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Financings in Brief: Ventana Medical Systems

This article was originally published in The Gray Sheet

Executive Summary

Ventana Medical Systems: Plans initial public offering of 3 mil. shares, including 2.2 mil. to be offered by the company and 800,000 by selling shareholders. The company anticipates offering the shares for $14 to $16 each, according to an SEC registration statement. Underwriters Bear Stearns and Dillon, Read hold an over-allotment option to buy 450,000 shares. Share figures proposed in the SEC document give effect to completion of a one-for-2.7 reverse split of the firm's common stock, to be completed prior to the offering. Anticipated net proceeds of $30 mil. will be used to: repay debt ($15.9 mil.), make capital expenditures ($1.8 mil.), and cover working capital and general corporate purposes, the prospectus says....



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