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Abiomed

This article was originally published in The Gray Sheet

Executive Summary

Proposed secondary offering of 1.5 mil. shares is outlined in a filing with the Securities and Exchange Commission. Proceeds would be used for initial clinical trials of the AbioCor implantable replacement heart, continued R&D, expanded manufacturing capabilities, international sales and other general corporate purposes, "including potential acquisitions," the firm says. Underwriters Banc of America Securities and Salomon Smith Barney have an over-allotment option of 225,000 additional shares. Separately, the Danvers, Massachusetts company announces FDA approval of a PMA supplement for an additional, smaller-sized arterial cannula for use with the firm's BVS-5000 bi-ventricular assist device. The temporary heart assist device is used in over 435 U.S. medical centers nationwide

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Abiomed

Firm nets approximately $95 mil. in secondary offering of 1.5 mil. shares at $68 per share. Proceeds will be used primarily to fund initial clinical trials of the AbioCor implantable replacement heart (1"The Gray Sheet" Jan. 10, p. 10). Underwriters include Banc of America Securities and Salomon Smith Barney

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