K2M Group Holdings looks to raise $100M in IPO | Medtech Wall Street stories for the week of Mar. 17, 2014

Spinal firm K2M aims for $100M IPO

March 14, 2014 by Arezu Sarvestani

Spinal surgery devices maker K2M Group Holdings hopes to raise as much as $100 million through its impending initial public offering, according to registration documents filed with the SEC.

The Virginia -based company has yet to reveal per-share pricing and other details of the IPO, but has said that it hopes to use the funds to wipe out some debts and pay out some dividends. The company said that it owes about $22.3 million in outstanding debt on its shareholder notes, $23.5 million on an outstanding credit facility and $15.7 million in unpaid dividends on Series A and B preferred stock. Read more

Proxy war brews as activist investor Oracle targets Biolase board

March 17, 2014 by Arezu Sarvestani

Biolase came under fire by its largest shareholder, the activist investment firm Oracle Partners, which accused Biolase chairman & CEO Federico Pignatelli of manipulating the company’s board of directors.

Oracle, which owns 16.4% of Biolase’s shares, filed a lawsuit seeking court-mandated changes to the board as well as a temporary restraining order requiring that board members seek approval before taking any actions. Oracle responded that it will respond to Oracle in court and that it plans to address recommended board changes “in due course.” Read more

ConMed delays annual meeting amid proxy war

March 17, 2014 by Brad Perriello

ConMed said last week that it’s delaying its annual shareholders meeting amid a 3-way proxy war that turned nasty last month.

Utica, N.Y.-based ConMed acknowledged March 14 a slate of nominees for its board put up by Voce Capital Management and said it would delay the annual meeting, originally slated for the end of May. The medical device company said it hasn’t picked a new date yet but plans to hold the meeting before July 31. Read more

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