12 Feb TomoTherapy files registration statement for IPO
Madison, Wis. – TomoTherapy, Inc. has filed a registration statement with the Securities and Exchange Commission for an initial public offering of common stock.
The Madison-based medical device manufacturer has filed a Form S-1 to sell shares on the NASDAQ Global Market.
The number of shares to be offered and the price range for the offering have yet to be determined. According to the statement filed with the SEC, the maximum aggregate offering will be $201.2 million.
Shawn Guse, vice president and general counsel for TomoTherapy, confirmed that the company has filed a registration statement and that it has applied for a listing on the NASDAQ. He also said the IPO would not begin until the SEC has completed its review of the filing.
“A lot hinges upon the SEC’s review and how long that would take,” he said.
The company would sell shares on the NASDAQ under the symbol TTPY.
In addition to working capital, the filing statement said TomoTherapy would use the proceeds to finance expanding sales and marketing, ramp up research and development, and expand its international service and support group.
TomoTherapy, which manufactures the Hi-Art, an image-guided radiotherapy device for use in cancer care, plans to increase sales to cancer centers in India and China. The company believes the Hi-Art is a market differentiator because it enables clinicians to pinpoint the precise location of a cancerous tumor and deliver radiation directly to the tumor, limiting damage to surrounding tissue and reducing recovery time and the cost of care.
Success breeds success
Thus far, TomoTherapy has secured $42 million in private equity, which until now has delayed the need to tap into the public capital market.
In 2006, TomoTherapy surpassed the $100 million annual revenue mark and is approaching 500 employees. The company, which was spun out of research at the University of Wisconsin-Madison, often is touted by state and biotechnology industry officials as an example of a high-tech success story, the kind that can get the attention of outside investors and perhaps attract more venture capital to the state.
“It’s good for us to have such a successful company coming out of the state of Wisconsin,” noted attorney Greg Lynch, a partner in the law firm Michael Best & Friedrich and co-founder of the firm’s VentureBest venture practice.
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