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Financings in Brief: Kensey Nash

This article was originally published in The Gray Sheet

Executive Summary

Kensey Nash: Plans to go public via initial public offering of 2.7 mil. shares at $11 to $13 per share, the firm announces Oct. 27. The company is currently awaiting final FDA approval for its Angio-Seal hemostasis device after receiving a unanimous approval recommendation from FDA's Circulatory Systems Devices Panel in May ("The Gray Sheet" May 15, p. 8) and an approvable letter from the agency in July. Approximately $10 mil. of the anticipated proceeds from the offering would go toward R&D; $6.6 mil. would go toward debt repayment; $1.9 mil. would repay advances to the company from American Home Products, the firm's marketing and manufacturing partner for Angio-Seal; the remainder would go toward general corporate purposes. Managing underwriters are Janney Montgomery Scott, NatWest Securities Limited and Gerard Klauer Mattison & Co...

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