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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Interpore Registers to Sell 4 Million Shares

March 16, 2000|Bloomberg News

Interpore International Inc. has registered to sell 4 million shares of common stock.

The sale will include 3.5 million shares from the Irvine company and 500,000 shares that existing stockholders will offer. The number of Interpore shares outstanding will increase almost 26% to 17.25 million.

Interpore, which makes spinal implant devices, expects the stock sale to raise $40.6 million after expenses, according to a document filed with the Securities and Exchange Commission. The estimate is based on a share price of $12.50.

The stock, which has more than doubled over the last year, closed Wednesday at $10.13, down $1.38 a share, in Nasdaq trading.

Interpore plans to use proceeds from the sale to fund the expansion of the company's spinal implant and orthobiologic product lines. It will also use some of the money to fund clinical studies and to meet general corporate purposes, including working capital.

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