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Financings in Brief: i-Stat

This article was originally published in The Gray Sheet

Executive Summary

i-Stat: Files registration statement with SEC for an offering of 2 mil. shares (2.3 mil. if overallotment options are exercised). Net proceeds from the offering are expected to be approximately $41.8 mil., assuming an offering price of $22.25 per share. The filing says that the funds will be used to "finance the further implementation of [i-Stat's] marketing plans, the expansion of its manufacturing capacity, and the development of new products," as well as for working capital and general corporate purposes. Last year, i-Stat received FDA clearance to market blood gas cartridges on its i-Stat portable blood analyzer ("The Gray Sheet" June 13, 1994, In Brief). The company would have about 13 mil. outstanding shares after the offering. Smith Barney and Goldman, Sachs are underwriting...
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