The Fort Lauderdale-based medical device company said it plans to use the roughly $37.6 million in net proceeds (which could rise to $43 million if underwriter Piper Jaffray exercises a 456,000-share over-allotment) for "commercialization infrastructure" and to cover other corporate expenses.
The offering is expected to close Nov. 19.
Abiomed OKs $15M share buyback
The board of Abiomed (NSDQ:ABMD) authorized a stock repurchase program of up to $15 million worth of its own stock, financed using cash on hand. As of Sept. 30, the Danvers, Mass.-based heart pump maker had cash and equivalents of $89 million and no outstanding debt.
Kips Bay yanks offering registration
Citing “unfavorable market conditions,” Kips Bay Medical (NSDQ:KIPS) asked the SEC to withdraw its shelf registration for a stock offering that could ahve been worth about $18 million, according to regulatory filings.
Avery Dennison rebrands medical division
Avery Dennison (NYSE:AVY) is rebranding its medical solutions group as Vancive Medical Technologies to emphasize its "renewed focus on creating intuitive, cost-efficient products that help improve the quality and outcomes of healthcare."
Survey: Practice Fusion, Castlight, ZocDoc could go IPO
A survey of digital health entrepreneurs suggests that Practice Fusion, Castlight Health and ZocDoc could pursue initial public offerings, mobihealthnews reports.
- Mako Surgical (NSDQ:MAKO): Goldman Sachs reiterates "neutral" rating, reduces price target from $17 to $16.
- NuVasive Inc. (NSDQ:NUVA): Leerink Swann maintains "Market Perform" rating, $16 price target; TheStreet Ratings downgrades from "hold" to "sell" rating.
- Rochester Medical (NSDQ:ROCM): Feltl & Co. reiterates "buy" rating, lowers price target from $13 to $12.50.