SenoRx Inc. of Aliso Viejo, a maker of devices to detect and treat breast cancer, has filed to go public.
The company said last month it’s looking to raise up to $86.3 million in an offering.
SenoRx’s main product is EnCor, which allows doctors to take multiple breast biopsy samples through a single probe insertion.
The device maker received regulatory clearance for EnCor in 2004 and started selling it in November.
SenoRx’s venture investors include De Novo Ventures of Menlo Park, Domain Associates of San Diego and Princeton, N.J., and MPM Capital, which has offices in South San Francisco, Germany and Cambridge.
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South Coast Medical: 208-bed hospital |
Banc of America Securities LLC, Citigroup, SG Cowen & Co. and First Albany Capital are underwriting the offering.
SenoRx plans to use proceeds from the offering for sales, marketing, research and development.
The company isn’t profitable. It lost $8.6 million on sales of $19.3 million last year. SenoRx has an accumulated deficit of $52.5 million through March.
The company is pinning its hopes on the market for breast cancer detection. SenoRx has applied to have its shares trade on Nasdaq under the ticker “SENO.”
SenoRx started in 1998 and was known as BiopSolation Medical before changing its name. It had 94 workers as of March, most in sales and marketing.
In 2002, Lloyd Malchow, SenoRx’s chief executive, said the device maker would consider an offering “if the public markets are attractive.”
The SenoRx filing is the latest in what is shaping up to be a relatively busy year for public offerings in Orange County.
Alsius Corp., an Irvine-based medical device maker, filed plans for an offering in April with the hope of raising up to $40 million.
The company makes catheters and body temperature monitors. It plans to use the money for sales and marketing, manufacturing, research and development and other general purposes.
Other OC health companies that are worth watching for potential offerings include CoreValve Inc., a French heart valve developer that switched its headquarters from Paris to Irvine with an eye toward raising money to fund its products, and Aliso Viejo-based Eyeonics Inc., a maker of replacement eye lenses for cataract patients.
Financing Deals
Global Care Quest Inc., which recently moved to Aliso Viejo from Beverly Hills, has raised $5 million in a first round of financing.
Global’s main product is an “integrated clinical information system” that sends patient data to portable computers or phones carried by doctors.
Lexington Ventures LLC, a Beverly Hills-based private equity firm, led Global’s investment.
Global said it plans to use the money to increase staff, expand sales and marketing efforts and for product development.
The company, which was founded in 2005, has 17 workers.
Kareo Inc., a medical billing software company out of Newport Beach, raised $2.5 million in a second round of funding. Minor Ventures of San Francisco led the investment.
Minor Ventures is an early stage technology investment fund led by Halsey Minor, founder of CNet Networks Inc. Minor now is a director on Kareo’s board.
Kareo, which has 18 workers, plans to use the money for sales and marketing and to expand customer support.
Keeping South Coast Medical
South Coast Medical Center in Laguna Beach is off the sale block.
Adventist Health, South Coast’s Roseville-based parent company, said last month a deal to sell the hospital wasn’t “in the best interest of Adventist Health” and South Coast Medical Center.
A deal had been in the works to sell the 208-bed hospital to DSI Holding Co., a Nashville healthcare company that operates hospitals, kidney dialysis centers and acute-care centers.
South Coast opened in 1959 and became part of Adventist in 1998. Adventist said it was going to look at ways to bring South Coast into compliance with California’s hospital earthquake law, which requires hospitals to retrofit to be up and running after a quake.
Bits and Pieces:
Allergan Inc., Irvine, said it received a license from the European Commission to market Ganfort, a drug that combines Allergan’s Lumigan glaucoma medication and timolol, a beta-blocker, to treat glaucoma Robert Moffitt, director of domestic policy studies for the Heritage Foundation, is set to discuss “State Health Reform: Revolutionary Possibilities” June 8 at the University Club at the University of California, Irvine. The Paul Merage School of Business, Center for Health Care Management and Policy is presenting Moffitt’s talk The American Association of Critical Care Nurses met in Anaheim late last month. More than 6,500 acute and critical care nurses were present. Topics included pet therapy for critically ill patients, bird flu and Hurricane Katrina.
