Financings In Brief
This article was originally published in The Gray Sheet
Electromed IPO would raise up to $13.8 million: Maker of the SmartVest airway clearance system for patients with compromised pulmonary function plans to raise up to $13.8 million in a proposed initial public offering, according to a May 3 filing with the Securities and Exchange Commission. The proceeds would be used for sales force expansion and R&D, as well as to add employees to the firm's reimbursement, patient services and administrative departments, according to the preliminary IPO prospectus. Founded in 1992, the New Prague, Minn., company generated sales of $13 million and net income of $1.3 million in fiscal 2009 (ended June 30), primarily from its 510(k)-cleared SmartVest system. The device generates high-frequency chest wall oscillation, also known as high-frequency chest compression, to help patients rid their lungs of excess lung secretions, thereby making them less likely to develop lung infections such as pneumonia. Recipients include those with cystic fibrosis, chronic obstructive pulmonary disease, muscular dystrophy and post-surgical airway complications, according to the company. Feltl and Company is underwriter for the IPO. The firm expects its shares to trade under the Nasdaq symbol "ELMD.
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