Medical device maker SurgiVision Inc. slashed the price of its expected initial public offering on Wednesday.
The company, which makes devices designed to help physicians see inside a patient's body using MRI technology, plans to offer 2.5 million shares for $9 to $11 apiece for expected proceeds of $31.6 million, according to a regulatory filing. It had previously hoped to offer shares for $14 to $16 to raise about $35 million.
SurgiVision said the underwriters of its IPO will have option to buy another 375,000 shares.
The Memphis, Tenn., company was founded in 1998. It posted a loss of $7.2 million on revenue of $2.6 million in 2009. If the IPO is completed, shares will trade under the symbol "SRGV."
The underwriters of SurgiVision's IPO are Canaccord Genuity and Rodman & Renshaw.
SurgiVision's shares are expected to start trading Thursday.