Insulet aims for $61.5M public stock offering

By Mass High Tech staff

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Bedford-based medical device maker Insulet Corp. hopes to receive $61.5 million from a public offering of 6 million shares of its common stock, according to a filing last week with the U.S. Securities and Exchange Commission.

Insulet (Nasdaq: PODD) priced its stock at $10.25 per share and offered to underwriters an option for another 900,000 shares of common stock for purchase. The company plans to apply proceeds from the offering to debt repayment and “general corporate purposes.”

Founded in 2000, Insulet develops diabetes-related products, including its OmniPod Insulin Management System for continuous insulin delivery. The company announced in June 2008 that it had won its first agreement to develop its technology outside of the field of diabetes care, for Swiss drug company Ferring Pharmaceuticals.

Insulet filed for an $86 million initial public offering in February 2007. In November of 2007, Insulet followed up with a second public offering of $113.9 million.

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