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Financings in Brief: Gliatech

This article was originally published in The Gray Sheet

Executive Summary

Gliatech: Nets $19.8 mil. from initial public offering of 2.3 mil. shares at $9.50 a share. The issue will be traded on the NASDAQ exchange under the symbol "GLIA," the firm states. Cleveland-based Gliatech announced plans for the IPO during the summer ("The Gray Sheet" Sept. 11, p. 13). Net proceeds will go toward manufacturing and marketing in Europe of the Cleveland-based firm's Adcon line of products to control surgical adhesion, clinical trials of the products in the U.S. and Europe, working capital and general corporate purposes. The offering was managed by Montgomery Securities, Vector Securities International, and McDonald & Company Securities...

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