Sonic Innovations, Inc.
This article was originally published in The Gray Sheet
Executive Summary
Hearing aid maker goes public May 1 via initial offering of 3.6 mil. shares of common stock at $14 per share to raise $50 mil. Larger than an initially anticipated offering of up to $46 mil., the offering will help fund commercialization of the firm's Conforma digital hearing aid (1"The Gray Sheet" March 20, p. 17). The device debuted March 16. The Salt Lake City-based company also will use a portion of the proceeds for further R&D and debt repayment. Sonic Innovation shares will trade on the Nasdaq exchange under the symbol "SNCI." Underwriters Goldman Sachs, Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray have a 30-day overallotment option to purchase up to an additional 540,000 shares
You may also be interested in...
Sonic Innovations
Hearing aid maker's initial public offering proceeds reach $53.9 mil. following the exercise of a 540,000-share overallotment option by underwriters Goldman Sachs, Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray. Completed May 9, the Salt Lake City firm's IPO included a total of 4.1 mil. shares at $14 each, including the overallotment shares (1"The Gray Sheet" May 8, p. 10)
Sonic Innovations
Hearing aid maker's initial public offering proceeds reach $53.9 mil. following the exercise of a 540,000-share overallotment option by underwriters Goldman Sachs, Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray. Completed May 9, the Salt Lake City firm's IPO included a total of 4.1 mil. shares at $14 each, including the overallotment shares (1"The Gray Sheet" May 8, p. 10)
Drug Pricing Scrutiny Could Impact Device Stocks - Merrill Lynch Analyst
Stock valuations in the medical device sector may be adversely affected by the threat of federal scrutiny over U.S. prescription drug pricing, given the tendency of some investors to lump devices with drugs when making decisions, according to Merrill Lynch medical device analyst Daniel Lemaitre.