Clearwater medical device firm seeks $12M

CLEARWATER — Bovie Medical Corp. looks to raise $12 million in an offering where the Clearwater-based medical device manufacturer and supplier will part with 4.8 million shares.

Bovie, which trades on the New York Stock Exchange under the symbol BVX, will offer each share for $2.50. That's below Wednesday's close for the company's share price of $3.12, down slightly from the day before in below-average volume.

Craig-Hallum Capital Group LLC will underwrite the sale, and collect $1.4 million in the deal. Craig-Hallum also has the option to purchase 720,000 more shares to cover any over-allotments.

The share offering will last through March 17.

In Bovie's most recent financial results filing with the U.S. Securities and Exchange Commission, the company reported a loss of $3 million, or 17 cents per share, based on revenue of $6.8 million, for the quarter ended Sept. 30. That was compared to a $341,000, or 2 cents per share, loss the year before on revenue of $5.8 million.