New Issue: Somanetics raises $48 million in follow-on of 2 million shares at $24 each

By Ronda Fears

Memphis, March 1 - Somanetics Corp. priced a follow-on offering of 2 million shares of common stock off the shelf at $24.00 per share, discounted from Tuesday's closing level of $25.32, via bookrunner Citigroup Global Markets Inc. and joint lead manager SG Cowen & Co.

Troy, Mich.-based Somanetics said proceeds, estimated to net $44.62 million, are earmarked to accelerate the expansion of sales and marketing activities, sponsor additional clinical trials and expand research and development. The company's lead product is the Invos System, a non-invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain.

Issuer:	Somanetics Corp.
Issue:	Follow-on stock offering
Gross proceeds:	$48 million
Net proceeds:	$44.62 million
Shares:	2 million shares
Greenshoe:	300,000 shares
Price:	$24.00 per share
Bookrunner:	Citigroup Global Markets Inc.
Joint lead manager:	SG Cowen & Co.
Co-managers:	SunTrust Robinson Humphrey and Rodman & Renshaw.
Pricing date:	Feb. 28
Settlement date:	March 6
Stock symbol:	Nasdaq: SMTS
Stock price:	$25.32 at close Feb. 28

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