Business Services Industry
Restore Medical Announces Filing of Registration Statement for Its Initial Public Offering
Business Wire, March 13, 2006
ST. PAUL, Minn. -- Restore Medical, Inc., maker of the innovative Pillar(R) Palatal Implant System, a simple, minimally invasive treatment for mild-to-moderate obstructive sleep apnea (OSA) and socially disruptive snoring, today announced it has filed a registration statement with the United States Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its common stock. The Company intends to use the net proceeds of this offering for working capital and general corporate purposes, including expanding its domestic and international sales organizations, increasing the size, scope and coverage of its marketing programs and initiatives, increasing its new product development efforts and increasing its clinical study initiatives. Deutsche Bank Securities is the sole book-running manager for the IPO, with RBC Capital Markets as the co-lead manager, and First Albany Capital as co-manager.
The registration statement for these securities filed with the SEC has not yet been declared effective, and therefore, these securities may not be sold nor will offers to purchase these securities be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or an offer to buy these securities, and there will be no sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Restore Medical and the Pillar Procedure
Restore Medical develops, manufactures and markets innovative medical devices to treat sleep disordered breathing. The Company's proprietary Pillar Palatal Implant System is the first FDA-cleared implantable treatment for snoring and mild-to-moderate OSA, and involves the insertion of three tiny woven implants into the muscle of the soft palate (the Pillar Procedure). The Pillar implants, together with the body's natural fibrotic response to the Pillar Procedure, stiffen and add structural support to the soft palate which effectively reduces or eliminates the palatal tissue flutter that causes snoring and/or collapse that can obstruct the upper airway and cause OSA. The Pillar Procedure is a one-time minimally invasive procedure that can be performed in a physician's office with the use of only topical and local anesthetics. The Pillar Palatal Implant System is sold throughout the U.S. and in various countries in Asia Pacific, Europe, and the Middle East.
For more information about Restore Medical, the Pillar Procedure, and physicians who offer the Pillar Procedure in the U.S., visit the company's web site at www.restoremedical.com or www.pillarprocedure.com.
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