Medsurge Medical Products Corp. IPO Fully Subscribed, Conditionally Approved for TSX Venture Listing.Business Editors/Health/Medical Writers VANCOUVER, British Columbia--(BUSINESS WIRE)--June 26, 2003 North Vancouver-based Medsurge Medical Products Corp., (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension .V: MSR MSR Microsoft Research MSR Montserrat (ISO Country code) MSR Mountain Safety Research (outdoor goods manufacturer) MSR Magnetic Stripe Reader MSR Egyptair (ICAO code) ) reported today that its initial public offering of 3.0 million shares at $0.30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. has been fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of , with Calgary-based, Leede Financial Markets Inc. acting as lead underwriter. The company said its common shares have been conditionally approved for listing on the TSX Venture exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. and that the company expects to be called for trading early in July. Leede Financial and other subagents received cash fees equal to 10% of the gross proceeds of the offering and options to purchase a total of 300,000 common shares at a price of $0.30 per share exercisable for 18 months from the closing date. The company has also paid Leede Financial a due diligence and sponsorship fee of $20,000 (plus GST GST abbr. Greenwich sidereal time GST (in Australia, New Zealand, and Canada) Goods and Services Tax ) in cash. Medsurge holds patents for and is marketing worldwide a minimally-invasive disposable device for the treatment of hemorrhoids hemorrhoids (hĕm`əroidz) or piles, dilatations of the veins about the anus (external hemorrhoids) or those higher up inside it (internal hemorrhoids). by placing a small rubber band on the treatment site. The procedure is one of the most common surgical operations with estimates of 50,000,000 procedures annually. The one-time use Medsurge "O'Regan Ligator" is designed to replace conventional stainless steel surgical devices and eliminate the potential for cross contamination of blood pathogens as a result of improperly sterilized ster·il·ize tr.v. ster·il·ized, ster·il·iz·ing, ster·il·iz·es 1. To make free from live bacteria or other microorganisms. 2. equipment. Medsurge cites disposability, safety, patient comfort, ease of use and cost effectiveness as major factors leading to market distribution arrangements now being in place in 16 countries. The company has been recognized as one of the top 100 fastest growing concerns in Canada. In a special June issue recognizing corporate growth, Profit Magazine lists Medsurge as the 38th fastest growing company in the country. The magazine notes that its sales revenues grew from $101,136 in 1997 to $1,685,281 in 2002, for a percentage growth rate of 1,566 percent. In addition to owning the proprietary technology for the O'Regan ligator and an accompanying minimally-invasive diagnostic and operating anoscope, Medsurge has exclusive Canadian distribution rights to a European low friction urinary catheter, and other surgical-related medical supplies. The company currently has five employees but plans to use a portion of the net proceeds of the initial public offering to expand its sales and marketing force as it intensifies its ligator marketing plans. Medsurge founder and president, Marc Morin states that Medsurge is poised to achieve a significant share of the hemorrhoid hemorrhoid or pile Mass formed by distension of the network of veins supplying the anal canal. It may develop from infection or increased abdominal pressure (as in pregnancy or heavy lifting). Mild hemorrhoids may require only ointments, laxatives, and baths. banding market. "We were the first with a functional, easy-to-use and patient-comfortable device that requires only one person and which can be done in an examining room setting," he notes, adding that the ligator and anoscope have been approved by respective 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. organizations in the United States and Japan, as well as being CE marked in the ECU. Clearance in a number of other international jurisdictions is in process, he said. Morin also said the Medsurge devices are drawing support from a number of opinion leaders in the field of colo-rectal surgery. The first appointment to the company's advisory board was Dr. Iain Cleator, professor of surgery at the University of British Columbia Locations Vancouver The Vancouver campus is located at Point Grey, a twenty-minute drive from downtown Vancouver. It is near several beaches and has views of the North Shore mountains. The 7. . In January of 2003, Dr. Cleator opened a Vancouver clinic devoted to hemorrhoid banding and exclusively utilizing the O'Regan ligator. The clinic has been fully booked since opening and illustrates the potential for numerous such clinics in communities across North America, Morin said. The Medsurge president also said that the company was reviewing other initiatives that would assist it in achieving a goal of becoming a major contributor in the field of colo-rectal health. On behalf of the Board, Marc G. Morin, President and Chief Executive Officer The TSX.Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion