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Fighting for funding in a time of scarce capital, Portland-based Microhelix Inc. has filed its intent to conduct an initial public offering.
The 61-employee company, which makes tiny electrical connections used in a variety of medical devices, hopes to raise gross proceeds of $10.5 million to $13.5 million, according to a July 26th federal filing. Microhelix said it will use net proceeds to purchase capital equipment, fund additional personnel and expand manufacturing capabilities, as well as for repaying debt. Portland's Paulson Investment Co. is the lead underwriter.
The filing doesn't state when the offering will be conducted. However, Microhelix founder and CEO Dick Sass said the offering will proceed promptly if September presentations are received with even moderate enthusiasm by brokerage houses and potential investors. Microhelix won't wait for the stock market to turn around and venture capitalists to loosen their purse strings.
"It's a very unusual world economic climate-the big institutions aren't very forthcoming" with capital, Sass said.