Financings in Brief: MiniMed
This article was originally published in The Gray Sheet
Executive Summary
MiniMed: Expects to net $29.7 mil. from an initial public offering of 2.5 mil. shares to be sold for $13 each. The insulin pump manufacturer is working with Hoechst to prepare a PMA/NDA submission for its implantable insulin pump; the pump uses insulin manufactured by Hoechst. Submission is anticipated "in 1995 or early 1996," according to the filing. Currently, $32.5 mil. of MiniMed's total revenues ($36.3 mil. in 1994) are generated by its external pumps for diabetes. MiniMed's 506 pump is used only for insulin; the firm's 404-SP general purpose pump may be used with other medications as well as insulin.