CardioPulmonics Inc., 5060 W. Amelia Earhart Drive, a company developing pulmonary and cardiopulmonary products for treatment of critically ill patients, is announcing a public offering of 2.5 million shares of its common stock at $11 per share.
Piper, Jaffray & Hopwood Inc. will manage the underwriting of the offering, according to William S. Barth, chief financial officer. The $24.9 million raised by the offering will be used for ongoing clinical trials and regulatory expenses, research and development, development of a U.S. market, expansion of manufacturing capacity and repayment of debt.All shares offered are being sold by the company, which has about 7.7 million shares outstanding after the offering. The common stock will be traded on the NASDAQ under the symbol CRDS.