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Financings in Brief: Medical Science Systems, Inc.

This article was originally published in The Gray Sheet

Executive Summary

Medical Science Systems, Inc.: Initial public offering of 1.8 mil. shares at $9 each Nov. 26 nets $14.9 mil. The Newport Beach, California genetic disease susceptibility testing services firm plans to use the funds launch genetic testing services for periodontitis, osteoporosis, coronary artery disease and diabetic retinopathy. The offering was larger than the 1.5 mil. share offering originally planned anticipated ("The Gray Sheet" Oct. 20, p. 17). Underwriters Nutmeg Securities and Millennium Financial Group, which hold an overallotment option of 270,000 additional shares, have asked the National Association of Securities Dealers "for a formal investigation into the recent trading activity in the company's stock," the firm reports Dec 8. The issue hit a high of 9-1/8 on Nov. 26 before declining to 6-1/2 on Dec. 8. MSS says it knows of "no reason for the decline"...
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