Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Volcano Corp. completes secondary stock offering: Intravascular ultrasound (IVUS) device maker grosses $58.6 mil. in proceeds from secondary stock offering of 3.5 mil. common stock shares at $16.75 each Dec. 7. Separately, 4 mil. shares also were offered by selling shareholders. The firm intends to use around $26 mil. of the proceeds for sales and marketing initiatives and $11 mil. for R&D. The stock sale comes just six months after the Rancho Cordova, Calif., firm went public, netting $58.2 mil. from the June sale of about 7.8 mil. shares (1"The Gray Sheet" Sept. 4, 2006, p. 12). The firm reported third quarter sales of $27.8 mil., up 3% from 2005. Under a collaboration with core labs at Stanford University, Cardialysis and the Cardiovascular Research Foundation, also announced Dec. 7, Volcano will provide IVUS catheters free of charge for use in pivotal drug-eluting stent trials to advance understanding of stent thrombosis. FDA's Circulatory System Devices Panel met Dec. 7-8 to discuss DES-related thrombosis...
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