Avra Surgical to conduct $15 million initial public offering of stock

Proceeds used for research, development and manufacturing

By Devika Patel

Knoxville, Tenn., Feb. 12 - Avra Surgical Robotics, Inc. will price a $15 million initial public offering of its common stock, according to a Form S-1 filed Tuesday with the Securities and Exchange Commission.

The deal will have a $2 million greenshoe option.

Proceeds will be used for research, development and manufacturing; patent and regulatory expenses; and business development and administration.

The New York company is developing a surgical robotic system.

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