A Medical Device Daily
Medical aesthetics company BioForm Medical (San Mateo, California) reported the pricing of its previously disclosed initial public offering of 10 million shares of common stock at a price of $8 per share. BioForm has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares at the initial public offering price to cover any over-allotments.
At that price, the company could make close to $92 million on the IPO before expenses if all the overall-allotments are exercised. The company originally field for up to a $115 million IPO back in August (Medical Device Daily, Aug. 23, 2007).
Previously BioForm settled a patent infringement suit with Artes Medical (San Diego, California) and Martin Lemperle, MD, one of Artes’ founders regarding Radiesse and Coaptite (MDD, Nov. 2, 2005). Artes granted BioForm an exclusive license under certain Artes patents to make and sell implant products containing calcium hydoxylapatite particles, including BioForm’s Coaptite and Radiesse products and a non-exclusive license under the same patents to make and sell certain other non-polymeric implant products.
Radiesse, is an injectable implant used to restore or correct signs of facial lipidatrophy or fat. Coaptite is a tissue bulking agent, which is marketed through the company’s distribution agreement with Boston Scientific (Natick, Massachusetts) for use in the treatment of stress urinary incontinence in adult females.
The company said it plans to use a portion of the proceeds from the IPO to further develop Radiesse; and an undetermined amount for the development of Aethoxysklerol and BioGlue, and other product development activities.
It also said that it might use a portion of the net proceeds to acquire complementary products, technologies or businesses.
The company plans to list on the Nasdaq under the symbol BFRM.
J.P. Morgan Securities and Piper Jaffray & Co. are serving as joint book-running managers for the offering, with CIBC World Markets and Jefferies & Co. serving as co-managers.
In other financing activity:
• Insulet (Bedford, Massachusetts), the developer of the OmniPod Insulin Management System, reported the pricing of its public offering of 4,898,398 shares of common stock at $23.25 per share, all of which are being sold by selling stockholders.
Insulet will not receive any proceeds from the sale of shares by the selling stockholders. The company has granted the underwriters an option to purchase up to 734,759 shares of its common stock at the public offering price to cover any over-allotments.
Its total expenses for this offering, excluding underwriting discounts, will be about $830,000.
The offering is the second IPO for the company, which makes an insulin infusion system for diabetics. Insulet raised more than $120 million in an initial public offering earlier this year (MDD, May 16, 2007).
Founded in 2000, Insulet is a developer of continuous subcutaneous insulin infusion (CSII) therapy. It manufactures and markets the OmniPod Insulin Management System, consisting of the OmniPod disposable insulin infusion device and a handheld, wireless Personal Diabetes Manager (PDM) device. Insulet received FDA clearance for the OmniPod in 2005 and began selling it in October of that year in the U.S. As of March 31, 2007, it estimated about 1,750 patients using the OmniPod System in the U.S.
J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith are acting as joint book-running managers, and Leerink Swann, Thomas Weisel Partners and Canaccord Adams are acting as co-managers for the offering.
• SyntheMed, (Iselin; New Jersey), a biomaterials company engaged in the development of anti-adhesion, tissue repair and drug delivery products, reported that it has filed a universal shelf registration statement with the Securities and Exchange Commission (SEC) that, if declared effective by the SEC, will allow SyntheMed to sell, from time to time, up to $20 million of its common stock, debt securities, preferred stock, warrants to purchase common stock, preferred stock or debt securities.
SyntheMed expects to use the net proceeds from any sale of securities under this registration statement for general corporate purposes including expenses associated with the anticipated U.S. market launch of the REPEL-CV Adhesion Barrier, research and development expenses for new product opportunities including potential applications of its polymer film technology in spine and ENT surgery and costs related to post-approval clinical trials for REPEL-CV.