CardioNet, Inc. has set the terms for its IPO in an amended SEC filing. The systems provider for monitoring real-time patient information intends to sell some 6.6 million shares in a price range of $22 to $24 per share.
3.0 million shares will be from the company while 3.6 million of the shares will be from selling stockholders. The use of proceeds from the IPO will be to repay a term loan and to pay a fee to Silicon Valley Bank, part of SVB Financial (NASDAQ: SIVB); and the rest to make payments to former stockholders of PDSHeart Inc., a cardiac monitoring company CardioNet bought last March. The company has raised over $200 million in capital and initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias that is marketed as the CardioNet System. Since introduction of the CardioNet System in January 2003, physicians have enrolled over 109,000 patients.
Citigroup is the lead underwriter, with Lrhman, Leerink Swann, and Thomas Weisel also in the underwriting.
CardioNet will trade under the ticker "BEAT" on NASDAQ.
Jon C. Ogg
February 28, 2008