Birtcher’s Stock Offering Revived After Merger Fails
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IRVINE — Birtcher Medical Systems Inc., a medical equipment manufacturer, said Wednesday that it plans to raise $15 million in a public stock offering.
The public offering--originally planned for earlier this year--was revived after the company’s failed effort last month to merge with a Pennsylvania surgical toolmaker.
Had the merger gone through, the combined company would have become a major player in the emerging market for laparoscopic surgery, which uses miniature instruments, including television cameras, that can be inserted through a tube in a patient’s abdomen. The procedure is used to minimize incisions.
Birtcher plans to use the new capital to finance future growth and repay debt, among other things.
The company said 1.5 million shares are being offered at $10 each. Dean Witter Reynolds Inc. is managing the group that is underwriting the offering. The group has been granted an over-allotment option to purchase an additional 225,000 shares.
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