Key Developments: Cynosure Inc (CYNO.O)
23.66USD
17 Jun 2013
$0.15 (+0.64%)
$23.51
$23.79
$23.90
$23.52
174,570
236,268
$30.20
$18.37
Latest Key Developments (Source: Significant Developments)
Cynosure Inc Signs Definitive Agreement To Acquire Palomar Medical Technologies
Cynosure Inc and Palomar Medical Technologies, Inc. announced that they have signed a definitive agreement, pursuant to which Cynosure will acquire Palomar in a cash and stock transaction valued at approximately $294 million. Palomar shareholders will receive $13.65 per share of Palomar common stock $6.825 per share in cash and $6.825 per share in Cynosure common stock (subject to adjustment and collar provisions described in the definitive agreement). Cynosure will issue approximately 5.2 million shares in the transaction and fund the approximately $147 million in cash consideration through existing cash balances. The transaction is expected to close in the third quarter of 2013. Upon completion of the transaction, Davin will serve as Chairman and Chief Executive Officer; Caruso will join Cynosure's Board of Directors as Vice Chairman and will serve as President; and Timothy Baker will serve as EVP, Chief Operating Officer and Chief Financial Officer. Cynosure ultimately plans to relocate its headquarters from Westford, Massachusetts to Palomar's owned facility 15 miles away in Burlington, Massachusetts. Full Article
Cynosure Inc Receives FDA Clearance For PicoSure
Cynosure Inc announced that it has received FDA 510(k) clearance to market the PicoSure laser workstation for the removal of tattoos and benign pigmented lesions. The Company expects to sell PicoSure initially through its U.S. direct sales force to aesthetic dermatologists and plastic surgeons beginning in early 2013. Full Article
Cynosure Inc Announces Closing of Public Offering
Cynosure Inc announced that the closing of its previously announced underwritten registered public offering of class A common stock. The Company also announced that Leerink Swann LLC, the sole underwriter for the offering, exercised in full its option to purchase an additional 240,000 shares of class A common stock from the Company and an additional 240,000 shares of class A common stock from El.En. S.p.A., as selling stockholder, at the public offering price, less underwriting discounts and commissions. As a result of this option exercise, the total number of shares of class A common stock sold in the offering was 3,680,000 shares. The Company received aggregate net proceeds, after deducting underwriting discounts and commissions and other estimated offering expenses, of approximately $55.35 million. The Company intends to use the net proceeds from the shares sold in the offering for general corporate purposes and to fund its potential acquisition of complementary products, technologies or businesses. The Company did not receive any proceeds from the sale of the shares by El.En. S.p.A. Full Article
Cynosure Inc Prices Public Offering Of Class A Common Stock; Sale Of Shares By El.En. S.p.A
Cynosure Inc announced the pricing of an underwritten registered public offering of 2,600,000 shares of class A common stock at a public offering price of $20.50 per share. In addition, El.En. S.p.A. is selling 600,000 shares of the Company's class A common stock at a public offering price of $20.50 per share. The offering is expected to close on or about November 21, 2012. Leerink Swann LLC, the underwriter for this offering, has the option for a period of up to 30 days from the date of the prospectus supplement to purchase up to an additional 240,000 shares from the Company and up to an additional 240,000 shares from El.En. S.p.A. at the public offering price less underwriting discounts and commissions. The Company intends to use the net proceeds from the shares sold in this offering for general corporate purposes and to fund potential acquisition of complementary products, technologies or businesses. The Company will not receive any proceeds from the sale of the shares by El.En. S.p.A. Full Article
Cynosure Inc Announces Proposed Public Offering Of Class A Common Stock
Cynosure Inc announced that it has commenced an underwritten registered public offering of 2,600,000 shares of class A common stock. In addition, El.En. S.p.A. is offering 600,000 shares of the Company's class A common stock. Leerink Swann LLC, the underwriter for this offering, has the option for a period of up to 30 days from the date of the prospectus supplement to purchase up to an additional 240,000 shares from the Company and up to an additional 240,000 shares from El.En. S.p.A. at the public offering price less underwriting discounts and commissions. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the final size or terms of the offering. The Company intends to use the net proceeds from the shares sold by it in this offering for general corporate purposes and to fund potential acquisition of complementary products, technologies or businesses. The Company will not receive any proceeds from the sale of the shares by El.En. S.p.A. Full Article
Cynosure, Inc. Receives FDA Clearance For At-Home Device For Treatment of Wrinkles
Cynosure, Inc. announced that it has received 510 clearance from the U.S. Food and Drug Administration (FDA) to market a home-use over the counter device for the treatment of facial wrinkles. The device was developed in partnership with Unilever, a global consumer goods company. The device, which is indicated for the treatment of both periorbital and perioral wrinkles, is expected to be launched commercially by Unilever in 2013. Full Article
The Law Firm Of Levi & Korsinsky, LLP Launches Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Directors Of Cynosure, Inc.
Levi & Korsinsky, LLP is investigating Cynosure, Inc., and its Board of Directors, in connection with the compensation provided to certain executive officers. Full Article
Cynosure, Inc. Receives FDA 510(k) Clearance for Cellulaze Cellulite Laser Workstation
Cynosure, Inc. announced that the U.S. Food and Drug Administration has cleared the Company's Cellulaze Workstation for commercial distribution, giving millions of American women the first minimally invasive solution in their battle against cellulite. Full Article
Cynosure, Inc.'s Cellulaze Cellulite Laser Work Station Receives Korean Regulatory Approval
Cynosure, Inc. announced that it has received market approval from the Korea Food & Drug Administration (KFDA) for its Cellulaze Cellulite Laser Workstation. Sales through Cynosure Korea, the Company's wholly owned subsidiary in Seoul, Korea, are expected to begin in the first quarter of 2012. Cellulaze is the world's first minimally invasive aesthetic device designed for the long-term reduction of cellulite. Full Article
Cynosure, Inc. Acquires Worldwide Exclusive Rights To Distribute PinPointe FootLaser For Treatment Of Onychomycosis
Cynosure, Inc. announced that it has acquired from NuvoLase, Inc. worldwide exclusive rights to distribute the PinPointe FootLaser. The PinPointe FootLaser is the FDA cleared light-based device for the treatment of Onychomycosis (toenail fungus). The PinPointe FootLaser received U.S. Food and Drug Administration clearance in October 2010 for the treatment of Onychomycosis. The system also is cleared for marketing in Australia, Canada and the European Union. The distribution agreement gives Cynosure rights to distribute both current and future NuvoLase products for the treatment of Onychomycosis. In North America, Cynosure plans to sell the PinPointe FootLaser through a new dedicated podiatry direct sales team supported by the Company's existing direct sales force. Full Article
Cynosure to buy laser maker Palomar for about $294 million
- Cynosure Inc agreed to buy Palomar Medical Technologies Inc for $294 million to expand its portfolio of light-based devices that are used to treat scars and wrinkles.
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