Micrus announces secondary offering of 3 million shares by HBM, PolyTechnos, others

By Ronda Fears

Memphis, June 19 - Micrus Endovascular Corp. announced Monday a secondary offering of 3 million shares via joint bookrunners A.G. Edwards, CIBC World Markets and Needham & Co LLC.

There is a greenshoe for 450,166 shares available.

The largest sellers in the deal are PolyTechnos Medical Devices Ltd., which is liquidating its 6.79% stake with the sale of 965,936 shares, and HBM Bioventures (Cayman) Ltd., which is selling 515,438 shares, which will reduce its stake in the company to 9.93% from 13.55%. Aureus Capital Partnes Ltd. also is selling 183,088 shares to cut its stake to 3.86% from 5.15%.

Directors and officers are selling 304,275 shares, which will reduce their interest in the company to 6.99% from 9.13%.

Other sellers include International Life Science Partners LP, which is selling 610,380 shares, and UBS AG, which is selling 165,000 shares.

Micrus stock closed down $0.91 at $12.34 Monday.

San Jose, Calif.-based Micrus develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases.

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