TROY, Mich., March 6 /PRNewswire-FirstCall/ -- Somanetics Corporation announced today that it has completed a public offering of 2,300,000 of its newly-issued common shares, par value $.01 per share, at a public offering price of $24.00 per share. The estimated net proceeds, after deducting the underwriting discount and the estimated expense of the offering, were approximately $51,388,000. These amounts include the exercise in full by the underwriters of an option to purchase up to 300,000 shares to cover over- allotments. Citigroup Global Markets Inc. was the sole bookrunning manager of the offering. Cowen & Co., LLC was co-lead manager and SunTrust Robinson Humphrey was a co-manager of the offering. At completion of the offering, Somanetics had 13,015,885 shares outstanding.
Somanetics intends to use the net proceeds from the offering for the expansion of its direct sales team and other sales and marketing activities, to sponsor additional clinical trials, to expand research and development efforts, and for working capital and general corporate purposes, including potential acquisitions of complementary products, technologies or businesses.
Somanetics Corporation develops, manufactures and markets the INVOS(R) System, a non-invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain. In November 2005, Somanetics received 510(k) clearance to market the INVOS System to monitor changes in blood oxygen saturation elsewhere in the body in somatic, or skeletal muscle, tissue in patients with or at risk for restricted blood flow.
A registration statement relating to this offering was declared effective by the Securities and Exchange Commission. The offering is being made solely by means of a prospectus. 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 in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Copies of the final prospectus may be obtained from Citigroup Global Markets Inc. at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, telephone 718-765-6732.
Statements in this news release that are not historical facts are forward- looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which contain the words "expects," "intends" and words of similar import, are subject to numerous risks and uncertainties disclosed from time to time in documents the company files with the Securities and Exchange Commission, which could cause actual results to differ materially from the results currently anticipated. Actual results could differ materially from those contained or implied by such statements for a variety of factors including changes in the public capital markets. All forward-looking statements included in this release are based on information available at the time of the release. Somanetics assumes no obligation to update any forward-looking statement.
Somanetics CorporationCONTACT: Mary Ann Victor, Vice President and Chief Administrative Officerof Somanetics Corporation, +1-248-689-3050, extension 204, Fax:+1-248-689-4272
Web site: http://www.somanetics.com/
