Micrus Corporation Announces Completion of $21.2 Million Preferred Stock Financing with European and U.S. Institutional Investors.Business Editors/Health & Medical Writers MOUNTAIN VIEW, Calif.--(BW HealthWire)--Sept. 15, 2000 Micrus Corporation today announced that the Company completed the placement of $21.2 million of Series D Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". with an investor group led by NMT (Nordic Mobile Telephone) An analog cellular phone system deployed in more than 40 countries in Europe. Launched in the Scandinavian countries in 1979, NMT was the first analog cellphone system. Both 450 MHz and 900 MHz versions are available. See cellular generations. New Medical Technologies of Switzerland. The investor group was composed of NMT, MicroValue AG (Switzerland), PolyTechnos Venture-Partners (Germany & Belgium), Dresdner Kleinwort Benson (US/Europe/Asia) and UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System affiliate aventic AG (Switzerland), as well as certain U.S. investors and current shareholders of the Company. "I am delighted to be working with this international group of investors," said J. Todd Derbin, president & chief executive officer of Micrus. "They are of the highest caliber, and will contribute much to Micrus with their expertise. Micrus is now solidly positioned to focus on becoming the market leader in the development of high value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. therapeutic devices for interventional neuroradiology interventional neuroradiology A subspecialty of neuroradiology in which minimally invasive therapy can be effected by advancing various devices within a blood vessel to a point of a previously identified lesion–eg, an intracranial aneurysm. Cf Clipping, Trapping. ." "NMT led this financing because the first business opportunity for Micrus is in Europe," commented NMT partner Andre Lamotte. Micrus Corporation, based in Mountain View, Calif., is a closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. , private company developing therapeutic systems for the minimally invasive treatment of neurovascular disease. Micrus's lead product, the ACT(TM) MicroCoil System, is designed for the treatment of ruptured or unruptured cerebral aneurysms. More than 70 patients have been treated with the ACT System worldwide, and Micrus Corporation is currently launching the ACT MicroCoil System in the European market, where it has already been approved for commercial sale. "The usage of coils for cerebral aneurysms is higher in Europe," said Lamotte. "That is why the ACT MicroCoil System got high attention when it was recently presented at the European Society of Neuroradiology neuroradiology /neu·ro·ra·di·ol·o·gy/ (-ra?de-ol´ah-je) radiology of the nervous system. neu·ro·ra·di·ol·o·gy n. 1. The branch of radiology that deals with the nervous system. conference in Oslo, Norway." To spearhead the launch of its lead product in the promising European markets, Micrus will establish its headquarters in Switzerland, while keeping its technical and manufacturing center in Mountain View as its U.S. operational headquarters. "Micrus is the first of a series of companies for whom NMT wants to establish operations also in Switzerland," said Lamotte. New Medical Technologies, based in Basel, Switzerland, (www.nmt.ch) is a life science venture capital firm which invests in start-up companies in Switzerland and the surrounding alpine rim regions, and in late-stage private and public companies worldwide. NMT was founded in 1997 by UBS AG, Roche Finance Ltd., Prof. Dr. Georges Muller and Dr. Andre Lamotte. MicroValue AG (www.microvalue.ch) is an investment company listed on the Swiss Stock Exchange which concentrates on investing in leading technology companies with innovative and highly specialized microtechnology Microtechnology is technology with features near one micrometre (one millionth of a metre, or 10-6 metre, or 1μm). In the 1960s, scientists learned that by arraying large numbers of microscopic transistors on a single chip, microelectronic circuits could be products and a main focus in the medical device business. PolyTechnos Venture-Partners (www.polytechnos.com) is a venture capital advisory company with offices in Munich, Frankfurt and Brussels investing in healthcare and technology ventures within Europe, the United States and the Middle East. Dresdner Kleinwort Benson, the investment banking division of Dresdner Bank AG, invested through its global Private Equity group (www.drkbpe.com), which has $3 billion under management and 10 investment teams making equity and mezzanine investments in private companies across Europe, America and Asia. One of their sectors of specialization is life sciences. aventic AG (www.aventic.ch), a private equity affiliate of UBS, specializes in providing equity for innovation and growth of small and medium-sized enterprises in Switzerland. Roberts Mitani Capital, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of acted as investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and placement agent on behalf of Micrus Corporation in this transaction. Roberts Mitani (www.robertsmitani.com) and its affiliated companies, including Aqua Partners LLC (www.aquapartners.com), provide financial advisory and private equity services to the life sciences industry and other sectors worldwide. |
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