NxStage Medical Inc. (NASDAQ:NXTM) grossed $66.1 million from the sale of 3.2 million shares of its common stock.
The Lawrence, Massachusetts-based home hemodialysis products maker sold the shares for $20.65 each, according to a filing with the federal Securities & Exchange Commission. NXTM shares, which closed at $21.38 yesterday, were trading at $20.67 in early-afternoon activity, down 3.4 percent.
NxStage plans to use the proceeds for “working capital and general corporate purposes,” according to the filing. The offering, which is being underwritten by Canaccord Genuity Inc., is slated to close Nov. 23. Canaccord has a 30-day follow-on option to buy another $480,000 shares to cover any over-allotments, according to a press release.
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The company posted a loss of $8.2 million, or 17 cents per diluted share, on sales of $45.0 million during the three months ended Sept. 30. That compares with a loss of $10.0 million, or 22 cents per diluted share, on sales of $38.0 million during the same period last year.
NxStage has posted rising sales and decreasing losses in recent quarters, with second-quarter red ink narrowing 34 percent on a nearly 21 percent top-line spike.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
