Orange County’s first initial public offering for 2007 comes from the area’s fertile crop of medical device makers.
Shares of SenoRx Inc., an Aliso Viejo-based device maker, debuted in late March. Shares finished 12% above their asking price, which was twice reduced.
SenoRx raised about $45 million, after selling 5.5 million shares at $8 a share. The company counted a market value of $130 million after the offering.
SenoRx first was hoping to sell shares at $11 to $13, raising as much as $70 million.
Then it cut its price range to $9 to $10 the night before it debuted.
Before it started trading, SenoRx cut its price to $8.
SenoRx’s main device, EnCor, already has been approved by the Food and Drug Administration.
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SenoRx’s EnCor: going after breast cancer market |
It allows doctors to obtain multiple breast biopsy samples through a single-probe insertion.
The company estimates some 1.7 million breast biopsies are performed each year in the U.S.
At the end of last year, SenoRx had installed 317 systems and sold more than 50,000 disposable probes for EnCor.
Besides EnCor, SenoRx also is working on products for treating breast cancer, including devices to cut out tissue, for cosmetic reconstruction and a radiation balloon for localized radiation therapy.
Promotions
Irvine-based heart valve maker Edwards Lifesciences Corp. announced some internal promotions.
Donald Bobo Jr. has been named corporate vice president, heart valve therapy. He previously was vice president and general manager of transcatheter mitral repair and vice president, corporate strategy. He has more than 20 years of experience in medical products and healthcare.
John McGrath now is corporate vice president, quality. McGrath came to Edwards last year and served as vice president of quality. Before joining Edwards, McGrath was vice president of quality at Cordis Corp.
Carlyn Solomon was named corporate vice president, critical care. He’ll oversee the unit’s general operations. Solomon came to Edwards in 2005 from Baxter International Inc.’s bioscience division.
Edwards also named Larry Wood corporate vice president, transcatheter valve replacement. Wood, who’s been with the company since 1985, is responsible for Edwards’ plans in developing less-invasive heart valves.
$12M Funding
AutoGenomics Inc., a medical testing company just over the county line in Carlsbad, wrapped up a $12 million third round of funding. AutoGenomics said in a release that the offering was comprised primarily of noninstitutional investors, but didn’t give names.
AutoGenomics will use the money to extend its test application menu, expand manufacturing and increase sales and marketing efforts for Infiniti, its main product, said Fareed Kureshy, AutoGenomics’ chief executive.
Infiniti is a testing system that uses the study of human genes and proteins to detect diseases.
More Coverage
Orange County Health Care Agency is getting more than $50 million over a three-year period from the state to expand health coverage for adults who can’t afford health insurance.
Starting in September, the county government will receive $16.9 million a year to expand its program, Medical Services for Indigents, which provides healthcare for people 21 to 64 who don’t qualify for Medi-Cal.
OC was only one of 10 counties around the state that got the funds, said Julie Poulson, the agency’s director, in a statement.
Under the program, enrollees also will be linked to a primary care clinic or physician in what’s being called a “medical home.” The idea is to help reduce the use of hospital emergency rooms for nonemergency medical care,a huge factor in increasing costs.
Bits and Pieces:
Anaheim Memorial Medical Center, Saddleback Memorial Medical Center, Fountain Valley Regional Hospital and Medical Center, St. Jude Medical Center, Mission Hospital Regional Medical Center and Hoag Memorial Hospital Presbyterian were recognized as “premium cardiac specialty centers” by UnitedHealth Group Inc., parent of Cypress-based PacifiCare Health Systems. Anaheim and Saddleback were honored for quality and efficiency measures, while the other four hospitals were honored for quality UCI Medical Center in Orange said it performed the first radical prostatectomy using da Vinci S HD, a robotic surgical system. It also opened a dedicated breast magnetic resonance imaging center using Aurora, a medical device developed by Aurora Imaging Technology Inc. of North Andover, Mass.
