Insulet Announces Offering of $85M in Stock
Insulet Corporation (NASDAQ: PODD), the leader in tubeless insulin pump technology with its OmniPod Insulin Management System, today announced the sale of $85 million of its common stock pursuant to an underwriting agreement with Canaccord Genuity Inc. The last reported sale price of Insulet's common stock as reported by the Nasdaq Global Market on January 3, 2013 was $21.72 per share. Insulet intends to use the net proceeds to fund sales and marketing activities associated with its next generation OmniPod System, to fund product development and for general corporate purposes. Closing of the offering is expected to occur on or about January 9, 2013, subject to customary closing conditions. In addition, Insulet has granted the underwriter a 30-d ay option to purchase additional shares of common stock equal to up to 15% of the number of shares of common stock sold in the offering to cover over-allotments, if any. Canaccord Genuity Inc. is acting as sole book-running manager for the offering.
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