Cardiovascular Systems raises $84.5M through public offering

November 27, 2013 by Arezu Sarvestani

Cardiovascular Systems beats its estimates, raising more than $84 million through an underwritten public offering of its common stock.

Cardiovascular Systems raises $84.5M in common stock

Minnesota medical device maker Cardiovascular Systems (NSDQ:CSII) announced that it raised $84.5 million through sales of 3 million shares of its common stock.

The take was larger than CSI had estimated, as underwriters opted to fully exercise their right to purchase some 391,300 shares, all of which were sold publicly at $30 apiece.

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The company had announced earlier this month its intent to launch the offering, estimating at the time that it would raise about $70 million in net proceeds.

Cardiovascular Systems has said it plans to use the proceeds for "general corporate purposes," which may include funding clinical trials, expanding overseas and bolstering marketing and sales efforts for its Diamondback 360 Coronary Orbital Atherectomy System and for its PAD technologies.

CSII shares got some Wall Street attention today, trading up by 2% at $34.17 as of about 11:40 a.m.

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