Endosonics CVD unit goes public
The CardioVascular Dynamics subsidiary of Endosonics went publiclast month, floating 3.4 million shares priced at $12 each. Endosonicsplans to retain a 49% stake in Irvine, CA-based CVD, down fromthe 84% share Endosonics previously owned. The stock was
The CardioVascular Dynamics subsidiary of Endosonics went publiclast month, floating 3.4 million shares priced at $12 each. Endosonicsplans to retain a 49% stake in Irvine, CA-based CVD, down fromthe 84% share Endosonics previously owned. The stock was tradingat about $9 a share last week on the NASDAQ exchange.
CVD develops catheters that are used to treat vascular diseasesand are used in conjunction with angioplasty and other interventionalprocedures like vascular stenting and drug delivery. The companyreceived Food and Drug Administration clearance last month forits Active Response Catheter (ARC) product for percutaneous transluminalcoronary angioplasty (PTCA).
Endosonics, of Pleasanton, CA, said last month that it plansto report second-quarter revenues of about $6.7 million, sharplyhigher than the $4 million posted in the same period last year.The company said it will record a one-time charge of $3 millionrelated to the consolidation of its manufacturing operations andthe start-up of production related to its new Five-64 imagingdevices.
Endosonics also plans to form a new subsidiary, MicroSound, todevelop its miniaturized catheter-based imaging technology. Thecompany has developed a transducer/scanhead that is 1 mm in diameter,although product commercialization is several years away.