Vital Images secures stock placement

June 11, 2003

Minneapolis-based Vital Images has recruited eight accredited institutional investors to purchase 1.5 million shares of common stock at $13.50 per share. The private placement, announced June 2, generated some $19 million after deducting closing costs

Minneapolis-based Vital Images has recruited eight accredited institutional investors to purchase 1.5 million shares of common stock at $13.50 per share. The private placement, announced June 2, generated some $19 million after deducting closing costs and placement fees. U.S. Bancorp Piper Jaffray served as exclusive placement agent for the transaction. Funds will provide the flexibility to expand VI's business through acquisition or other opportunities, according to the company. In weeks prior to the placement, VI stock soared to nearly $18. As of June 5, share price had settled at about $14.