The underwriters of a 4.6 million-share stock offering by Uroplasty Inc. (NSDQ:UPI) snapped up a 600,000 over-allotment, taking the $3.50-per-share offering’s value to $16.1 million.
The Minnetonka, Minn.-based company makes a nerve stimulation device designed to treat overactive bladders.
Uroplasty said the offering, which will net it $15.1 million according to a regulatory filing, is expected to close July 27. The company said it plans to use the cash to bring its device, the Urgent PC system, to market, to finance clinical trials to expand the indications for its products and for general working capital, according to another filing with the Securities & Exchange Commission. Oppenheimer & Co. Inc. acted as the sole underwriter for the sale.