MedicalCV pulls $34.5 million stock offering

By Angela McDaniels

Seattle, Aug. 8 - MedicalCV, Inc. has cancelled its planned offering of common stock due to "continuing unsettled conditions in the equity markets," according to a company news release.

"In the best interest of the company and its shareholders, we have decided to take the focus of the management team away from fundraising in a difficult market," president and chief executive officer Marc P. Flores said in the release.

"We continue to focus on the introduction of the minimally invasive Atrilaze system for cardiac tissue ablation. We will carefully manage our resources, which we believe will be sufficient to support our planned introduction to the market and physician training."

The company announced the planned offering on May 19, saying it would sell up to $34.5 million of common stock, including a possible greenshoe, through bookrunner C.E. Unterberg, Towbin. Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC were also included in the syndicate.

MedicalCV delayed the offering on June 14, citing "recent market conditions" and the age of the financial statements included in the SB-2 registration filed with the Securities and Exchange Commission.

The company planned to use most of the proceeds from the stock sale to fund the continuation of clinical studies, the pursuit of additional regulatory approvals and the launch of its Atrilaze laser-powered surgical ablation system.

The remaining proceeds were slated to fund facilities, production equipment and management and information technology systems; the production of lasers, controllers and reciprocators to be placed in hospitals and for working capital and other general corporate purposes.

MedicalCV is a Inver Grove Heights, Minn.-based medical device company that develops products for the early treatment of cardiovascular disorders and disease.

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