This article was originally published in The Gray Sheet
Secondary offering of 3 mil. shares is planned at an estimated price of $14.50 per share. The Hayward, California firm, which produces the Cholestech L(D(X point-of-care analyte diagnostic system for multiple blood-detected diseases and disorders, plans to use anticipated net proceeds of approximately $40.4 mil. for expansion of manufacturing capacity in fiscal 1999, R&D expenses, "expansion of sales and marketing capabilities," other capital expenditures and working capital, and SG&A, the SEC filing states. Cholestech recorded sales of $21.7 mil. for the fiscal year ended March 27, 1998 (up 68%); earnings increased to roughly $2 mil. in its first year of profitability. Lead underwriter Prudential Securities and co-managers Vector Securities International and Everen Securities hold an over-allotment option for 450,000 shares, which could bring net proceeds to $46.5 mil
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