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This article was originally published in The Gray Sheet

Executive Summary

Files a registration statement with the Securities and Exchange Commission for a proposed public offering of up to 1.3 mil. units consisting of one share of common stock and one series II warrant. Two series II warrants entitle the holder to purchase one share of common stock at 150% of the unit price at any time for a period of two years from the effective date of the offering. The electrotherapeutic device manufacturer also announces that it is extending the term of warrants issued in its 1991 financing, set to expire in June, to the same expiration date as the series II warrants. Staodyn estimates the units will sell at $5 to $6 each, yielding gross proceeds of between $6.5 mil. and $7.8 mil. The firm plans to use $2.6 mil. of the proceeds to repay debt incurred in the acquisition of Technical Medical Devices (TMD) last November. The balance of proceeds will be used for general corporate purposes, which may include "expanding and enhancing" sales and marketing operations, funding R&D efforts, and increasing working capital. The company says it may also use a portion "for potential business or product acquisitions complementary to the company's business." The offering is being underwritten by Cohig & Associates and Paulson Investment Company.



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