Micro Therapeutics
This article was originally published in The Gray Sheet
Executive Summary
Developer of Onyx liquid embolic material raises $48.7 mil. via sale of 8.1 mil. shares at $6 each to Micro Investment LLC, managed by institutional investor Warburg Pincus Equity Partners, LP. In conjunction with the earlier sale in June of 2 mil. shares at $3.75 each, the most recent financing brings aggregate proceeds to about $56 mil. and gives Micro Investment a greater than 50% stake in the company (1"The Gray Sheet" June 4, 2001, p. 26). Proceeds will support Irvine, California-based Micro Therapeutics' ongoing Onyx clinical trials and marketing programs, as well as debt repayment. Onyx is CE marked in Europe for the treatment of brain aneurysms, arteriovenous malformations and certain peripheral applications. Pivotal U.S. trials are underway for aneurysms and AVMs