Possis Medical, Inc.
This article was originally published in The Gray Sheet
Executive SummaryFiles registration with the Securities and Exchange Commission for 1,552,500 shares of common stock to be sold at 5-3/4 per share. Of the proceeds, 50% will fund R&D of additional uses of the company's three key products, the AngioJet thrombectomy system, the Perma-Flow graft, and the Perma-Seal graft. The products are all in human clinical trials in the U.S. and in "early stage sales" in Europe and Japan. An additional 25% of the proceeds will fund the clinical trials for the key products, and approximately $500,000 will be used for repayment of a loan. The offering includes 202,500 shares to cover over-allotments for underwriter John G. Kinnard and Company, Inc. Possis plans to issue warrants to the underwriter to purchase 120,000 additional shares. After the offering, 9.7 mil. shares of common stock will be outstanding
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