Novoste
This article was originally published in The Gray Sheet
Executive Summary
Private placement of 1.46 mil. shares at $35 each raises $51.2 mil. to help prepare for U.S. market introduction of the Beta-Cath beta radiation system for restenosis, as well as to expand international sales and continue development. The Norcross, Georgia firm recently reported results of the pivotal START trial showing that treatment with the brachytherapy system significantly reduced the risk of repeat blockage and additional treatment for patients suffering from blocked stents versus placebo (1"The Gray Sheet" March 20, p. 12). A PMA submission to FDA is anticipated in the second quarter. U.S. Bancorp Piper Jaffray was placement agent for the offering