CardioNet dances to new beat.CardioNet Inc., a San Diego-based maker of heart monitoring devices, issued 4.5 million shares of its stock on Nasdaq at $18 per share, raising about $50 million for its portion of equity offering. The issue price was at the low end of what the company had planned. At the end of the first day of trading, shares were at $17.70. The company says it plans to use proceeds to repay a loan from Silicon Valley Bank, continue research and development, build inventory, increase sales and marketing, and hire staff. The firm also plans to use a portion of the proceeds to acquire or license products, technologies and businesses. Additionally, it will use funds to reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. former shareholders of PDSHeart Inc., a cardiac cardiac /car·di·ac/ (-ak) 1. pertaining to the heart. 2. pertaining to the cardia. car·di·ac adj. 1. Of, near, or relating to the heart. 2. monitoring company that CardioNet acquired a year ago. The stock's ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors is BEAT. |
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