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ImaRx files $75 million IPO
By Jennifer Chiou
New York, May 19 - ImaRx Therapeutics, Inc. registered to sell an initial public offering of up to $75 million of stock in an S-1 filing with the Securities and Exchange Commission.
CIBC World Markets is the bookrunner with Jefferies & Co. as joint lead. First Albany Capital is co-manager.
ImaRx is a Tucson, Ariz., biopharmaceutical company focused on products for the treatment of ischemic stroke and vascular disease.
ImaRx's lead thrombolytic product is Open-Cath-R, a recombinant urokinase (r-UK) product that has completed two phase 3 trials for catheter clearance. The company said it is building a development strategy for r-UK for peripheral vascular and cardiac applications such as peripheral arterial occlusive disease, deep vein thrombosis, pulmonary embolism and myocardial infarction.
The company said it has three products in development for the treatment of ischemic stroke. Prolyse, a recombinant prourokinase (r-proUK) thrombolytic product, has successfully completed a phase 3 clinical study. SonoLysis Prolyse, a product that combines nanobubbles, ultrasound and thrombolytic therapy is currently being evaluated in a phase 2 clinical trial. SonoLysis is the company's third product for the treatment of stroke, which utilizes nanobubbles and ultrasound alone, with a phase 2 trial planned for the first quarter of 2006.
ImaRx said it had a $27.926 million operating loss on revenues of 619,000 for 2005, compared with an operating loss of $5.724 million on revenues of $575,000 for the same period in 2004.
Evan and Susan Unger Family Trust and Edson Moore Healthcare Ventures, Inc. are the company's largest shareholders with 9.7% and 7.0% of the equity, respectively.
The company said it applied to list its stock as "IMRX" on the Nasdaq National Market.
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