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Financings in Brief: Cyberonics

This article was originally published in The Gray Sheet

Executive Summary

Cyberonics: Grosses $47.6 mil. from secondary offering of 3 mil. shares at $15.875 per share. A portion of the proceeds will be used to boost manufacturing capacity and to develop sales, marketing and distribution capabilities. The Webster, Texas firm received FDA approval in July for its NCP NeuroCybernetic Prosthesis implantable vagus nerve stimulator to treat epilepsy ("The Gray Sheet" July 21, p. 8). Remaining proceeds will be used for further product development, clinical trials and "general corporate purposes," the firm states. Underwriters Montgomery Securities and Piper Jaffray hold an overallotment option for 450,000 additional shares...
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