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ATS to gain $13 million from shares sale:

This article was originally published in Clinica

Executive Summary

ATS Medical is to sell approximately 3.7 million shares of common stock at $3.55 per share to certain institutional investors. The sale is expected to earn Minneapolis, Minnesota-based ATS $13.1m. The developer of heart valves and cardiovascular instruments plans to use the proceeds for general working capital purposes and to finance the manufacturing of its ATS open pivot valve, which, according to the company, has been implanted in over 85,000 patients. Some of the funds will also be used for the introduction of the PARSUS blood filtration technology for which ATS recently acquired worldwide rights from Swedish firm ErySave (see Clinica No 1106, p 24).

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