MicroTherapeutics
This article was originally published in The Gray Sheet
Executive Summary
Liquid embolic system developer secures $56 mil. staged financing from institutional investor Warburg Pincus, the Irvine, California-based company announces May 29. Proceeds will go towards ongoing clinical trials and marketing efforts for the Onyx liquid embolic material, which is delivered through MTI's proprietary microcatheters for the treatment of neurovascular disease, including brain aneurysms and arteriovenous malformations. The equity placement will occur in two stages. The first round, expected to close by the end of the week of May 28, involves the placement of about 2 mil. shares at $3.75 per share, for a total of almost $7.5 mil. before transaction costs. The second stage will involve the offering of approximately 8.1 mil. shares at $6 per share, generating net proceeds of $48.5 mil. If other investors with which MTI already has agreements choose to participate in this financing, proceeds from the second round could increase to as much as $59 mil