Bovie Medical (NYSE:BVX) today released pricing for an upcoming offering, looking to bring in $12 million with funds slated to support expanding sales and marketing and R&D.
The Clearwater, Fla.-based company said it is looking to float 3 million shares of its common stock at $4 per share. A total of 1.5 million of those shares will come directly from Bovie, while the other 1.5 million will come from selling stockholders.
The offering will include a 30-day underwriters option to purchase an additional 450,000 shares of common stock, according to a press release.
Bovie said it expects to see $6 million in profits, which are slated to expand sales and marketing and research and development, as well as to conduct clinical trials and for general working capital and corporate purposes.
Piper Jaffray is acting as sole manager of the offering, which is expected to close November 15.
In July, Bovie said it inked a sales channel partnership deal with Hologic, (NSDQ:HOLX) adding Bovie’s J-Plasma product line to its portfolio.
The deal, which goes into effect immediately, will add J-Plasma to Hologic’s gynecological and gynecological/oncological surgery portfolio in 3 U.S. regions, Bovie Medical said.
The initial agreement will last 6 months, with an option to extend into a worldwide distribution pact that would integrate Hologic’s entire surgical sales force.
