By E. Janene Geiss
Philadelphia, July 14 - Micrus Endovascular Corp. priced a $15.10 million public offering of 1.27 million shares of its common stock at $11.89 per share after the close Thursday.
All of the shares are being offered by selling stockholders.
The price was discounted marginally from the $11.90 close.
However there is a greenshoe for 190,531 shares that will be sold by the company.
Proceeds from the over-allotment option, if exercised, will be used for working capital and general corporate purposes, geographic expansion and potential future acquisitions.
A.G. Edwards & Sons, Inc. and CIBC World Markets Corp. were joint bookrunners, and Needham & Co., LLC acted as co-manager.
The secondary sale was originally planned at 3 million shares but some of the stockholders subsequently dropped out.
Sellers on Thursday were PolyTechnos Medical Devices Ltd., with 965,936 shares, director Michael R. Henson with 297,609 shares and director Fred Holubow with 6,666 shares.
Micrus, based in Sunnyvale, Calif., develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases.
| Issuer: | Micrus Endovascular Corp.
|
| Issue: | Secondary offering of common stock
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| Amount: | $15.10 million
|
| Shares: | 1,270,211
|
| Price: | $11.89
|
| Greenshoe: | 190,531 (offered by company)
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| Bookrunners: | A.G. Edwards & Sons, Inc., CIBC World Markets Corp.
|
| Pricing date: | July 13
|
| Settlement: | July 19
|
| Stock symbol: | Nasdaq: MEND
|
| Stock price: | $11.90 at close July 13
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