Abiomed sells $42 million in new stock

Medical device maker Abiomed Inc. of Danvers said today that it has completed a public stock offering that raised nearly $42 million.

Abiomed said it sold 2.4 million shares of common stock at just under $17.38 per share, raising about $41.7 million after expenses and the underwriting discount. The company did not specify how it would use the funds.

The offering was underwritten by Morgan Stanley & Co. Inc.

Abiomed is a top provider of medical devices for recovering heart-failure patients, selling products that allow the heart to rest and heal by taking over pumping of the heart or improving blood flow.

Its products include the AbioCor heart, a $250,000 device that the company touts as the world's first completely self-contained replacement heart.

As of Aug. 1, the company had roughly 33.7 million shares outstanding, according to a filing with the Securities and Exchange Commission.

In afternoon trading, shares were up 12 cents at $18.10 on the Nasdaq Stock Market. (AP)