LIFEQUEST MEDICAL ANNOUNCES INITIAL PUBLIC OFFERING
LIFEQUEST MEDICAL ANNOUNCES INITIAL PUBLIC OFFERING SAN ANTONIO, Texas, Aug. 20 /PRNewswire/ -- LifeQuest Medical, Inc.
(NASDAQ-NMS: LQMD) announced today that an initial public offering of 1,500,000 shares of its common stock has been commenced through an underwriting syndicate led by Kemper Securities, Inc. and Hanifen, Imhoff Inc. The $14,180,000 estimated net proceeds of the offering will be used to finance clinical trials and commercialization of LifeQuest's products, research and development, marketing and sales activities and for working capital and general corporate purposes.
LifeQuest is engaged in the development and commercialization of proprietary vascular access devices. LifeQuest's initial product, the Osteoport, is a patented implantable medical device that facilitates intraosseous infusion, which involves the utilization of a patient's bone marrow to access the vascular system. LifeQuest also recently acquired certain proprietary rights and technology related to the First-Med system, an intraosseous injection device which use is intended to achieve vascular access in medical emergencies. LifeQuest has not yet received approval from the FDA to market its products. -0- 8/20/92 /CONTACT: Herb Spoon of LifeQuest Medical, 512-366-2100. (LQMD) CO: LifeQuest Medical, Inc. ST: Texas IN: MTC SU: OFR
SM -- NY082 -- 1942 08/20/92 17:49 EDT
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|Date:||Aug 20, 1992|
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