Volcano Ready To Erupt? Vascular Imaging Start-Up Lures Big-Time Partners
This article was originally published in The Gray Sheet
Executive Summary
Ultrasound catheter firm Volcano Corp. only went public in June, but it has already attracted noticeable interest from the top players in the device industry
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Financings In Brief
Volcano Corp. completes secondary stock offering: Intravascular ultrasound (IVUS) device maker grosses $58.6 mil. in proceeds from secondary stock offering of 3.5 mil. common stock shares at $16.75 each Dec. 7. Separately, 4 mil. shares also were offered by selling shareholders. The firm intends to use around $26 mil. of the proceeds for sales and marketing initiatives and $11 mil. for R&D. The stock sale comes just six months after the Rancho Cordova, Calif., firm went public, netting $58.2 mil. from the June sale of about 7.8 mil. shares (1"The Gray Sheet" Sept. 4, 2006, p. 12). The firm reported third quarter sales of $27.8 mil., up 3% from 2005. Under a collaboration with core labs at Stanford University, Cardialysis and the Cardiovascular Research Foundation, also announced Dec. 7, Volcano will provide IVUS catheters free of charge for use in pivotal drug-eluting stent trials to advance understanding of stent thrombosis. FDA's Circulatory System Devices Panel met Dec. 7-8 to discuss DES-related thrombosis...