Micro Therapeutics’ Stock Offering Falls Short of Goal
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SAN CLEMENTE — Micro Therapeutics Inc. raised about $8 million this week--less than half the amount it originally intended--in an initial public offering of stock.
The San Clemente maker and developer of medical catheters initially priced its 1.6-million stock offering late Tuesday at $6 a share after filing plans late last year to sell 2 million shares at $12 a share.
Officials couldn’t be reached for comment.
The company was frustrated in earlier financing plans last year. Though it wanted to join other young companies that rushed into the boom market for new biomedical issues early last year, it refrained when the market cooled last summer.
Founded three years ago, the company has posted total losses of $8 million and noted in its regulatory filing that investing in the company “involves a high degree of risk.” The company reported sales of slightly less than $1 million for the nine months ended in September.
In its first day of trading on the Nasdaq, the stock closed at $6.25, up 25 cents a share.
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