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Inrange prices above range
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September 21, 2000: 10:15 p.m. ET
Network switching maker raises $123.2M, Curon Medical raises $55M
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NEW YORK (CNNfn) - Inrange Technologies Inc. exceeded expectations Thursday, pricing its planned initial public offering above its projected range and raising $123.2 million.
Inrange Technologies Inc. sold 7.7 million shares at $16 via underwriters led by Salomon Smith Barney. The company had planned on offering 7.7 million shares at $12 to $14 each.
The Mt. Laurel, N.J.-based company designs and builds networking and switching services for storage, data and telecom networks. Inrange targets Fortune 1000 companies such as AT&T (T: Research, Estimates), Wells Fargo (WFC: Research, Estimates), Ford (F: Research, Estimates) and Sprint (FON: Research, Estimates).
The 32-year old Inrange had $98.4 million in revenue and net income of $7.7 million for the six months ended June 30.
SPX Corp. (SPW: Research, Estimates) indirectly owns Inrange and will own 90.8 percent of outstanding shares after the IPO.
Inrange competes against International Business Machines (IBM: Research, Estimates), Finisar Corp. (FNSR: Research, Estimates) and McData Corp. (MCDT: Research, Estimates).
The company plans to trade under the "INRG."
Curon Medical
Curon Medical Inc. raised $55 million after pricing 5 million shares at $11 through underwriters led by UBS Warburg. The company had planned on offering 5 million shares at $11 to $13 each.
Sunnyvale, Calif.-based Curon Medical makes products to treat gastrointestinal disorders such as gastroesophageal reflux disease (GERD), which is the backward flow of stomach contents into the esophagus. GERD affects about 14 million adults.
Curon commercially launched its first product, the Stretta System, in May that treats GERD. The Stretta System has received clearance from the Food and Drug Administration.
The medical device company is now developing a second product to treat fecal incontinence.
Curon competes with manufacturers of medications such as Zantac, Tagamet and Pepcid. Because it only recently launched its first product, Curon is not profitable. The company had operating losses of $7.3 million on revenues of $170,000 for the six months ended June 30.
Curon will trade under the symbol "CURN." 
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Inrange Technologies
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