Mevion Medical Systems, which markets recently-approved proton
radiation therapy systems to treat cancer, filed on Thursday with
the SEC to raise up to $69 million in an initial public offering.
The company first received 510(k) clearance from the FDA in July
2012, and in December 2013, its first and only proton therapy
system was installed at the Siteman Cancer Center in St. Louis, MO.
Mevion plans to use IPO proceeds to expand its manufacturing and
distribution facilities and to further develop its proton therapy
technology. The company believes its systems are superior to
X-rays, the most common form of radiation therapy. Mevion claims
that its equipment is also smaller and more affordable than
conventional proton therapy centers, which can weigh 100 to 200
tons and require facilities that span as much as 100,000 feet.
Primary shareholders include Caxton Associates, ProQuest
Investments, Venrock Healthcare Partners and CHL Medical Partners.
For the nine months ended June 30, 2014, the company booked $7.6
million in revenue as the company sold its first system. Mevion had
signed 21 system purchase contracts as of June 30, with a backlog
of over $250 million. Its gross loss was $4 million. Operating
losses remained flat at $25 million as R&D expenses fell by
about the same amount as its gross loss.
The Littleton, MA-based company, which was founded in 2004 and
booked $8 million in sales for the 12 months ended June 30, 2014,
plans to list on the NASDAQ under the symbol MEVI. Mevion Medical
Systems initially filed confidentially on June 11, 2014. Jefferies
and Leerink Partners are the joint bookrunners on the deal. No
pricing terms were disclosed.
Cancer-fighting device company Mevion Medical files
for a $69 million IPO
originally appeared on IPO investment manager Renaissance Capital's
web site renaissancecapital.com.
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, may have investments in securities of companies mentioned.