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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Masimo Drops Plans for Public Offering

April 28, 2001|Reuters

Masimo Corp., whose technologies and products are designed to monitor a patient's blood oxygen levels, has withdrawn plans to sell its stock to the public, citing market conditions, according to a report filed this week with the Securities and Exchange Commission.

The Irvine medical device firm had planned to offer 5 million shares of common stock, ranging from $11 to $13 a share, to raise as much as $65 million.

So far this year, more than 90 companies have scrapped plans to go public because of volatile market conditions. About 20 companies have gone through with their plans, compared with 158 companies at this time last year.

The company, which originally filed plans in September to go public, had intended to use the money for general corporate purposes, including working capital, capital equipment purchases, product development, sales and marketing and possible acquisitions or investments.

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