HeartWare International Inc. wrapped its largest offering of stock yet, announcing that underwriters exercised their over-allotment option to purchase 230,595 shares of the company’s stock for $33.37 each.
Coupled with the 1,537,305 shares of HeartWare stock sold last week, the Framingham, Mass.-based maker of implantable heart pumps ran its total take to just under $59 million — $62.76 million in gross proceeds at the public offering price of $35.50 a share, less the 6 percent, or $2.13 per share, fee paid to the underwriters for marketing the deal to investors.
Company officials have not detailed how they intend to spend the new cash, although it’s likely a sizable portion will go to promote the HeartWare Ventricular Assist System inside the European Union after it received CE Mark approval in January 2009. HeartWare is also developing an axial flow pump one-third the size of its flagship device, as well as conducting clinical trials with an eye on gaining U.S. approvals.
According to regulatory documents filed in recent days, J.P. Morgan Securities Inc., as sole bookrunner for the deal, sold 70 percent of the shares, and as a result, pocketed over $2.6 million for bringing the HeartWare deal to market. Three other investment banks were each responsible for selling 10 percent of the shares to their clients and received about $377,000 apiece.