Financings in Brief: Spine-Tech
This article was originally published in The Gray Sheet
Executive Summary
Spine-Tech: Minneapolis-based spinal implant company is going public through an offering of 3.1 mil. shares (2.65 mil. by the company and 450,000 by selling shareholders) at an estimated price of $10 per share. The company projects net proceeds of $24.1 mil., or $28.5 mil. if underwriters Robertson, Stephens and Piper Jaffray fully exercise their over-allotment option. Proceeds from the offering will be used for working capital requirements, to fund clinical trials, to expand R&D and sales and marketing activities, and possibly to fund a planned move to new facilities.
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