Conor Medsystems plans follow-on of 3 million shares via Citigroup, Morgan Stanley

By Ronda Fears

Memphis, July 24 - Conor Medsystems, Inc. said after the close that it plans to tap the capital markets with a follow-on offering of 3 million shares via joint bookrunners Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc.

The Menlo Park, Calif., maker of stents said there will be a greenshoe of 450,000 shares available.

Lehman Brothers Inc., Cowen & Co. LLC and CIBC World Markets Corp. are co-managers of the offering.

Proceeds will be used to fund the development of commercial-scale manufacturing facilities, to fund clinical development and other research and development activities, to build sales and marketing capabilities and for working capital and other general corporate purposes.

Conor stock closed at $24.47 Monday.

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