RITA Medical Up 25% On Nasdaq Debut
NEW YORK, July 27 (Reuters) - Shares of Rita Medical Systems Inc. (NasdaqNM:RITA - news) climbed more than 25 percent to 15-1/8 in its Nasdaq stock exchange debut Thursday morning after a $12 per share pricing on Wednesday.
Rita priced its 3.6 million share IPO in the middle of its $11-$13 per share price range at $12, raising $43.2 million, said lead underwriters Salomon Smith Barney.
The company has a market capitalisation of about $204 million, based on a price of 15-1/8 and 13.5 million shares outstanding.
Rita Medical Systems had total revenues of $1.8 million and a net loss of $3.6 million for the three-month period ended March 31, versus total revenues of $837,000 and a net loss of $1.9 million in the year-earlier period.
Mountain View, Calif.-based Rita produces medical equipment, including a device that uses heat to kill cancerous cells. In its filing with the Securities and Exchange Commission, Rita said it plans to use the money raised in the IPO for research and development, sales and marketing, working capital and general corporate purposes.