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Financings in Brief: CardioTech International

This article was originally published in The Gray Sheet

Executive Summary

CardioTech International: Shares of the former PolyMedica Industries unit begin trading June 12 on the American Stock Exchange. PolyMedica announced in March its plans to spin off more than 90% of outstanding shares in CardioTech to its shareholders. On June 11, PolyMedica shareholders received 0.42832 shares of CardioTech, a Woburn, Massachusetts-based developer of vascular grafts, for each PolyMedica share held. In accordance with the terms of the spin-off and due to the average trading price of CardioTech stock during its first five trading days, PolyMedica shareholders will receive an additional 0.05383 per share on June 27, 1996. The spin-off "affords both PolyMedica and CardioTech greater access to the capital markets by permitting the two companies to be evaluated independently by the financial community," PolyMedica says...
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