Financings in Brief: NeoPath
This article was originally published in The Gray Sheet
Executive Summary
NeoPath: Planning secondary offering of 2.5 mil. shares of common stock. Based on the issue's current NASDAQ trading price of about $20 per share, the offering could net $45 mil. to $50 mil., the firm says. Proceeds are slated to expand manufacturing capacity for the Redmond, Washington-based firm's AutoPap 300 QC automated Pap smear analyzer, approved by FDA in September ("The Gray Sheet" Oct. 9, p. 6), and for working capital. NeoPath, which currently has about 10 mil. shares outstanding, plans to file a registration statement with SEC during December for the offering. The company says it currently has about $27 mil. in cash remaining from a $35 mil. initial public offering of 3.5 mil. shares completed in January ("The Gray Sheet" Dec. 19, 1994, p. 26)...