MedicalCV plans stock sale for up to $34.5 million.

New York, May 19 - MedicalCV, Inc. is planning to sell up to $34.5 million of common stock via bookrunner C.E. Unterberg, Towbin, according to an SB-2 filing with the Securities and Exchange Commission.

The syndicate will also include Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC.

MedicalCV, an Inver Grove Heights, Minn., maker of the Atrilaze laser-powered surgical ablation system, said it will use $9.2 million of the proceeds from the stock sale for final product development and product enhancements, continuation of clinical studies and the pursuit of additional regulatory approvals.

A further $8.2 million will go to enhance the company's sales and marketing capabilities, including launching its Atrilaze minimally invasive system, the hiring of a direct sales force and the training and education of physicians.

MedicalCV will use $2.1 million for facilities, production equipment and management and information technology systems.

And $1.5 million will fund the production of lasers, controllers and reciprocators to be placed in hospitals.

Any remaining proceeds will be used for working capital and other general corporate purposes.

Atrilaze so far has three 510(k) clearances from the Food and Drug Administration:

• The hand-held wand has approval for delivery of 810nm laser light to soft tissue, including cardiac tissue, during surgical procedures;

• The malleable hand-held wand has similar clearance for delivery of 810nm laser light to soft tissue, including cardiac tissue, during surgical procedures;

• Both devices have approval for delivery of 1,064nm laser light to soft tissue, including cardiac tissue, during surgical procedures.

MedicalCV said it plans to file a 510(k) application for the Atrilaze minimally invasive system by the end of the first half of this year. Introduction for commercial use is expected in the second half.

The company's stock is listed on the OTC Bulletin Board under the symbol "MDCV." MedicalCV has applied for listing on the Nasdaq Capital Market using the same ticker. Its stock closed at $0.98 on Friday.

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