HemoSense IPO timing "day-to-day," syndicate official says

By Ronda Fears

Nashville, June 24 - HemoSense Inc.'s initial public offering was delayed from Thursday and is now on day-to-day status, according to David McMillan, syndicate official at Lazard Capital Markets, one of the underwriters of the IPO. The price range is still proposed at $6 to $8 per share - the fourth downward notching.

The San Jose, Calif.-based maker of a handheld blood coagulation monitoring systems previously delayed the IPO pricing in the June 13 week when it was pitched at $8 to $10. For the June 20 week, the price range was lowered twice, from $7 to $9 to the current $6 to $8 guidance. Originally, the IPO was talked at $9 to $13.

Lazard Capital Markets, WR Hambrecht & Co. and Roth Capital Partners are underwriters for the IPO, which is for 3.5 million shares.

HemoSense plans to use $12 million of proceeds for sales and marketing initiatives to support the ongoing commercialization of products, $4 million for research and development activities and $1.5 million for repayment of promissory notes held by affiliates, working capital and general corporate purposes.

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