JP Morgan brought Nitinol public in September. NMTI issued 3,000,000 shares.
The 3,000,000 shares sold for between 11 to 11 7/8, infusing the corporation with cash.
On 10/22/96, Jefferies & Co. Inc. initiated coverage of NMTL with a "buy."
On 11/20/96, the FDA cleared NMTI's Simon Nitinol Filter, "a thermal shape-memory nitinol vena cava filter designed to prevent pulmonary embolisms."
This is the FDA release article:
Wednesday November 20 11:08 AM EDT
Nitinol Medical Technologies Receives FDA Approval for Subclavian Implantation of its Simon Nitinol Filter
Company Continues to Offer Largest Number of Delivery Options to a $53 Million Worldwide Market
BOSTON, Nov. 20 /PRNewswire/ -- NITINOL MED today
announced that it has received 510(k) clearance from the Food and
Drug Administration ("FDA") to market its Simon Nitinol Filter
("SNF) for implantation through the subclavian vein in the shoulder.
The patented SNF, which received FDA approval in 1990, is a
thermal shape-memory nitinol vena cava filter designed to prevent
pulmonary embolisms. The approval of this additional access route
provides increased opportunity for physicians to adapt their existing
implantation techniques to individual patient conditions and anatomies.
With this approval, Nitinol Medical continues to provide the widest
variety of delivery options (leg, neck, arm and shoulder) for any vena
cava filter currently on the market.
A pulmonary embolism occurs when a blood clot lodges in the vessels
supplying blood to the lungs -- a condition which results in
approximately 125,000 to 150,000 deaths annually in the U.S. and
represented a $53 million worldwide market in 1995. Nitinol's SNF is
implanted using the Company's patented, catheter-based delivery
systems in a minimally invasive procedure. The SNF is distributed
worldwide by C.R. Bard, Inc., a leader in sales of minimally invasive
medical devices.
Thomas M. Tully, President & CEO of Nitinol Medical Technologies,
Inc., stated, "The clearance of the SNF for delivery through the
subclavian vein provides our customers with increased flexibility in
adapting the implantation of the device to each patient. No other
currently available vena cava filter provides such a wide range of
access options."
Nitinol Medical Technologies, Inc. designs, develops, and markets
innovative medical devices that utilize advanced materials and are
delivered by minimally invasive procedures. The Company's products
are designed to offer alternative approaches to existing complex
treatments, thereby reducing patient trauma, shortening procedure,
hospitalization and recovery times, and lowering overall treatment
costs. The Company's patented medical devices include
self-expanding stents, vena cava filters and septal repair devices.
To receive Nitinol's latest news release and other corporate documents
via FAX -- no cost -- please dial 1-800-PRO-INFO. Enter Nitinol's
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