Financings in Brief: Abiomed
This article was originally published in The Gray Sheet
Executive Summary
Abiomed: Developer of the BVS 5000 bi-ventricular assist device retires its outstanding debt, other than accounts payable and accrued expenses. Abiomed issued 451,427 shares of its common stock to Abiomed Limited Partnership, paying off a $3.1 mil. debt to the partnership that consisted of minimum royalty obligations. "By electing to pay for this obligation in stock, the company has more liquidity to invest its cash resources for further product and market development of its emerging technologies," Abiomed said. The firm, which markets cardiovascular and dental products, currently has $11 mil. in cash and investments...