Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Accuray goes public: Maker of the CyberKnife robotic radiosurgery system tabs $50 million of its $171.3 million in initial public offering proceeds to expand marketing efforts for the device while another $40 million is for R&D, according to the company. Accuray's IPO Feb. 8 consisted of 18.4 million shares priced at $18 each - including 10.4 million shares offered by the company and 8 million shares offered by selling shareholders - totaling $331.2 million. CyberKnife is 510(k) cleared to provide treatment planning and image-guided robotic radiosurgery for tumors anywhere in the body where radiation treatment is indicated (1"The Gray Sheet" Dec. 1, 2003, p. 15). Accuray reported revenue of $52.9 million in fiscal 2006 (ended June 30) - a 136% leap from the prior year. The firm's net loss of $33.7 million in 2006 compares to a loss of $25.2 million a year earlier. Accuray competes primarily with makers of frame-based radiosurgery systems including Elekta, BrainLab and Integra Life Sciences. Other radiotherapy system makers include Siemens, Varian Medical, Elekta and TomoTherapy. Radiosurgery differs from traditional radiotherapy in that it delivers a high dose of radiation directly to a tumor rather than the surrounding area, Accuray explains. Underwriters for the IPO include JP Morgan, UBS Investment Bank, Piper Jaffray and Jefferies & Company...
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Financings In Brief
Insulet proposes $107 mil. IPO: Maker of the OmniPod insulin management system proposes initial public offering, comprising 6.7 million common stock shares at $14 to $16 each and valued at up to $107 million. Proceeds are tabbed for expansion of manufacturing capacity and marketing activities, plus R&D. About 1,750 U.S. patients with diabetes use OmniPod. Cleared via 510(k) in January 2005 and launched in the United States that October, OmniPod includes a small insulin infusion pump that adheres to the skin and can be worn under clothing, and a handheld, wireless programmer that incorporates a blood glucose meter (1"The Gray Sheet" June 6, 2005, p. 16). The Bedford, Mass., firm generated sales of $3.7 million in 2006 and has an accumulated deficit of $102 million. Underwriters include JP Morgan Securities, Merrill Lynch, Thomas Weisel Partners and Leerink Swann & Company...
Financings In Brief
Insulet proposes $107 mil. IPO: Maker of the OmniPod insulin management system proposes initial public offering, comprising 6.7 million common stock shares at $14 to $16 each and valued at up to $107 million. Proceeds are tabbed for expansion of manufacturing capacity and marketing activities, plus R&D. About 1,750 U.S. patients with diabetes use OmniPod. Cleared via 510(k) in January 2005 and launched in the United States that October, OmniPod includes a small insulin infusion pump that adheres to the skin and can be worn under clothing, and a handheld, wireless programmer that incorporates a blood glucose meter (1"The Gray Sheet" June 6, 2005, p. 16). The Bedford, Mass., firm generated sales of $3.7 million in 2006 and has an accumulated deficit of $102 million. Underwriters include JP Morgan Securities, Merrill Lynch, Thomas Weisel Partners and Leerink Swann & Company...
CyberKnife Slices Radiosurgery Field, Possible For Non-Malignant Conditions
Radiosurgery manufacturer Accuray is "on track" to exceed $40 mil. in revenue in fiscal 2004, according to founder and Chief Medical Officer John Adler, MD