Cardiovascular Diagnostics, Inc. Completes Initial Public Offering

Strategic Insights -

Cardiovascular Diagnostics, Inc., a leader in cardiovascular diagnostic technology, has successfully completed its initial public offering, raising $23,375,000 before underwriting discounts and commissions. The company sold 1,700,000 shares of its Common Stock, with certain shareholders selling an additional 425,000 shares. The offering was led by Bear, Stearns & Co., Inc. and Scott & Stringfellow, Inc. The funds raised will support the further development and marketing of the company's proprietary cardiovascular diagnostic test system, the Thrombolytic Assessment System (TAS). This innovative technology enables rapid and accurate evaluation of hemostasis at the point of patient care, providing critical information for the administration of anticoagulant and thrombolytic drugs.

Key Takeaways:

  • Cardiovascular Diagnostics, Inc. raised $23,375,000 through its initial public offering, selling 1,700,000 shares of its Common Stock and another 425,000 shares by certain shareholders.
  • The company's Thrombolytic Assessment System (TAS) is a key product in its portfolio, offering rapid and accurate evaluation of hemostasis at the point of patient care.
  • The TAS technology provides critical information for the administration of anticoagulant and thrombolytic drugs, used in the treatment of heart attacks and strokes.
  • The funds raised will be used to support the further development and marketing of the company's products.
  • The underwriting group for the offering was led by Bear, Stearns & Co., Inc. and Scott & Stringfellow, Inc.
  • The company's President, John P. Funkhouser, is available for comment at 919-954-9871.

Statistics:

  • The company sold 1,700,000 shares of its Common Stock at a price of $11.00 per share, raising $18,700,000 in gross proceeds.
  • Certain shareholders sold an additional 425,000 shares, raising $4,675,000 in gross proceeds.
  • The total gross proceeds from the offering were $23,375,000 before underwriting discounts and commissions.
  • The company has granted the underwriters a 30-day option to purchase up to 318,750 additional shares of its Common Stock solely to cover over-allotments.

Sources:

  • [1] PRNewswire, December 12, 1995
  • Bear, Stearns & Co., Inc.
  • Scott & Stringfellow, Inc.