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TomoTherapy raises $223 million in IPO

Madison, Wis.- TomoTherapy has raised $223 million, the amount it had hoped to raise, in an initial public offering that was completed earlier today.

TomoTherapy, a portfolio company of Baird Venture Partners I, offered common stock at $19 per share, and expects to receive $185 million in net proceeds after transaction costs are deducted.

Trading volume was 10.7 million shares, and the per-share price closed at $22.67.

According to a registration statement filed with the Securities and Exchange Commission, TomoTherapy will use the proceeds for sales and marketing initiatives, research and development, and working capital. It also may acquire a complementary business.

TomoTherapy, formed in 1997, was spun out of research at University of Wisconsin-Madison by professors Thomas Rockwell Mackie, a medical physicist, and Paul J. Reckwerdt, a mathematician and software engineer.
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The company reported more than $156 million in revenue in 2006, and currently employs more than 530 people globally, with 375 employed at its Madison headquarters.

Based in Madison, TomoTherapy has developed a radiology system called the Hi-Art to enable more cost-effective radiation treatment for cancer patients. The system is sold worldwide, including in emerging markets in India and China.

Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, first invested in TomoTherapy's second round of venture capital financing in March 2001. BVP also has invested in Berbee Information Networks, Caden Biosciences, and Promega Corp.

Another Wisconsin venture investment firm, Venture Investors of Madison, first invested in TomoTherapy in March of 1999 and held the largest number of TomoTherapy shares prior to the IPO.

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