A Medical Device Daily
MakoSurgical (Fort Lauderdale, Florida) reported that it has filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed initial public offering of up to $86.25 million.
All of the offered shares will be sold by the company, though the number of shares to be offered and the price range of the offering have not yet been determined.
The company said it intends to apply to have its common stock approved for quotation on the NASDAQ Global Market under the symbol MAKO.
The company said it intends to use the net proceeds for the expansion of its sales and marketing organizations, continuation of its research and development efforts and general corporate purposes, including working capital. In addition, the company said it intends to use a portion of the net proceeds to make a $4 million payment to IBM (Armonk, New York), as required upon the initial public offering of its common stock under the terms of its licensing agreement with that company. It may also may use a portion of the proceeds for acquisitions of products and technologies.
J.P. Morgan Securities Inc. and Morgan Stanley & Co. will act as joint bookrunners for the offering and Cowen and Co. and Wachovia Capital Markets will act as co-lead managers.
Mako has developed an advanced robotic solution and implants for minimally invasive orthopedic knee procedures. Its Haptic guidance system includes an interactive haptic robotics platform that utilizes tactile-guided robotics and patient-specific visualization to prepare the knee joint for the insertion and alignment of resurfacing implants through a keyhole incision. The FDA-cleared surgeon-interactive haptic robotic system allows surgeons to provide a tissue-sparing bone resurfacing therapy that the company calls MAKOplasty. As of Sept. 18, the company said that 80 MAKOplasty procedures have been performed since commercial introduction began in June 2006.
In its filing, the company noted that it has sustained net losses in every fiscal year since its inception in 2004, including a net loss of $10.6 million for the year ended Dec. 31, 2006 and a net loss of $7.5 million for the six months ended June 30. As of Dec. 31, 2006 and June 30, 2007, the company had an accumulated deficit of $19.4 million and $28.4 million, respectively.
The company said it expects to continue to incur significant operating losses as it increases its sales and marketing activities and continues to invest capital in the development of its products.
. Sunrise Senior Living (McLean, Virginia) reported that it has received an additional extension for continued listing and trading of the company's common stock on the New York Stock Exchange (NYSE) and has amended its line of credit agreement to allow for an extension of time to provide the lenders with required financial information.
The extension granted by the NYSE provides the company until March 17, 2008 to file its Annual Report on Form 10-K for the year ended Dec. 31, 2006 with the Securities and Exchange Commission.
Additionally, the company has entered into an amendment of its $250 million bank credit facility that matures on Dec. 2, 2009. Under the amendment, the lenders agreed to modify the delivery dates to Jan. 31, 2008 of all 2006 quarterly financial statements, the audited annual 2006 financial statements and the quarterly financial statements for the first three quarters of 2007 required to be delivered to the lenders under the credit agreement. The company had an outstanding balance of $50 million in borrowing and $71.8 million of letters of credit outstanding under the credit agreement as of Sept. 14, 2007.
Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing, rehabilitative and hospice care.