MedicalCV delays stock offering

New York, June 14 - MedicalCV, Inc. said that it has delayed its planned public offering of around $30 million of common stock.

The company attributed the postponement to "recent market conditions" and the age of the financial statements included in its Securities and Exchange Commission filing.

MedicalCV announced the planned offering on May 19, saying it would sell up to $34.5 million of common stock, including a possible greenshoe.

The bookrunner is C.E. Unterberg, Towbin and the syndicate will also include Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC.

MedicalCV, an Inver Grove Heights, Minn., maker of the Atrilaze laser-powered surgical ablation system, said it will use $9.2 million of the proceeds from the stock sale for final product development and product enhancements, continuation of clinical studies and the pursuit of additional regulatory approvals.

A further $8.2 million will go to enhance the company's sales and marketing capabilities, including launching its Atrilaze minimally invasive system, the hiring of a direct sales force and the training and education of physicians.

MedicalCV will use $2.1 million for facilities, production equipment and management and information technology systems.

And $1.5 million will fund the production of lasers, controllers and reciprocators to be placed in hospitals.

Any remaining proceeds will be used for working capital and other general corporate purposes.

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