CardioNet stockholders sell nearly 5M of common stock

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CardioNet, a wireless medical technology company, has underwritten a public offering of approximately 4.7 million shares of common stock by certain of its existing stockholders.

The selling stockholders plan to grant to the underwriters an option to purchase from them an additional 699,615 shares to cover over-allotments, if any, according to Conshohocken, Pa.-based company.

CardioNet said the company will not be selling any shares of common stock in the offering and will not receive any of the proceeds from the sale of shares by the selling stockholders.

The company said that Citi is the sole book-running manager, Banc of America Securities and Leerink Swann are the co-lead managers, while Cowen and Thomas Weisel Partners are the co-managers for the offering.