CAS MEDICAL SYSTEMS ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
BRANFORD, Conn., (February 11, 2015) -- CAS Medical Systems, Inc. (“CASMED” or the “Company”) (NASDAQ: CASM), a medical technology company that develops, manufactures and markets non-invasive patient monitoring products, today announced that it has priced a firm commitment underwritten public offering of 6,200,000 shares of its common stock at a price to the public of $1.30 per share. In addition, CASMED has granted the underwriter a 30-day option to purchase up to 930,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about February 17, 2015, subject to satisfaction of closing conditions.
The total gross proceeds of the offering are expected to be approximately $8.1 million. After deducting the underwriter’s discount and other estimated offering expenses payable by CASMED, the net proceeds to the Company are expected to be approximately $7.4 million. These amounts assume no exercise of the underwriter’s over-allotment option.
Craig-Hallum Capital Group LLC acted as sole managing underwriter for the offering.
The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC).
The securities may be offered only by means of a prospectus. The prospectus
and a preliminary prospectus supplement related to the offering have been
filed with the SEC, and a final prospectus supplement related to the
offering will be filed with the SEC, and will be available on the SEC’s
website located at http://www.sec.gov and may also be obtained from
Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350,
Minneapolis, MN 55402, telephone 612-334-6300, email:
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or juristiction.
About CASMED(R) -- Monitoring What's Vital
CASMED is a medical technology company that develops, manufactures,
and markets non-invasive patient monitoring products that are vital to
patient care. CASMED’S products include the FORE-SIGHT® and FORE-SIGHT
ELITE® Absolute Tissue Oximeters and sensors and Traditional Monitoring
products, which include MAXNIBP® and MAXIQ™ blood pressure measurement
technologies, monitoring products for the bedside and outpatient oral
surgery settings including the 740 SELECT® monitor, and neonatal vital signs
supplies. These products are designed to provide accurate, non-invasive,
biologic measurements that guide clinicians to provide better patient care.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for certain forward-looking statements. The statements
contained in this press release that are not historical facts are
forward-looking statements based on the company’s current expectations and
beliefs concerning future developments and their potential effects on the
company. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the company) and are
subject to change based upon various factors. Reference is also made to the
Risk Factors set forth in the company’s Form 10-K Annual Report filed with
the Securities and Exchange Commission (SEC) in March 2014 and in its Forms
10-Q filed with the SEC for additional risks and uncertainties facing the
company. The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as the result of new information,
future events or otherwise.
Company Contact: Jeffery A. Baird
Chief Financial Officer
CAS Medical Systems, Inc.
Investors Contact: Bruce Voss