EnteroMedics (NSDQ:ETRM) said it closed a public offering it expects to add about $12 million to its coffers after it pays off expenses.
The St. Paul, Minn.-based medical device company is developing technology to treat obesity using neurostimulation of the vagus nerve to suppress the appetite.
EnteroMedics said it plans to use the cash to pursue FDA approval of its Maestro RC vagal nerve blocking system and to commercialize the device overseas.
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The offering, of some 13.8 million shares and warrants for another 5.5 million shares, was priced at 95¢ per share, including 0.4 shares per warrant, exercisable at $1.14 per share over 5 years.
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Analysts’ ups and downs
- Allscripts (NSDQ:MDRX): Credit Suisse upgrades from "neutral" to "outperform" rating, $15 price target.
- Bio-Rad Laboratories (NYSE:BIO): Jefferies raises price target to $140.
- Boston Scientific (NYSE:BSX): Jeffries maintains “hold” rating; Leerink Swann reiterates "market perform" rating, $8 price target.
- Cynosure (NSDQ:CYNO): Sidoti initiates coverage with "buy" rating, $36 price target.
- EnteroMedics (NSDQ:ETRM): Canaccord Genuity reiterates "buy" rating, lowers price target from $4 to $3.
- Globus Medical (NYSE:GMED): Leerink Swann reiterates "outperform" rating, raises price target to $18 from $17.
- HeartWare International (NSDQ:HTWR): Leerink Swann reiterates "outperform" rating, $105 price target.
- Intuitive Surgical (NSDQ:ISRG): Cantor Fitzgerald upgrades from "hold" to "buy" rating, raises price target to $575.
- LeMaitre Vascular (NSDQ:LMAT): Canaccord Genuity raises price target from $8.50 t0 $9.50, maintains “buy” rating.
- Mako Surgical (NSDQ:MAKO): Leerink Swann maintains “market perform” rating, raises price target to $14 from $12-$13.
- Medtronic (NYSE:MDT): Argus raises price target from $48 to $54, "buy" rating; TheStreet restates "buy" rating
- Mindray (NYSE:MR): Oppenheimer reiterates "outperform" rating, raises price target from $39 to $45.
- NuVasive Inc. (NSDQ:NUVA): BMO Capital Markets reiterates "market perform" rating, raises price target from $17 to $18; Goldman Sachs raises price target from $18 to $20, maintains "neutral" rating; Leerink Swann maintains "market perform" rating, raises price target from $16 to $20; Piper Jaffray raises price target from $23 to $24, maintains "overweight" rating.
- NxStage Medical (NSDQ:NXTM): Leerink Swann maintains "outperform" rating, $14-$16 price target; Piper Jaffray reiterates "overweight" rating, lowers price target from $18 to $16.
