MiniMed Plans Sale of 2.5 Million Shares of Stock
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MiniMed Inc., a Sylmar maker of devices used to manage diabetes, has told the Securities and Exchange Commission that it will sell 2.5 million shares of common stock worth about $32.5 million in an initial public offering of stock. Smith Barney Inc., Dillon Read & Co. Inc. and UBS Securities Inc. are the underwriters.
Proceeds of the sales after fees are expected to be $29.7 million.
An additional 750,000 shares of stock will be offered by Alfred E. Mann, chairman and CEO of MiniMed. The sales will reduce Mann’s stake in the company to 51.5%.
MiniMed said it narrowed its loss slightly in the first quarter that ended March 31 to $452,000 from a $457,000 loss the previous year. Revenues in the first quarter were $8.3 million, up 15% from $7.2 million a year earlier.
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