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Financings in Brief: Avecor Cardiovascular

This article was originally published in The Gray Sheet

Executive Summary

Avecor Cardiovascular: Manufacturer of heart/lung bypass surgery and respiratory support products files a registration statement with SEC for a public offering of 2.3 mil. shares of its common stock. The offering, expected to commence in July, includes 1 mil. shares to be sold by the company and about 1.3 mil. to be sold by shareholders. Piper Jaffray and UBS Securities are lead underwriters and have over-allotment options to sell 161,250 and 183,000 additional shares, respectively. Stock in Avecor has traded recently for between $12 and $13 per share. According to the filing, net proceeds from the offering will be about $11.3 mil. (assuming an offering price of $12.375 per share). The money will fund "general corporate purposes, including research and development, possible acquisitions and working capital," Avecor says...
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