MINNEAPOLIS, July 22 /PRNewswire-FirstCall/ -- 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.
The shares will be issued pursuant to a shelf registration
statement that was previously filed with the Securities and
Exchange Commission (SEC) and was declared effective on
June 24, 2010. A copy of the
preliminary prospectus supplement and accompanying prospectus have
been filed in accordance with the rules and regulations of the SEC
and are available on the SEC's website at www.sec.gov. A
final prospectus supplement relating to the offering will be filed
in accordance with the rules and regulations of the SEC.
Alternatively, copies of the preliminary prospectus
supplement and accompanying prospectus and, when available, the
final prospectus supplement and accompanying prospectus for the
offering, may be obtained by sending a request to:
Oppenheimer & Co. Inc., Attention: Prospectus Department,
300 Madison Avenue, 5th Floor, New York,
NY, 10017, Telephone number: (212) 667-8563, Email:
EquityProspectus@opco.com. Before you invest, you should read
the prospectus supplement and accompanying prospectus, the
registration statement, and the other documents that Uroplasty has
filed with the SEC for more complete information about Uroplasty
and this offering. Investors may obtain these documents for free by
visiting the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there be any sale of
these 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. The offering may be made only by means of a
prospectus supplement and the accompanying prospectus or by a free
writing prospectus in accordance with the rules and regulations of
the SEC.
About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned
subsidiaries in The Netherlands
and the United Kingdom, is a
medical device company that develops, manufactures and markets
innovative proprietary products for the treatment of voiding
dysfunctions. Our focus is the continued commercialization of
our Urgent PC system, which we believe is the only FDA-approved
minimally invasive nerve stimulation device designed for
office-based treatment of urinary urgency, urinary frequency and
urge incontinence – symptoms often associated with overactive
bladder.
We also offer Macroplastique Implants, an injectable urethral
bulking agent for the treatment of adult female stress urinary
incontinence primarily due to intrinsic sphincter deficiency.
For more information on the company and its products, please
visit Uroplasty, Inc. at www.uroplasty.com.
Forward-Looking Information
This press release contains forward-looking statements, which
reflect our best estimates regarding future events and financial
performance. These forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from our anticipated results. We discuss in detail
the factors that may affect the achievement of our forward-looking
statements in our Annual Report on Form 10-K filed with the SEC.
Further, we cannot assure you that third-party payors will
provide or continue to provide coverage and reimbursement for our
products, or reimburse the providers an amount sufficient to cover
their costs and expenses. We further cannot assure that
reimbursement or other issues will not further impact our future
fiscal results.
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For Further
Information: Uroplasty, Inc.
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EVC Group
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David Kaysen, President and CEO,
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Doug Sherk
(Investors)
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Medi Jiwani, Vice President,
CFO, and Treasurer
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415.896.6820
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952.426.6140
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Chris Gale (Media)
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646.201.5431
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SOURCE Uroplasty, Inc.