Cardiovascular Systems (NSDQ:CSII) announced this week an upcoming stock offering worth up to $70 million in net proceeds, according to an early estimate.
The device maker has yet to issue share pricing or the date of the sale, but said in prospectus documents that net proceeds are expected to be about $60.8 million or as much as $70 million if underwriters exercise in full their option to purchase additional shares.
Cardiovascular Systems 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.
The Minnesota company may make an attractive target, having just won FDA approval for the Diamondback 360 OAS, new that sent CSII shares soaring 18% in a single day. The company shortly thereafter hit a new year-long high-watermark after beating Wall Street’s expectations for its 1st quarter earnings.
CSII shares were up 0.8% today, trading at $30.01 as of about 3:35 p.m.
