Aspect Medical Systems
This article was originally published in The Gray Sheet
Executive Summary
Initial public offering of up to $53.5 mil. in common stock is outlined in a preliminary prospectus filed with the Securities and Exchange Commission. The number of shares to be offered and price per share are not yet determined. Proceeds are tabbed for sales and marketing, R&D, a "sales-type" lease program, working capital and "other corporate purposes," the firm states.The Natick, Massachusetts company makes anesthesia monitoring systems for use as a direct measure of anesthetic effect on the brain using its bispectral index technology - which was originally cleared by FDA in 1996 as a means to improve clinical outcomes and lower the cost of anesthesia care. In February, Aspect received 510(k) clearance to market the BIS as part of its A-2000 monitor, a next-generation version of its A-1050 monitor. An Aspect BIS module is also available for use with any of the monitors in Spacelabs Medical's Patient Care Monitoring System product line under an OEM agreement ("The Gray Sheet" March 16, p. 6). Aspect achieved sales of $3.1 mil. in 1997 (up 120%) and recorded a net loss of $9.9 mil. for the period. BT Alex. Brown, Merrill Lynch and Piper Jaffray are underwriters for the offering