Financings in Brief: OrthoLogic
This article was originally published in The Gray Sheet
Executive Summary
OrthoLogic: Files registration statement with the Securities and Exchange Commission for a secondary offering of 2.45 mil. shares, of which 1,749,738 are being offered by the company and 700,262 by selling shareholders. Anticipated proceeds of about $15.4 mil. -- based on an offering price of $9.50 per share -- would go toward working capital, general corporate purposes and R&D. The firm is in preclinicals for its OrthoSound nonthermal ultrasound technology for use in the noninvasive diagnosis and repair of damaged bones, cartilage, ligaments and tendons. Phoenix, Arizona-based OrthoLogic is also working on expanded applications of its primary product, the OrthoLogic 1000 bone growth stimulator ("The Gray Sheet" Sept. 11, In Brief). Approximately 9.2 mil. shares would be outstanding after the offering. Underwriters are Volpe, Welty & Co. and Dain Bosworth...