Alphatec
(NSDQ:ATEC) said last week that it succeeded in raising $57.7 million in a stock offering for its line of spine implants.
The Carlsbad, Calif.-based company had said it planned to float 10.9 million shares at $4.60 apiece, for gross proceeds of $50.1 million. That number rose to $57.7 million because the flotation’s underwriters fully exercised their over-allotment option for another 1.6 million shares, Alphatec said in a regulatory filing.
The proceeds are earmarked for general corporate purposes, the company said, including “possible investments in or acquisitions of complementary businesses, products, or technologies,” although no such deals are in the works.
Piper Jaffray and Canaccord Genuity are joint book-runners in the offering, with Lake Street Capital Markets as co-manager.
