HeartWare International Inc. (NSDQ:HTWR) sold 1.5 million shares of stock through a public offering announced late Jan. 26.
The Framingham, Mass.-based maker of miniaturized heart pumps did not immediately identify any of the buyers or detail the terms of the offering. At HeartWare’s current price of $34.20 per share, the deal would have generated about $52.2 million in gross proceeds. Underwriters also can opt to purchase 225,000 shares, which if exercised, could produce an extra $7.8 million for the company.
HeartWare said in a press release that it intends to use the new funding for working capital and general corporate purposes. The offering was made through a Dec. 24, 2009, shelf registration to sell securities that became effective last week.
The company finished the quarter ended Sept. 30, 2009, with $31.4 million in cash on hand, mostly the result of a $60.2 million private placement of stock completed in August.