ArthroCare Corporation Announces Completion of Common Stock Offering.SUNNYVALE, Calif.--(BW HealthWire)--Nov. 5, 1999-- ArthroCare Corporation, (Nasdaq:ARTC ARTC Arthrocare Corp (stock symbol) ARTC Australian Rail Track Corporation ARTC Air Route Traffic Control ARTC Association de la Recherche Theatrale au Canada ARTC Andean Root and Tuber Crops ) announced today that it has sold 178,500 shares of its common stock at a price of $56.00 per share, pursuant to the exercise by the underwriters of their over-allotment option in connection with the underwritten offering Underwritten offering A purchase and sale. of ArthroCare's common stock. ArthroCare previously sold 1,190,000 shares of its common stock in the initial closing of the offering on October 20, 1999. The offering was underwritten by BancBoston Robertson Stephens and Bear, Stearns & Co. Inc. All of the shares were sold by ArthroCare Corporation. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the exercise of the over-allotment option of approximately $9,396,240 will be used by ArthroCare Corporation for sales, marketing and development efforts associated with the commercialization of the company's spinal surgery product line and the balance to fund the development, commercialization and associated working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of applying the company's Coblation(R) technology to a broad ranger of other soft-tissue markets and for corporate and other general purposes. ArthroCare is a medical device company that develops, manufactures and markets products based on its patented Coblation(R) technology. ArthroCare's products allow surgeons to operate with increased precision and accuracy, limiting damage to surrounding tissue and thereby reducing pain and speeding recovery for the patient. The company's products operate at lower temperatures than traditional electrosurgical or laser surgery tools and enable surgeons to ablate ab·late v. To remove or destroy the function of. ablate to remove, especially by cutting. ablate verb To remove; excise or shrink soft tissue and to simultaneously seal bleeding vessels. Ablation ablation /ab·la·tion/ (-shun) 1. separation or detachment; extirpation; eradication. 2. removal or destruction, especially by cutting. ab·la·tion n. is the disintegration or removal of tissue. ArthroCare's soft-tissue surgery systems consist of a controller unit and an assortment of disposable devices that are specialized for specific types of surgery. The company believes its Coblation(R) technology can replace the multiple surgical tools traditionally used in soft-tissue surgery procedures with one multi-purpose surgical system. Coblation(R) technology is applicable across many soft-tissue surgical markets. ArthroCare's systems are used to perform many types of arthroscopic surgery Arthroscopic Surgery Definition Arthroscopic surgery is a procedure to visualize, diagnose, and treat joint problems. The name is derived from the Greek words arthron, which means joint, and skopein, which means to look at. . The company's strategy includes applying its patented Coblation(R) technology to a broad range of other soft-tissue surgical markets, including cosmetic surgery cosmetic surgery, plastic surgery for cosmetic purposes, such as the improvement of the appearance of the face by removing wrinkles or reshaping the nose. , ear, nose and throat surgery, spinal surgery and various cardiology applications. |
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