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This article was originally published in The Gray Sheet

Executive Summary

Plans to use majority of $4.2 mil. in expected net proceeds from a stock offering for final development and preliminary sales and marketing of Sofceps, an obstetrical tractor designed to replace traditional steel obstetrical forceps. In a Securities and Exchange Commission filing for the proposed offering of 1 mil. shares at $5 each, the company notes that the product will be ready for human clinical trials no sooner than three months after the realization of the proceeds. Following the offering, which is being underwritten by Grady and Hatch & Co., there will be approximately 10.7 mil. shares outstanding. Recent bid and ask prices for the stock cited in the March filing were $3.13 and $3.63, respectively.
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