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Possis Medical

This article was originally published in The Gray Sheet

Executive Summary

Convertible debenture funding through Solomon Smith Barney raises $17 mil. from a group of institutional investors. Possis has received $12 mil. through the issuance of 5% convertible subordinated debentures due 2004 and 110,640 warrants and a commitment for another $5 mil. if certain conditions are met. The Minneapolis-based company says proceeds will be used for the development of AngioJet Rheolytic Thrombectomy System applications, and to fund sales and marketing activities
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