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SurgiVision slashes price of planned IPO

Wed, 07/21/2010 - 9:45am
The Associated Press

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.

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