Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Ortec: Trading of the firm's stock commences on the OTC bulletin board following a Nasdaq Small Cap Market delisting notice, announced Aug. 30. The firm's appeal of the delisting was unsuccessful (1"The Gray Sheet" July 15, 2002, p. 9). Separately, proceeds from an $8.5 mil. Series B convertible preferred stock offering will support the firm's OrCel pivotal venous ulcer trial (2"The Gray Sheet" Aug. 19, 2002, p. 20). The financing is conditioned upon receipt of a $2 mil. escrow payment from one of Ortec's institutional investors. In addition, the firm reports being in discussions with potential partners, with a financial commitment from one expected by year-end. "We also received a letter of intent for a $12 mil...follow-on underwriting that can be an additional source of capital when our stock price attains a level which makes that an attractive option," Ortec CFO Ron Lipstein notes...
You may also be interested in...
Fischer Receives SEC Subpoena, Prepares To Release Restated 2002 Results
Fischer Imaging will restate financial results from fiscal years 2000 to 2002 to reflect product sales recorded on the date equipment was installed, rather than the shipment date
Fischer Receives SEC Subpoena, Prepares To Release Restated 2002 Results
Fischer Imaging will restate financial results from fiscal years 2000 to 2002 to reflect product sales recorded on the date equipment was installed, rather than the shipment date
Conmed Adds Bionx To Sports Medicine Offerings, Tackling Polymer Pipeline
Conmed will continue to develop Bionx Implants' Self-Reinforced resorbable polymer technology at Bionx facilities in Blue Bell, Penn. and Tampere, Finland upon completion of its $48 mil. cash purchase of the firm, expected by this spring