New Issue: Acusphere sells $45 million convertible preferreds at 6.5%, up 14.5%

Nashville, Feb. 18 - Acusphere Inc. sold $45 million of perpetual convertible exchangeable preferreds at par of $50 with a 6.5% dividend and 14.5% initial conversion premium via sole bookrunner Piper Jaffray & Co.

The preferreds are exchangeable into 25-year 6.5% convertible subordinated debentures in one year, at the issuer's option.

Watertown, Mass.-based Acusphere, a specialty pharmaceutical company that uses proprietary microparticle technology, did not disclose how the proceeds would be used. The company currently has three initial product candidates, designed to address large unmet clinical needs within cardiology, oncology and asthma.

Issuer:	Acusphere Inc.
Issue:	Convertible exchangeable preferreds
Bookrunner:	Piper Jaffray & Co.
Co-managers:	SG Cowen & Co. and C.E. Unterberg Towbin
Amount:	$45 million
Greenshoe:	$5 million
Maturity:	Perpetual
Dividend:	6.5%
Price:	Par, $50
Yield:	6.5%
Conversion premium:	14.5%
Conversion price:	$6.86
Conversion ratio:	7.2886
Call/automatic conversion:	After 4 years, with 150% hurdle, and with dividend make-whole if before year 4
Pricing date:	Feb. 17, after market close
Distribution:	Registered

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