A Medical Device Daily

TranS1 (Wilmington, North Carolina) a company that develops products for lower back pain, reported raising $82.5 million in its initial public offering last week, coming in above expectations.

The offering of 5.5 million shares sold for $15 a share, compared with a forecast range of $12 to $14, according to a Securities and Exchange Commission filing (Medical Device Daily, Oct. 17, 2007).

The company, which develops treatments for the degeneration of the spine, is expected to begin trading its shares on Nasdaq Wednesday under the symbol TSON.

The IPO was first disclosed in July (MDD, July 26, 2007).

TranS1 said it plans to use the proceeds for sales and marketing, and to support R&D and the costs of seeking regulatory approvals.

Some of the company’s products are commercially available in the U.S., or Europe, while others are still in the regulatory process.

Based on its offering price, the company will have an initial market capitalization of $281.5 million.

For the six months ended June 30, TranS1’s revenue more than tripled to $7 million from $2.2 million during the same period a year earlier. The company’s net loss of $4 million compared with a loss of $4.6 million during the half-year period in 2006.

In an amended SEC filing, TranS1 said it expects the market for its products to grow to $1.8 billion by 2011, from $1.4 billion last year, based on projections by Millennium Research Group. And the rise of minimally invasive spine procedures, such as those the company is developing, could accelerate market growth, it said in its filing.

Underwriters, led by Lehman Brothers and Piper Jaffray have the option to buy an additional 825,000 shares to cover over allotments.

In other financing activity:

• Patton Medical Devices (Austin, Texas) reported raising $15 million to step-up the national launch of its first product, a port through which diabetics inject insulin.

Names of the investors were not disclosed.

Patton has raised about $12 million from other investors since its founding in 2004, according to the company.

Patton’s I-Port Injection Port is a round, nearly flat device, 1.5 inches in diameter, that inserts a tube into the skin when placed flush against the body. A diabetic can repeatedly inject insulin through the tube without further piercing the skin, the company said. The patient can inject 75 times through one port, which can be worn for three days.

Patton began selling the product in selected markets in January, and the company said it plans to use most of the new investment to roll out the I-Port nationally.

A month’s supply of the ports cost between $100 and $160 before reimbursement from health insurance plans, the company noted.

About 21 million people in the U.S. have diabetes, according to the Centers for Disease Control and Prevention (CDC; Atlanta).

• Uroplasty (Minnetonka, Minnesota) said it has filed a registration statement with the SEC in anticipation of a proposed public offering of $10 million, exclusive of over-allotments, of its common stock.

Uroplasty makes products for the treatment of voiding dysfunctions. Its focus is the commercialization of its Urgent PC system, an FDA-approved non-surgical neurostimulation therapy for the treatment of overactive bladder. The company also offers Macroplastique implants, a bulking agent for the treatment of urinary incontinence.

Craig-Hallum Capital Group and Noble International Investments will act as underwriters in connection with the proposed offering.

• Ivivi Technologies (Northvale, New Jersey), a developer of non-invasive, electrotherapeutic technologies, reported completing a private placement of its common stock with The Pinnacle Fund, raising $5 million of gross proceeds.

The company had previously disclosed the placement last week (MDD, Oct. 18, 2007).

Ivivi issued 1 million shares of common stock at $5 a share.

• Bausch & Lomb (B&L; Rochester, New York) said it is extending the expiration date of its offers for its debt securities and its convertible debt securities to 8 a.m., EDT, Oct. 26.

B&L reported last month that it was initiating cash tender offers and consent solicitations for four series of outstanding debt securities and two series of outstanding convertible debt securities.

These tender offers and consent solicitations are being conducted as part of the financing associated with the proposed $3.67 billion merger between the company and an affiliate of Warburg Pincus first disclosed in May (MDD, May 25, 2007).

Citigroup Global Markets, Banc of America, Credit Suisse and J.P. Morgan are acting as dealer managers for the tender offers and consent solicitations.