NxStage eyes follow-on offering of 5.5 million shares, secondary for 500,000 shares via Merrill, JPMorgan

By Ronda Fears

Memphis, May 17 - NxStage Medical, Inc. plans to sell 5.5 million common shares in a follow-on offering and a secondary offering of 500,000 shares by selling stockholders via joint bookrunners Merrill Lynch & Co. and JPMorgan.

Thomas Weisel Partners LLC and JMP Securities are co-managers.

Selling stockholders include Sprout Group, Atlas Ventures, Federated Investors, Healthcare Investment Partners and/or principals in those funds.

There is a greenshoe for total of 825,000 shares available.

Lawrence, Mass.-based NxStage 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.

The company plans to use proceeds to fund continuing operations, including the expansion of sales and marketing programs and hiring additional personnel, to finance working capital needs, including investment in its portable hemodialysis System One field equipment, and for general corporate purposes.

Shares of NxStage (Nasdaq: NXTM) fell 75 cents, or 6.58%, to close Wednesday at $10.65.

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