Medical Device Daily Executive Editor

TomoTherapy (Madison, Wisconsin) has filed a registration statement with the Securities and Exchange Commission for an initial public offering of more than $200 million, though the number of shares to be offered and the price range has not been determined.

The shares will be sold by TomoTherapy and certain shareholders.

TomoTherapy manufactures the Hi-Art system, which it describes as an "advanced and versatile radiation therapy system commercially available for the treatment of a wide variety of cancers."

It says that the Hi-Art system's combination of technologies allows clinicians to make modifications to a patient's cancer treatment plan as changes in the size, shape and density of tumors or in the patient's internal anatomy are detected over the course of treatment.

The system calculates the best radiation dose pattern to maximize the radiation dose to the tumor and minimize exposure of healthy tissue. A quantitative computed tomography image of the treatment area is taken to identify the size and location of the tumor and used to position the patient on the treatment couch. The specific dose is then delivered using the system's multi-leaf collimator, which shapes the beams produced by the linear accelerator as the patient passes through the ring gantry. The data can also be used to compute the dose received by the patient and adjust treatment plans.

TomoTherapy says that the Hi-Art system's ability to provide daily, quantitative imaging and to more easily incorporate adaptive radiation therapy into clinicians' regular clinical workflow distinguishes it from other radiation therapy systems.

Hi-Art is marketed to university research centers, hospitals, private and governmental institutions and cancer treatment centers in North America, Europe and Asia.

Among the risks listed by the company in its registration statement are: dependence on the one product for all of its revenue; a lengthy sales cycle and high unit price for the system; and that if it cannot satisfy the requirements of licenses that it holds with the Wisconsin Alumni Research Foundation (Wisconsin), it could lose those licenses.

Merrill Lynch & Co. is acting as the sole book-running manager; Piper Jaffray & Co. is co-lead manager, and Thomas Weisel Partners is co-manager.

Invacare (Elyria, Ohio) reported completing its refinancing transactions, providing the company with capacity of about $710 million, the net proceeds to be used to refinance company indebtedness.

The company has entered into a $400 million senior secured credit facility consisting of a $250 million term loan and a $150 million revolving credit facility. Invacare said it also completed the sale of $175 million of its 9% senior notes, due 2015, to qualified institutional buyers and to non-U.S. persons. The notes pay interest at 9% annually on each Feb. 15 and Aug. 15.

Net proceeds from the offering of the notes were roughly $167 million.

The company also completed the sale of $135 million principal amount of its convertible senior subordinated debentures, due 2027, redeemable at the company's option on or after Feb. 6, 2012 through and including Feb. 1, 2017, and at the company's option after Feb. 1, 2017.

Net proceeds from the offering of the debentures, after deducting the initial purchasers' discount and the estimated offering expenses payable by the company, were about $132.3 million.

A. Malachi Mixon, III, company CEO and chairman, said, "the long-term capital structure we have put in place gives us the platform to continue restructuring our business and assist us in carrying out our plans to overcome industry challenges and deliver improved operating income in 2007."

Invacare makes home and long-term care products.

In other financing activity:

• Bruker BioSciences (Billerica, Massachusetts) reported closing its public offering of 11,960,000 shares of its stock, 2.53 million shares sold by the company, 99.43 million shares sold by four selling stockholders at $7.10 a share. The total shares sold include 1,560,000 shares of common stock (330,000 shares from the company, 1.23 million from selling stockholders) sold pursuant to the underwriters' exercise in full of their over-allotment option.

The company said it will use the proceeds for general corporate purposes, potential acquisitions and for the repayment of debt.

Bruker BioSciences is the publicly traded parent company of Bruker Daltonics, Bruker AXS and Bruker Optics.

• Conceptus (Mountain View, California) reported closing its public offering of $75 million of 2.25% convertible senior notes, due 2027. It also granted the underwriter an option to purchase another $11.25 million of notes to cover over-allotments.

Conceptus received about $72.4 million in proceeds from the offering; the warrant transactions resulted in gross proceeds of about $8.1 million.

Conceptus said it used around $14.6 million of the proceeds of the offering and warrants to fund the cost of the convertible note hedge transactions. It said it would use the remaining proceeds from the offering for general corporate purposes such as working capital or possible acquisitions.

Conceptus manufactures the Essure Permanent Birth Control system, a device and procedure designed to provide a non-incisional alternative to tubal ligation.

• IsoTis (Irvine, California) and IsoTis SA (Lausanne, Switzerland) said that on Feb. 7, 11,001,791 IsoTis Swiss Shares had been tendered under their exchange offer, representing 15.5% of the issued and outstanding share capital of the company. IsoTis now holds 90.46% of the issued and outstanding share capital of the company.

IsoTis intends to procure its listing on SWX Swiss Exchange, Euronext Amsterdam N.V., and the Toronto Stock Exchange will be terminated.

• Zoll Medical (Chelmsford, Massachusetts), a manufacturer of resuscitation devices and related software solutions, reported that the payment date for its 2-for-1 stock split, approved by the company's board on Jan. 24, will be Feb. 20, 2007. The record date for this stock split is Feb. 12, 2007.

The split is being accomplished through an amendment to Zoll's restated articles of organization that changes each issued and each authorized share of common stock, par value 2 cents a share, into two shares of common stock, par value 1 cent a share. As a result, the authorized shares of common Stock are being increased from 19 million to 38 million.