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DewDiligence

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DewDiligence

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Re: DewDiligence post# 37093

Thursday, 11/09/2006 8:06:48 PM

Thursday, November 09, 2006 8:06:48 PM

Post# of 251927
THRM IPO’s Below the Low End of the Already Lowered Range

[I’m disappointed—the twice-lowered IPO price will make it harder to justify shorting. Nonetheless, it will be tempting to short at some point (perhaps just before the lockup expiration) because I strongly believe that the product does not work.]

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061110:MTFH63826_2...

>>
Thu Nov 9, 2006 7:44 PM ET

NEW YORK, Nov 9 (Reuters) - Thermage Inc., a wrinkle treatment company, raised $42 million with an initial public offering on Thursday that priced below a forecast range, according to an underwriter.

The offer of 6 million shares, which represents about a 27 percent stake in the company, sold for $7 per share compared with an $8 to $9 forecast. The forecast range was adjusted from an initial $11 to $13. The pricing gives the company an initial market capitalization of almost $157 million.

The Hayward, California-based company plans to use net proceeds for debt repayment, general corporate purposes and research and development.

Thermage develops, manufactures and markets medical devices for the treatment of wrinkles on any part of the body.

Underwriters, led by Merrill Lynch & Co., have the option to buy an additional 900,000 shares to cover over-allotments, according to a filing with the U.S. Securities and Exchange Commission.

The company has been approved for a Nasdaq listing under the symbol THRM .
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