ST. PAUL, Minn.--(BUSINESS WIRE)--EnteroMedics Inc. today announced the initial public offering of 5,000,000 shares of common stock at a price of $8 per share. EnteroMedics’ common stock is expected to begin trading on the NASDAQ Global Market under the trading symbol ETRM on Thursday, November 15, 2007. All shares of the common stock in the offering are being sold by EnteroMedics.
J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated are acting as joint book-running managers of this offering, with Cowen and Company, LLC acting as co-lead and Leerink Swann LLC acting as co-manager for the offering. EnteroMedics has granted the underwriters a 30-day option to purchase an additional 750,000 shares to cover over-allotments, if any.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on November 14, 2007. This offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering, when available, may be obtained from: J.P. Morgan Securities Inc.'s prospectus department at 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245 or by phone at (718) 242-8002, or Morgan Stanley & Co. Incorporated's prospectus department at 180 Varick, New York, NY 10014, by telephone at (866) 718-1649 or by emailing firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction.
About EnteroMedics Inc.
EnteroMedics is a development stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity and other gastrointestinal disorders. EnteroMedics’ proprietary neuroblocking technology, VBLOC™ vagal blocking therapy, is designed to intermittently block the vagus nerve using high-frequency, low-energy, electrical impulses. EnteroMedics recently received an investigational device exemption (IDE) application approval from FDA for the pivotal trial of its initial product for the treatment of obesity, the Maestro System.
Greg Lea, 651-789-2764
Source: EnteroMedics Inc.