A Medical Device Daily
Insulet (Bedford, Massachusetts) said it has priced its public offering of 6 million shares of common stock at $10.25 a share. The company has granted the underwriters an over-allotment option to purchase up to an additional 900,000 shares.
Insulet plans to use the net proceeds for general corporate purposes, which may include the repayment of certain outstanding debt obligations.
J.P. Morgan Securities is acting as sole book-running manager of the offering and Canaccord Adams and JMP Securities are acting as co-managers of the offering.
Insulet says its OmniPod insulin management system is a "revolutionary, discreet and easy-to-use" insulin infusion system that features two easy-to-use parts with no tubing and fully-automated cannula insertion. Through the OmniPod, Insulet says it seeks to expand the use of continuous subcutaneous insulin infusion therapy among people with insulin-dependent diabetes.