Cardiovascular Systems Prices Public Offering of Common Stock
ST. PAUL, Minn. -- March 20, 2013
Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), a medical device company
focused on developing and commercializing innovative interventional treatment
systems for vascular disease, today announced the pricing of an underwritten
public offering of 2,000,000 shares of its common stock, at a price to the
public of $17.60 per share. The net proceeds to CSI from the sale of the
shares, after deducting underwriting discounts and commissions, and estimated
expenses, are expected to be approximately $33 million. All of the shares in
the offering are to be sold by CSI. The offering is expected to close on or
about March25, 2013.
In connection with the offering, CSI has also granted the underwriters a
30-day option to purchase up to an additional 300,000 shares to cover
over-allotments, if any.
Leerink Swann LLC is acting as the sole book-running manager of the offering.
JMP Securities LLC is acting as co-manager.
The offering will be conducted pursuant to an effective shelf registration
statement, including a base prospectus, which is on file with the Securities
and Exchange Commission (SEC). A final prospectus supplement related to the
offering will be filed with the SEC. Copies of the final prospectus supplement
and the base prospectus relating to the offering, when available, may be
obtained by visiting EDGAR on the SEC’s website at http://www.sec.gov.
Alternatively, copies of the final prospectus supplement and base prospectus
related to the offering, when available, may be obtained from Leerink Swann
LLC, Attention: Syndicate Department, One Federal Street, 37^th Floor, Boston,
MA 02110, or by calling (800)808-7525 ext. 4814.
This press release does not constitute an offer to sell or a solicitation of
an offer to buy any securities of CSI, and there will not be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Cardiovascular Systems, Inc.
Cardiovascular Systems, Inc., based in St. Paul, Minn., is a medical device
company focused on developing and commercializing innovative solutions for
treating vascular and coronary disease. The company’s Orbital Atherectomy
Systems treat calcified and fibrotic plaque in arterial vessels throughout the
leg in a few minutes of treatment time, and address many of the limitations
associated with existing surgical, catheter and pharmacological treatment
alternatives. The U.S. Food and Drug Administration (“FDA”) granted 510(k)
clearance for the use of the Diamondback Orbital Atherectomy System in August
2007. To date, over 100,000 of CSI’s devices have been sold to institutions
across the United States. CSI recently completed its ORBIT II Investigational
Device Exemption clinical trial to evaluate the safety and effectiveness of
its orbital technology in treating coronary arteries and submitted its
Premarket Approval (“PMA”) application to the FDA on March 15, 2013. The
coronary system is limited by federal law to investigational use and is
currently not commercially available in the United States.
This press release contains certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995, including
statements regarding CSI’s expectations regarding the completion, timing and
size of the proposed public offering. These statements are based on
management’s current expectations and accordingly are subject to uncertainty
and changes in circumstances. Actual results and the timing of events may vary
materially from those expressed or implied by such forward-looking statements
due to various important factors, including, without limitation, risks and
uncertainties related to CSI’s business and the satisfaction of the conditions
of the closing of the public offering. More detailed information about those
factors is set forth in CSI’s filings with the SEC, including CSI’s most
recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current
reports on Form 8-K. CSI is under no obligation (and expressly disclaims any
such obligation) to update or alter its forward-looking statements whether as
a result of new information, future events or otherwise.
For Cardiovascular Systems, Inc.
Investor Relations, 651-259-2800
Padilla Speer Beardsley:
Marian Briggs, 612-455-1742
Matt Sullivan, 612-455-1709
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