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Markets > IPOs
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CTI Molecular IPO gains 15%
Image scanner provider, the week's second new issue, climbs on Nasdaq after raising $182M Thursday.
June 21, 2002: 4:49 PM EDT

NEW YORK (CNN/Money) - CTI Molecular Imaging Inc., a provider of imaging scanners to diagnose diseases, gained nearly 15 percent in its first day of trade Friday.

Shares of CTI (CTMI: Research, Estimates) closed at $19.50, adding $2.50 from its $17 offering price on the Nasdaq.

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CTI raised a little more than $182 million late Thursday when it sold 10.72 million shares at $17 each, the midpoint of its $16-to-$18 price range, via lead underwriters Credit Suisse First Boston, UBS Warburg and U.S. Bancorp Piper Jaffray.

Knoxville, Tenn.-based CTI is the week's second initial public offering. PrintCafe Software Inc. went public earlier this week, after pricing 3.75 million shares at $10 each via UBS Warburg. PrintCafe (PCAF: Research, Estimates) offers an online marketplace for the printing industry supply chain.

HealtheTech Inc. withdrew its offering earlier this week due to poor market conditions, underwriters on the deal said. HealtheTech, which planned to sell 5 million shares at $14-to-$16 each through CSFB and UBS Warburg, makes monitoring devices for the weight-management and fitness market.

CTI manufactures positron emission tomography (PET) imaging scanners which physicians use to detect and treat cancer, cardiac diseases and neurological disorders. The PET technology allows doctors to study patients at the molecular level. The scanners' cost ranges from $800,000 to $2.5 million each.

CTI has formed a joint venture with Siemens Medical Solutions USA Inc. to make the scanners, which account for more than half of CTI's revenues, the company said in a regulatory filing.  Top of page






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