Laser Optic Systems Maker AIS Files for Public Stock Offering
Advanced Interventional Systems Inc., maker of laser systems designed to unclog blocked coronary arteries, has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 2.1 million shares of common stock.
The Irvine-based company hopes to raise about $23 million for the offering, with each share expected to sell for between $10 and $12, said Robert E. Wall, the company’s chairman and chief executive.
Proceeds from the offering will be used for working capital to finance sales and marketing efforts and to expand the company’s manufacturing capacity, he said.
Part of the offering--241,331 shares--will come from current AIS stockholders, a company spokesman said. The 2.1 million shares represent 25% of the company’s 8.4 million shares outstanding after the offering.
For months now, the company has been saying it expects the U.S. Food and Drug Administration to issue preliminary approval to sell a newly developed laser unit that uses a fiber optic catheter to carry pulses of laser light to burn out fatty deposits in arteries. So far, the FDA approval has not been granted, but Wall said 14 laser units are being clinically tested in several leading heart centers throughout the country.
The company has designated Robertson, Stephens & Co. in San Francisco and Smith Barney, Harris Upham & Co. as its underwriters.
It usually takes about six weeks before a registration statement is cleared by the SEC so underwriters can sell the shares over-the-counter.