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Financings in Brief: Focal, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Focal, Inc.: Surgical sealant developer goes public Dec. 12 via an initial offering of 2.5 mil. shares at $10 each, grossing $25 mil. Lexington, Massachusetts-based Focal plans to submit a premarket approval application to FDA by the end of 1998 for its FocalSeal surgical sealant product for sealing air leaks in lungs after surgery, and hopes to commence European sales in the near future ("The Gray Sheet" Oct. 6, In Brief). The technology also has potential applications in neurosurgery, cardiovascular and gastrointestinal surgery, the firm says. Proceeds from the offering will fund continued R&D, clinical trials, "expansion of manufacturing capabilities and sales and marketing activities and capital expenditures," the firm states. Underwriters Lehman Brothers, Piper Jaffray, and Pacific Growth Equities hold an overallotment option for 375,000 additional shares...
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