Credit: Shutterstock photoMevion 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.
The article 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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
