Bovie Medical Corporation (NYSEMKT:BVX) , a maker of medical devices and supplies and the developer of J-Plasma®, a patented new surgical product, announced today the pricing of its previously announced underwritten public offerings of 3,000,000 shares of its common stock at a public offering price of $4.00 per share. Bovie Medical is offering 1,500,000 shares and certain selling stockholders are offering 1,500,000 shares of common stock. In connection with the offerings, Bovie Medical and the selling stockholders have granted the underwriter a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any.
Cumulative gross proceeds of the offerings, excluding the proceeds from any over-allotments, are expected to be $12.0 million, of which the gross proceeds to Bovie Medical are expected to be $6.0 million. Bovie Medical will use its proceeds from the offering to expand its sales and marketing activities, to expand its research and development efforts, to conduct clinical trials, and for general corporate purposes and working capital. The offering is subject to customary closing conditions and is expected to close on November 15, 2016.
Piper Jaffray is acting as sole manager of the offerings.
The offerings were made pursuant to shelf registration statements previously filed with the Securities and Exchange Commission (the “SEC”), which the SEC declared effective. A preliminary prospectus supplement has been filed with the SEC for each of the offerings and a final prospectus supplement relating to each offering will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or by telephone at 800-747-3924 or by email at prospectus@pjc.com.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Bovie Medical Corporation
Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma®, a patented new plasma-based surgical product for cutting and coagulation. J-Plasma® utilizes a helium ionization process to produce a stable, focused beam of ionized gas that provides surgeons with greater precision, minimal invasiveness and an absence of conductive currents through the patient during surgery. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, Aaron®, IDS™ and ICON™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie Medical Corporation’s website www.boviemed.com.