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TomoTherapy revises IPO money target

Madison, Wis. - TomoTherapy has filed an amended registration statement with the U.S. Securities and Exchange Commission, raising to $213 million the amount it could raise in its pending initial pubic offering of stock.

While there is still no date for the IPO, the company expected the offering to be held this spring. In its initial filing, the company said it expected to raise up to $201.2 million.

In its amended registration statement, filed on April 26, TomoTherapy indicated it would offer 10.2 million share of common stock at an estimated $16 per share, and it estimated net proceeds at $150 million after deducting underwriting discounts and estimated offering expenses.

The company, which has expanded into Asian markets, manufactures and sells the Hi-Art medical imaging and radiology application system. It will use about $150 million in net IPO proceeds for sales and marketing initiatives, research and development, working capital, and perhaps for the acquisition of a complementary business.

TomoTherapy estimates its first quarter 2007 revenues at between $50 and $52 million, with net income of between $1.5 and $3.5 million and gross margins of between 32 and 36 percent. The estimated first quarter revenue compares to $27.5 million reported in the same period of 2006.
The company, which was spun out of research at the University of Wisconsin-Madison, has applied to be listed on the Nasdaq Global Market under the symbol TTPY.

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