NxStage Announces $43 Million Private Placement of Equity ... ( LAWRENCE Mass. May 23 /- NxStage ...)

NxStage Announces $43 Million Private Placement of Equity Securities

Date:5/23/2008

LAWRENCE, Mass., May 23 /PRNewswire-FirstCall/ -- NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced a $43 million private placement of its common stock and warrants. The private placement consists of 9.6 million shares of NxStage common stock at a price of $4.50 per share and warrants to purchase 1.9 million shares of common stock at an exercise price of $5.50 per share, which price may be adjusted to $3.00 or $6.50 depending upon whether the Company achieves certain targets relating to the number of End Stage Renal Disease patients prescribed to receive therapy with the NxStage System One as of December 31, 2008. The private placement will be closed in two tranches. The Company has agreed to sell the first tranche of $25 million to funds managed or advised by OrbiMed Advisors LLC ("OrbiMed") on or before May 28, 2008. The Company has agreed to sell the second $18 million tranche to existing NxStage institutional investors. This second tranche is subject to stockholder approval, and is expected to close during the third quarter, after NxStage holds a special meeting of its stockholders to approve this portion of the financing. In connection with the closing of the private placement, NxStage has agreed to appoint one individual nominated by OrbiMed Advisors to fill the vacancy that currently exists on the Company's Board of Directors.

Canaccord Adams Inc. served as NxStage's lead agent and financial advisor in connection with the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The shares have not been registered under the Securities Act of 1933 or applicable state securities laws and may n
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SOURCE NxStage Medical, Inc.
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