LANGHORNE, Pa., Oct. 26, 2007 (PRIME NEWSWIRE) -- Power Medical Interventions(r), Inc. ("PMI"), a leader in developing and commercializing Intelligent Surgical Instruments(tm), today announced the pricing of its initial public offering of 3,850,000 shares of its common stock at $11.00 per share. Beginning on October 26, 2007, the shares will be quoted on the NASDAQ Global Market under the symbol "PMII." All of the 3,850,000 shares are being sold by Power Medical Interventions(r).
Power Medical Interventions(r) will receive net proceeds from the offering of approximately $35.9 million. Power Medical Interventions(r) intends to use the net proceeds from the offering for general corporate purposes, including working capital, expansion of its sales and marketing organization, continuation of its research and development efforts, expansion of its manufacturing capabilities, purchases of capital equipment and possible acquisitions.
The underwriters have been granted a 30-day option to purchase from the company up to an additional 577,500 shares of common stock to cover over-allotments, if any. Jefferies & Company, Inc. and Lazard Capital Markets LLC acted as joint book-running managers for the offering. William Blair & Company L.L.C. acted as co-manager of the offering.
A registration statement relating to these securities was filed with and declared effective by the United States Securities and Exchange Commission. The offering is being made solely by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction.
Copies of the final prospectus relating to this offering, when available, may be obtained by contacting Jefferies & Company, Inc. toll-free at 1-888-449-2342 or by fax at (212) 284-2208 or by contacting Lazard Capital Markets LLC by mail at 30 Rockefeller Plaza, New York, New York 10020, Attention: Syndicate Department, 60th Floor, or by phone at 212-632-6717.
About Power Medical Interventions, Inc.:
Power Medical Interventions(r), Inc. is a pioneer in the design, development and manufacturing of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments(tm) enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions(r), Inc. and its products, please visit www.pmi2.com
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future financial performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings.
Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release the terms "anticipate," "believe," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.