New Issue: Replidyne raises $45 million in downsized follow-on of 4.5 million shares at $10 each

By Ronda Fears

Memphis, June 28 - Replidyne, Inc. raised $45 million from a downsized initial public offering of 4.5 million shares - cut from 5 million - at $10 each, discounted from price talk $14 to $16, via joint bookrunners Merrill Lynch & Co. and Morgan Stanley & Co. Inc.

Louisville, Colo.-based Replidyne, focused on anti-infective products, has earmarked proceeds for clinical trials, research and development, the anticipated commercialization of its antibiotic Orapem and general corporate purposes. Orapem is in the same class of antibiotics as penicillins and cephalosporins. The company also has REP8839, a topical antibiotic for skin and wound infections, in early development.

Pre-IPO, Replidyne's largest investors were HealthCare Ventures VI, LP and affiliates with 19.24%, TPG Biotechnology Partners, LP and affiliates with 12.46% and Morgenthaler Partners VII, LP with 10.48%.

Issuer:	Replidyne, Inc.
Issue:	Initial public offering
Gross proceeds:	$45 million
Net proceeds:	$40.3 million
Shares:	4.5 million, down from 5 million
Greenshoe:	675,000 shares, down from 750,000 shares
Price:	$10.00 per share
Price talk:	$14 to $16 per share
Bookrunners:	Merrill Lynch & Co. and Morgan Stanley
Co-managers:	Cowen & Co. and Pacific Growth Equities, LLC
Pricing date:	June 27
Settlement date:	July 3
Stock symbol:	Nasdaq: RDYN

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