Meridian Diagnostics Inc. announced that it has completed itspublic offering of $11.5 million in convertible subordinateddebentures.
The offering's underwriters, The Ohio Co. and Roney & Co.,exercised their option to purchase an additional $1.5 million indebentures to cover overallotments.
Meridian of Cincinnati estimated its proceeds from the offeringto be close to $10.9 million. The company (NASDAQ:KITS),which makes immunodiagnostic test kits, said it intends to use$2.8 million of the offering's net proceeds to repay theoutstanding indebtedness it incurred when it acquired theMonoSpot and Monolert product lines from Johnson & Johnsonsubsidiary Ortho Diagnostic Systems Inc.
The balance of the proceeds will be used for capitalimprovements and general corporate purposes. -- Jennifer VanBrunt
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