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BioSafety Systems

This article was originally published in The Gray Sheet

Executive Summary

San Diego, California-based firm files registration statement with the Securities and Exchange Commission for an initial public offering of 500,000 shares of common stock at a proposed price of $6 per share. The manufacturer of products to minimize the occupational risks of health care workers expects to net $2.5 mil from the offering, of which 56% (1.4 mil.) will be used for "working capital purposes." Remaining proceeds are to be used to retire debt and fund the "expansion of its marketing activities," according to the prospectus. Upon completion of the offering, BioSafety will have 2.8 mil. shares of common stock outstanding. Underwriting the offering are Stonegate Securities and Cullum & Sandow Securities. BioSafety has three product lines: Chemo-Safety Products to protect pharmacists and nurses from exposure to cytotoxic drugs; P2 Infection Control Products to protect against blood-borne pathogens; and Respiratory Safety Products to minimize the risk due to airborne tuberculosis bacteria and chemicals such as pentamidine and ribavirin. Sales of the products generated revenues of $11.1 mil. in the year ended June 30, while net earnings were $1 mil.
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