Printer Friendly

ATS MEDICAL, INC. ANNOUNCES SUCCESSFUL FINANCING AND THIRD QUARTER RESULTS

 ATS MEDICAL, INC. ANNOUNCES SUCCESSFUL FINANCING
 AND THIRD QUARTER RESULTS
 MINNEAPOLIS, Nov. 13 /PRNewswire/ -- Manny Villafana, chairman and chief executive officer of ATS Medical, Inc. (NASDAQ-NMS: ATSI) announced today that the company has accepted subscriptions for approximately $9.6 million in an equity private placement of restricted securities, with the potential for an additional $17 million through the exercise of warrants issued in the private placement. The private placement was made to international and U.S. institutions and accredited investors, with Alex. Brown & Sons Incorporated acting as exclusive placement agent.
 "Prior to this offering, we carefully reviewed our need for additional capital as we looked forward to our production needs, our inventory requirements and our receivables financing needs," commented Villafana. "We decided to seek a major national and international investment banking firm that has the strength and worldwide client base to fill our immediate capital needs and also has the capabilities to assist in our long-term growth and future diversification opportunities as they may appear. Therefore, we were extremely pleased when Alex. Brown & Sons Incorporated offered to assist us in securing this financing, which should take care of our capital needs for the foreseeable future," added Villafana.
 Villafana also reported the company's financial results for the third quarter ended Sept. 30, 1992, with net sales of $142,480, compared with net sales of $82,380 during the second quarter of 1992. The sales reflected the continuing roll-out of the ATS Open Pivot Bileaflet(TM) valve for human implant in international markets. During the third quarter, the company shipped two sizes of the valve. The company has recently commenced shipping its third size, 23 mm aortic, which is the most commonly used size. The company hopes to have all seven sizes available by the end of the first quarter of 1993.
 Villifana reported that the initial performance reports on the valve exhibited very low gradients and low regurgitation. According to Villafana, these early results are encouraging as they demonstrate attributes necessary for the valve to reduce thromboembolism; the essential criteria for "... Advancing the Standard."
 ATS Medical, Inc. manufactures and markets a new pyrolytic carbon bileaflet mechanical heart valve. The company's common stock is traded on the NASDAQ/National Market System under the symbol "ATSI."
 ATS MEDICAL, INC.
 Condensed Statement of Operations
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net sales $142,480 $0 $224,860 $0
 Total expenses 1,221,034 728,355 3,262,710 1,915,453
 Net loss from
 continuing
 operations $(1,078,554) $(728,355)$(3,037,850)$(1,915,453)
 Net loss per share
 from continuing
 operations $(0.12) $(0.08) $(0.33) $(0.22)
 -0- 11/13/92
 /CONTACT: Manny Villafana, chairman and CEO, Richard Kramp, president and COO, Jack Jungbauer, treasurer and CFO, 612-553-7736, all of ATS Medical/
 (ATSI) CO: ATS Medical, Inc. ST: Minnesota IN: MTC SU: ERN


AL -- MN018 -- 0897 11/13/92 17:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 13, 1992
Words:496
Previous Article:BENGUET ANNOUNCES SHUTDOWN OF MINE OPERATIONS
Next Article:AMP FOURTH QUARTER SALES AND EARNINGS TO BE LOWER THAN EXPECTED; AMP CONTINUES TO EXPECT GROWTH IN SALES AND EARNINGS IN 1993
Topics:


Related Articles
ATS MEDICAL ANNOUNCES SECOND QUARTER RESULTS
VILLAFANA ANNOUNCES ATS MEDICAL, INC. FIRST QUARTER RESULTS
VILLAFANA ANNOUNCES ATS MEDICAL, INC. SECOND QUARTER RESULTS
ATS MEDICAL, INC. ANNOUNCES RECORD FOURTH QUARTER RESULTS AND CONTINUED CLINICAL SUCCESS WITH ITS HEART VALVE
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. AUDITED YEAR END RESULTS
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. FIRST QUARTER RESULTS
MANNY VILLAFANA OF ATS MEDICAL ANNOUNCES PROFITABILITY AND ALLOWANCE OF PATENT
MANNY VILLAFANA ANNOUNCES 30% INCREASE IN SALES AND SUBMISSION OF IDE TO U.S. FDA
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. RECORD FOURTH QUARTER RESULTS
MANNY VILLAFANA ANNOUNCES ATS MEDICAL, INC. 70% THIRD QUARTER REVENUE INCREASE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters