TherOx Inc., an Irvine medical device maker, has filed plans to raise up to $100 million in an initial public offering.
TherOx’s filing is the only one by a local company this year. There were several public offerings in 2007, including medical device makers Masimo Corp. in Irvine and SenoRx Inc. of Aliso Viejo.
TherOx provides what’s called SuperSaturated Oxygen Therapy, which is used to treat tissue damaged by heart attacks.
SuperSaturated Oxygen Therapy hasn’t yet received U.S. regulatory clearance.
Venture investors in TherOx include DAG Ventures and Kleiner Perkins Caufield & Byers,
Citigroup Global Markets Inc., UBS Investment Bank, Cowen and Co. and Wachovia Capital Markets are underwriting the deal. TherOx is going to use proceeds on sales, marketing, research, development and capital equipment purchases.
TherOx isn’t profitable. It lost $5.1 million for the six months through June 30 on what it called “nominal revenue” generated through licensing and foreign product sales.
The company was established in 1994 and had 24 workers as of June 30.
