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Hansen Medical Up After IPO

The offering prices at $12 a share.

Medical-technology company

Hansen Medical


priced its initial public offering of 6.25 million shares at $12 each, the midpoint of the expected range.

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All of the shares, which were originally seen being sold between $11 and $13 a share, are being offered by Hansen. Proceeds will go toward meeting the company's cash needs for working capital and capital spending through at least the next two years.

Morgan Stanley, JPMorgan Securities, Thomas Weisel Partners and Leerink Swann are underwriting the deal. Hansen granted the firms a 30-day option to purchase up to an additional 937,500 shares to cover overallotments.

Proceeds are expected to be $67.4 million, or roughly $77.9 million if the underwriters exercise their overallotment option in full.

Hansen was up 48 cents, or 4%, at $12.48 Thursday.