Jul 23 2010
Uroplasty, Inc. (Nasdaq: UPI) announced today that its underwritten public offering of 4 million shares of its common stock was priced at $3.50 per share. Uroplasty has granted the underwriters of the offering an option to purchase up to an additional 600,000 shares of common stock within the next 30 days, solely to cover over-allotments, if any. All of the shares in the offering are being offered by Uroplasty. Uroplasty expects the offering to close on July 27, 2010, subject to customary closing conditions.
Uroplasty intends to use the net proceeds from the sale of the common stock to fund the commercialization of its Urgent PC system, to fund additional clinical trials to expand the applications for its products and for general corporate purposes, including working capital.
Oppenheimer & Co. Inc. is the sole book-running manager for the offering and JMP Securities LLC is acting as co-manager for the offering.