NxStage Medical lowers IPO price talk to $11 to $12 per share

By Ted A. Knutson

Washington, Oct. 26 - NxStage Medical, Inc. lowered the price talk in its planned initial public offering to $11 to $12 per share from $13 to $15 per share.

The move lowers the range of expected proceeds to the company to $57.1 million to $65.9 million from $69.9 million to $80.6 million.

The number of shares in the offering remains the same at 5.5 million with the greenshoe staying at 825,000 shares.

Merrill Lynch & Co. is the bookrunner. The syndicate also is comprised of Thomas Weisel Partners LLC, William Blair & Co. and JMP Securities.

Also, the company said existing stockholders and affiliated entities have "indicated an interest" in buying up to a total of 825,000 shares in the offering at the public offering price.

Pre-IPO stockholders include Sprout Group of Menlo Park, Calif., with 5,306,157 shares, or 36.0% of the pre-IPO shares; Atlas Venture of Waltham, Mass., with 2,498,998 shares, or 17.0%; Healthcare Investment Partners Holdings LLC of Healdsburg, Calif., with 1,224,357 shares, or 8.3%; and Lightspeed Venture Partners of Menlo Park, Calif., and Adams Street Partners of Chicago, each with about 5.1% of the pre-IPO shares.

The Lawrence, Mass.-based firm is a medical device company that develops, manufactures and markets innovative systems for the treatment of end-stage renal disease, or ESRD, and acute kidney failure.

Shares of the company are expected to be quoted on the Nasdaq National Market under the symbol "NXTM."

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