This article was originally published in The Gray Sheet
Stock from recent initial public offering is accepted for listing on the American exchange under the symbol "IMX." Warrants will trade under the symbol "IMX.WS." Net proceeds from the firm's June 24 1 mil.-unit at $7.50 each increased to about $7.4 mil. with the recent exercise of the underwriters overallotment option for 138,000 additional units (1"The Gray Sheet" July 5, p. 27). The issue was initially traded on the Nasdaq and Boston stock exchanges, however, Amex trading is anticipated to add "heightened visibility, a potentially larger investor base and a more liquid auction market," Implant Sciences predicts
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Initial public offering of 1 mil. units at $7.50 each is effective June 25, with trading beginning on the Nasdaq smallcap market and the Boston Stock Exchange. Each unit consists of one share of common stock and one redeemable common stock purchase warrant. The Wakefield, Massachusetts firm recently received 510(k) clearance for its I-Plant iodine-125 radioactive seed for the treatment of prostate cancer and plans to use the IPO proceeds to ramp up production and staff, expand R&D, increase sales and marketing efforts, and for general corporate purposes. Implant Sciences, which develops products and processes for use of ion implantation and thin film coatings of radioactive and non-radioactive materials, also is working on radioactive coronary stents and interventional cardiology devices for prevention of restenosis. Westport Resources Investment Services was lead underwriter for the offering. Co-managers included Schneider Securities and Weatherly Securities Corporation
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