EnteroMedics Announces
Initial Public Offering
ST. PAUL, Minn., NOVember 14, 2007
EnteroMedics Inc. today announced the initial public offering of 5,000,000 shares of common stock at a price of $8 per share. EnteroMedics' common stock is expected to begin trading on the NASDAQ Global Market under the trading symbol ETRM on Thursday, November 15, 2007. All shares of the common stock in the offering are being sold by EnteroMedics.
J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated are acting as joint book-running managers of this offering, with Cowen and Company, LLC acting as co-lead and Leerink Swann LLC acting as co-manager for the offering. EnteroMedics has granted the underwriters a 30-day option to purchase an additional 750,000 shares to cover over-allotments, if any.
A registration statement relating to these
securities was declared effective by the Securities and Exchange
Commission on November 14, 2007. This offering is being made
only by means of a prospectus. Copies of the final prospectus
related to the offering, when available, may be obtained from:
J.P. Morgan Securities Inc.'s prospectus department at 4 Chase
Metrotech Center, CS Level, Brooklyn, NY 11245 or by phone
at (718) 242-8002, or Morgan Stanley & Co. Incorporated's prospectus department at 180 Varick, New York, NY 10014, by telephone at (866) 718-1649 or by emailing prospectus@morganstanley.com.
This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would
be unlawful prior to their registration or qualification under
the securities laws of any such state or jurisdiction.
About EnteroMedics Inc.
EnteroMedics is a development stage medical device company
focused on the design and development of devices that use neuroblocking
technology to treat obesity and other gastrointestinal disorders.
EnteroMedics' proprietary neuroblocking technology, VBLOC™ vagal
blocking therapy, is designed to intermittently block the vagus
nerve using high-frequency, low-energy, electrical impulses.
EnteroMedics recently received an investigational device exemption
(IDE) application approval from FDA for the pivotal trial of
its initial product for the treatment of obesity, the Maestro
System.
CONTACT:
EnteroMedics Inc.
Greg S. Lea
651-789-2764
ir@EnteroMedics.com
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