Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Power IPO: Power Medical Interventions nets $41.8 million from an initial public offering completed Nov. 2. The maker of computer-assisted, power-actuated surgical stapling products offered about 4.4 million shares of common stock at $11 each. The proceeds are tabbed for R&D, expanded sales and manufacturing capabilities, and other "general corporate purposes," the company says. Founded in 1999 and based in Langhorne, Pa., Power Medical Interventions' SurgAssist surgical instruments are used for cutting, stapling and tissue manipulation in open surgery, minimally invasive surgery and natural orifice translumenal endoscopic surgery. The firm's current areas of clinical focus include colorectal, bariatric and thoracic surgery. PMI participates in an endomechanical cutting and stapling device market currently dominated by Covidien/U.S. Surgical and Johnson & Johnson/Ethicon Endo-Surgery. For the six months ended June 30, PMI generated sales of $4.2 million and a net loss of $13.8 million. The company's stock began trading Oct. 26 on the Nasdaq market under the symbol "PMII." Underwriters for the IPO included Jefferies & Company, Lazard Capital Markets and William Blair & Company
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