Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
CTI Molecular Imaging, Inc.: Positron emission tomography equipment supplier goes public June 21 via initial offering of 10.7 mil. shares of common stock at $17 each. Ten mil. shares were offered by the company plus 720,000 shares from selling shareholders. Estimated proceeds to the Knoxville, Tennessee firm of about $156 mil. will be used to expand manufacturing facilities, grow the firm's PETNet distribution network, repay debt and cover general corporate expenses. CTI, which reported 2001 sales of $189 mil., up 52%, announced plans for the offering in April (1"The Gray Sheet" April 29, 2002, p. 18). Offering managers include Credit Suisse First Boston, U.S. Bancorp Piper Jaffray, Bear Stearns, Banc of America Securities and Wachovia Securities. The underwriters hold an overallotment option for about 1.6 mil. additional shares...