Stock Sale Raises Millions: ICU Medical Inc.,...

Stock Sale Raises Millions: ICU Medical Inc., a manufacturer of disposable medical devices, said it raised about $12 million in an initial sale of company stock to the public.

The company offered 1.3 million shares at a price of $11 each on Monday. But the stock dropped to $10.375 a share at Tuesday’s close and sank another 62.5 cents Wednesday to $9.75 in over-the-counter trading.

ICU makes devices designed to protect health care workers from accidental sticks of needles used in injections and intravenous therapy.

The Irvine firm said it plans to use money from the offering to expand its marketing force, to buy capital equipment and for product research.