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Vascular Solutions

This article was originally published in The Gray Sheet

Executive Summary

Gross proceeds of $48.3 mil. are generated from initial public offering completed Aug. 15. The IPO of 4.25 mil. shares at $12 each included 525,000 over-allotment shares. The funds will be used to support the U.S. market launch of the Duett vascular sealing device, which was approved by FDA June 26. "We are very pleased with the initial reception we have received from the market and our ability to raise the capital necessary to continue our U.S. market launch," commented Vascular Solutions CEO Howard Root. The Minneapolis-based firm, which trades on the Nasdaq exchange under the symbol "VASC," had postponed a previously proposed $40 mil. IPO late last year due to adverse market conditions. Underwriters for the offering included Salomon Smith Barney, Stephens, and William Blair & Co
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