
Cardiovascular Systems (NSDQ:CSII) priced a public offering of some 2 million shares of CSII stock at $17.60 apiece, saying it expects to net about $33 million from the deal.
The St. Paul, Minn.-based medical device company has said it plans to use the proceeds for working capital and general corporate purposes, which is likely to include backing for its ORBIT II clinical trial of its atherectomy device.
CSII shares jumped nearly 18% last week after the company revealed what 1 analyst called "convincingly positive" 30-day data from the ORBIT II study.
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The offering includes a 30-day over-allotment option of 300,000 shares for the underwriters, according to a press release.
CSII shares were trading at $18.62 each as of about 12:50 p.m. today, up 4.8%.
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