LOUISVILLE, Colo.—The biopharmaceutical company Replidyne Inc. announced Tuesday that it agreed to merge with Cardiovascular Systems Inc. of St. Paul, Minn., in an all-stock transaction, sending Replidyne’s shares down more than 11 percent to a new 52-week low.
Louisville, Colo.-based Replidyne in August reported a second-quarter net loss of $18.7 million, and separately announced it would reduce its workforce by 80 percent to just five employees as it explored strategic alternatives, including a merger or acquisition.
Under the agreement announced Tuesday, former Cardiovascular Systems shareholders would own 83 percent of the combined company while Replidyne shareholders would own 17 percent.
Shares of Replidyne were down 11.6 percent at 99 cents in late-afternoon trading.
———
On the Net:
Replidyne Inc.:
Cardiovascular Systems Inc.:
