Devax Inc., a Lake Forest-based medical device maker, said Friday it plans to raise up to $85 million in an initial public offering.
Devax is planning to list its stock on Nasdaq under the symbol “DEVX.”
Devax didn’t disclose how many shares would be offered, nor did it provide an estimated price range for the offering, according to its Securities and Exchange Commission filing.
Bear Stearns & Co., Thomas Weisel Partners LLC, CIBC World Markets and A.G. Edwards & Sons are underwriting the deal.
Devax, which develops stents coated with drugs to treat vascular disease, said it will use money from the offering to support continuing clinical trials and research and development activities, obtain regulatory approvals, build infrastructure to commercialize its products, capital expenditures, working capital and general corporate purposes.
The company isn’t profitable. For its first quarter, Devax reported a net loss of $4.1 million, widening from a loss of $1.2 million in 2006’s first quarter. Overall, it lost $8.2 million in 2006. It has an accumulated deficit of $39.4 million through this year’s first quarter, it said in its filing.
Devax was established in August 1999 and has 33 workers.
