By Sheri Kasprzak
New York, Sept. 28 - FoxHollow Technologies, Inc. is gearing up to close a $95 million private placement of stock connected to its collaboration with Merck & Co., Inc.
Merck has agreed to purchase 3,206,318 shares at $29.629 each. The offering represents 11.1% of the company's voting securities on a post-transaction and non-diluted basis.
The deal is part of a collaboration and license agreement between the two companies under which Merck will provide a one-time payment of $4.1 million for FoxHollow to conduct research on the removal of atherosclertoic plaque from the arteries.
FoxHollow, based in Redwood City, Calif., develops medical devices used to treat peripheral artery disease.
| Issuer: | FoxHollow Technologies, Inc.
|
| Issue: | Stock
|
| Amount: | $95 million
|
| Shares: | 3,206,318
|
| Price: | $29.629
|
| Warrants: | No
|
| Investor: | Merck & Co., Inc.
|
| Announcement date: | Sept. 28
|
| Stock symbol: | Nasdaq: FOXH
|
| Stock price: | $32.80 at close Sept. 27
|
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