Emphasys Medical Files IPO For $86.25M In Common Stock
By Denise Jia
Sept. 24, 2007
Emphasys Medical Inc. on Friday registered with the Securities and Exchange Commission an initial public offering of up to $86.25 million in common stock.
The Redwood City, Calif., medical technology company develops therapeutic devices for the treatment of patients with emphysema and other debilitating breathing disorders. It has raised around $74.2 million, according to its IPO filing. Its backers include Advanced Technology Ventures, with a 17.8% stake; Morgenthaler Partners, with 13.8%; Orbimed Advisors, with 13.7%; Split Rock Partners, with 11.5%, and ABS Ventures, with 10%.
The company expects to receive approval from the Food and Drug Administration for its first product, the Emphasys Bronchial Valve, and begin sales in the U.S. in late 2008.
Emphasys Medical said it intends to use the net proceeds of its IPO for sales, marketing and administrative activities, research and development, capital equipment and commercial enlargement of manufacturing facilities, as well as for working capital and general corporate purposes.
Morgan Stanley & Co., Thomas Weisel Partners LLC, Leerink Swann LLC and Canaccord Adams Inc. are listed as underwriters for the IPO.
Emphasys Medical said it has applied to list its common stock on the Nasdaq Global Market under the symbol EMPH.
For the six months ended June 30, the company posted a net loss of $4.6 million, narrowing from $7.59 million for the first half of 2006.