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Optex Biomedical

This article was originally published in The Gray Sheet

Executive Summary

Plans to resume operations following completion of initial public offering of 800,000 shares of common stock at $5 per share, according to a prospectus filed with the Securities and Exchange Commission. The Woodlands, Texas-based firm, which shut down in January due to lack of funds, plans to use the anticipated $3.2 mil. in net proceeds for marketing the firm's BioSentry continuous blood gas monitor system, as well as for R&D for future products, payment of certain obligations, working capital and general corporate purposes. From its inception in 1988 through 1993, Optex incurred a cumulative loss of $15.2 mil., and as of Dec. 31, 1993, the firm had $ 240,000 in cash.
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