Cytyc Corp. Files Registration Statement for Public Offering of 3,000,000 Shares of Common Stock.BOXBOROUGH, Mass.--(BUSINESS WIRE)--Jan. 7, 1997--Cytyc Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYTC) announced today that it has filed a registration statement for a proposed public offering of 3,000,000 shares of common stock with the Securities and Exchange Commission. In the offering, 2,000,000 of the shares will be offered by the company and 1,000,000 shares will be offered by Selling Stockholders. The company has also granted to the underwriters a 30-day option to purchase up to 450,000 shares of Common Stock solely to cover over-allotments. 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). of the offering will be used to implement the full-scale marketing and sales of the ThinPrep System for cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. screening in the United States and to establish international marketing, sales and customer support capabilities, with the remainder to be used for working capital and other general corporate purposes. A copy of the prospectus relating to the offering may be obtained from Robertson, Stephens & Co. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , 555 California St., San Francisco, CA 94104 415/781-9700; Montgomery Securities, 600 Montgomery St., San Francisco, CA 94111 415/627-5289; or Piper Jaffray Inc., Piper Jaffray Tower, 222 South Ninth St., Minneapolis, MN 55402 612/342-6000. Cytyc Corp. designs, develops, manufactures and markets the ThinPrep Pap Test Pap test, Pap smear, or Papanicolaou test (păp'ənē`kəlou), medical procedure used to detect cancer of the uterine cervix. . The ThinPrep Pap Test is prepared using the company's ThinPrep sample preparation system which allows for the automated preparation of cervical cell specimens on microscope slides for use in cervical cancer screening, as well as for the automated preparation of other cell specimens on microscope slides for use in non-gynecological testing applications. On May 20, 1996, the company received premarket approval premarket approval Medical devices A scientific and regulatory review by the FDA to ensure the safety and effectiveness of a Class III device, before its approval for marketing. See Advisory panel, Medical device. from the United States Food and Drug Administration United States Food and Drug Administration (FDA), n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. to market the ThinPrep System for cervical cancer screening as a replacement for the conventional Pap smear Pap smear or Papanicolaou smear Sample of cells from the vagina and cervix of the uterus for laboratory staining and examination to detect genital herpes and early-stage cancer, especially of the cervix. Developed by the Greek-born U.S. method. On Nov. 6, 1996, the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. cleared expanded product labeling for the ThinPrep System to include the claim that the ThinPrep System is significantly more effective in detecting Low Grade Squamous Intraepithelial Lesions and more severe lesions than the conventional Pap smear method in a variety of patient populations. The company intends to commence the full-scale commercial launch of the ThinPrep System for cervical cancer screening in the first quarter of 1997. Forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding management's plans and objectives for future operations, product plans and performance, potential savings to the healthcare system, management's assessment of market factors, as well as statements regarding the strategy and plans of the Company, constitute forward-looking statements which involve risks and uncertainties, including, without limitation, risks associated with the Company's dependence on a single product, uncertainty of market acceptance and additional cost, risks relating to the uncertainty of reimbursement, and limited number of customers and lengthy sales process, as well as risks of downturns in economic conditions generally, and in the health care industry specifically, risks associated with intense competition and competitive pricing pressures, and other risks detailed in the Company's filings with the Securities and Exchange Commission. -0- Note to Editors: Cytyc and ThinPrep are registered trademarks of Cytyc Corp. A registration statement relating to these Securities has been filed with the Securities and Exchange Commission but has not yet become effective. The Securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to buy 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 registration or qualification under the Securities laws of any such state or jurisdiction. CONTACT: Cytyc Corp. Joseph W. Kelly or Anne Rivers, 508/266-3010 |
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