New Issue: Micrus prices IPO at $11 a share, below range of $12 to $14

By Ronda Fears

Nashville, June 15 - Micrus Endovascular Corp.'s initial public offering priced Wednesday at $11 a share, which was below its estimated price rang of $12 to $14 a share, a market source said. All 3.25 million shares were thought to have been placed, however, the source said.

There is a greenshoe of 487,500 shares available.

Bookrunner for the IPO is A.G. Edwards. Needham & Co. is a co-manager.

Sunnyvale, Calif.-based Micrus Endovascular makes medical devices used in the treatment of cerebral vascular diseases. The company plans to use proceeds for general corporate purposes, including costs associated with entry into the Japanese market, expansion of its sales force, research and development, facilities expansion and other working capital and capital expenditures.

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