Financings in Brief: Autonomous Technologies Corp.
This article was originally published in The Gray Sheet
Executive Summary
Autonomous Technologies Corp.: Expects net proceeds of $18.1 mil. from an initial public offering of 2.5 mil. shares of common stock, expected to be priced between $7 and $9 each. The Orlando, Florida-based firm filed a registration statement at SEC March 8 for the offering. Net proceeds could reach $20.9 mil. if underwriters Hanifen, Imhoff, Inc. and Cruttenden Roth exercise their over-allotment option in full. Proceeds will be used to fund clinical trials of the firm's T-PRK (tracker-assisted photorefractive keratectomy) system for low to moderate myopia, for which ATC received an investigational device exemption Jan. 3. Funds also will be used to fund sales and marketing activities outside the U.S., to expand manufacturing capabilities and to finance the "early commercial placements" of the system.