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St. Francis Medical Technologies files for $86.25 million IPO
By Jennifer Chiou
New York, Sept. 21 - St. Francis Medical Technologies, Inc. filed for an estimated $86.25 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.
Citigroup is bookrunner, JPMorgan is joint lead and Piper Jaffray and Thomas Weisel Partners LLC are co-managers.
The Alameda, Calif.-based medical device company is focused on the design, development and marketing of motion-preserving technologies and procedures for orthopedic and neurological spine surgery.
The company's first product, the X STOP Interspinous Process Decompression System, is a less invasive implant designed to treat lumbar spinal stenosis, a condition resulting from the narrowing or constriction of neural pathways that often leads to debilitating pain in the lower back and legs. St. Francis received premarket approval from the FDA in November 2005 for X STOP.
The company said that $30 million of IPO proceeds will be used for the marketing of X STOP, $12 million for research and development activities and $10 million for clinical and regulatory activities.
St. Francis Medical Technologies said it had a $3.54 million operating loss on revenues of $10.712 million for 2005, compared with an operating loss of $4.97 million on revenues of $3.816 million for the same period in 2004.
Currently U.S. Venture Partners and affiliated entities are the largest shareholders with 26.9% of the equity followed by Versant Venture Capital Fund at 20.5% and Essex Woodlands Health Ventures at 11.8%.
The company has applied to list its stock on the Nasdaq National Market under the symbol "SFMT."
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