Financings in Brief: Photoelectron
This article was originally published in The Gray Sheet
Executive Summary
Photoelectron: Net proceeds from the firm's IPO reach $17.2 mil. following purchase of 275,000 over-allotment shares. The Lexington, Massachusetts company went public January 29 via an initial offering of 2 mil. shares at $8.50 per share. About 6.8 mil. shares are now outstanding. A preliminary prospectus had called for an offering price of $11-13 per share ("The Gray Sheet" Nov. 11, p. 25). A portion of proceeds from the offering will be used to expand clinical trials and seek regulatory approval for the firm's Photon Radiosurgery System for radiation treatment of cancerous tumors ("The Gray Sheet" Feb. 19, 1996, I&W-10). Funds also will go toward increased R&D, expanded manufacturing and marketing, working capital and general corporate purposes. Needham & Company and Dain Bosworth were underwriters for the offering...