Endocardial Solutions
This article was originally published in The Gray Sheet
Executive Summary
Private placement of 1.1 mil. shares of common stock to institutional investors raises $10 mil. Proceeds will be used to help finance market introduction of the firm's $175,000 Ensite 3000 system, which was cleared by FDA for mapping of right atrial arrhythmias on April 21 and launched in early May (1"The Gray Sheet" April 26, p. 10). The firm has expanded its marketing force from ten to twenty reps since the launch and has a PMA pending at FDA for left atrial indications. Second-quarter financial results announced July 21 include revenues of $1.7 mil., compared to $435,406 for the second quarter of 1998. A net loss of $3.8 mil. compares to losses of $3.3 mil. for the comparable quarter last year
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