company's common stock per $1,000 principal amount of the notes, representing an initial conversion price of approximately $21.35 per share of common stock. The Company used approximately $23.2 million of the net proceeds from the offering to repay and terminate its outstanding term loan and intends to use the balance for general corporate purposes.
-- The OmniPod System, with its unique delivery platform, is being utilized in a variety of clinical research initiatives. At the Juvenile Diabetes Research Foundation's (JDRF) Closed Loop Artificial Pancreas Project (APP) Workshop in July, Claudio Cobelli, Ph.D. of University of Padova, Italy presented the first results from two clinical studies. The studies are utilizing the OmniPod as the insulin delivery device along with a model-predictive, closed-loop control algorithm. Dr. Cobelli reported that the system had demonstrated excellent overnight blood glucose control and no hypoglycemic events.
-- At the 2008 Annual Meeting of the American Association of Diabetes Educators earlier this month, the Endocrine Group and the Albany College of Pharmacy of Albany, NY presented results of a retrospective review titled "Clinical Experience with a Tubeless Insulin Pump System," concluding that the OmniPod Insulin Management System was safe and effective in improving mean A1C values.
Financial Outlook for 2008
For the full year 2008, the Company is revising its guidance for
revenue to be in the range of $36 to $41 million comp
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