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CardioNet cuts IPO to 3.4 mln shares at $18-$20 each

Tue Mar 18, 2008 1:28pm EDT

March 18 (Reuters) - CardioNet Inc on Tuesday cut its initial public offering size to 3.4 million common shares and lowered the estimated price range of the offering to $18 to $20 a share.

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The provider of systems to monitor clinical information about patients' health had earlier filed for an IPO of 6.6 million shares, with selling stockholders offering 3.6 million shares, at an estimated price range of $22 to $24 a share.

In a regulatory filing, the San Diego, California-based company said selling stockholders are now selling 400,000 shares, adding that its common stock has been approved for listing on Nasdaq under the symbol "BEAT." (Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Deepak Kannan)

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