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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Alsius goes public via Ithaka buy-out: Privately held maker of CoolGard catheter-based intravascular temperature control systems for critical care patients plans to go public via a merger with investment vehicle Ithaka Acquisition Corp., announced Oct. 4. The deal is potentially worth about $77 mil., with Alsius receiving about $44 mil. in Ithaka stock up front and up to $33 mil. worth of additional stock, contingent upon certain performance milestones, Ithaka says. Publicly traded Ithaka was formed in 2005 to "effect a business combination with an operating business in the healthcare industry," the firm explains. Ithaka will change its name to Alsius when the deal closes. Alsius' CoolGard, the worldwide market leader in intravascular cooling, is 510(k)-cleared for normothermia maintenance in cardiac surgery patients, inducement of hypothermia in neurosurgery patients, and for fever reduction in patients with cerebral infarction and intracerebral hemorrhage. The firm also seeks expanded clearance to induce hypothermia to aid cardiac arrest patients (1"The Gray Sheet" March 21, 2005, p. 5). Ithaka's resources, including $48.5 mil. in cash, will help Alsius "accelerate market development and maintain market leadership," Ithaka says. Alsius generated $2.2 mil. in sales for the first six months of 2006, up 60% from the same period last year...

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