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Medisys PLC

This article was originally published in The Gray Sheet

Executive Summary

Ipswich, U.K. maker of safety syringes raises approximately $69.9 mil. through placement of 37.6 mil. New Ordinary Shares at about $1.86 per share (based on current exchange rates). A portion of the proceeds from the offering will be used to gear up manufacturing efforts for the Futura safety syringe, for which a 510(k) is pending at FDA (1"The Gray Sheet" July 12, 1999, p. 6). The funds also will be used to develop and acquire additional safety products to complement the Futura line, and to "establish a U.S. sales and marketing infrastructure" for next generation blood glucose monitoring systems slated to debut later this year. Nomura International was underwriter for the offering, and the shares trade on the Alternative Investment Market

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