Novadaq Technologies plans offering of 6.1M shares

Novadaq says it will sell 6.1M shares of stock to fund sales of blood imaging technology

Associated Press

NEW YORK (AP) -- Imaging products maker Novadaq Technologies Inc. said Tuesday it plans to sell 6.1 million shares of stock at $5.75 each.

Novadaq said it expects $35.1 million in proceeds before expenses and discounts. The underwriters of the offering will have the option to buy another 915,000 shares to cover any over allotments. The offering is expected to close Monday. The book-running managers for the offering are Piper Jaffray and Stifel Nicolaus Weisel, and JMP Securities and Rodman & Renshaw are the co-managers.

The Toronto company said it will use the proceeds from the offering to invest in the commercialization of Pinpoint, a minimally invasive imaging technology that is designed to allow surgeons to see blood flow in vessels without using radiation. The proceeds will also cover general corporate purposes including potential acquisitions and capital spending.

Pinpoint is a smaller version of Novadaq's older Spy technology.

The stock is being offered at a discount of 12.9 percent to the Monday closing price of Novadaq shares. The shares finished at $6.60 Monday and have traded between $7.98 and $3.27 in the last year.

Novadaq shares fell 49 cents, or 7.4 percent, to $6.11 in morning trading.

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