Sonus Pharmaceuticals Inc. took its lead product intoPhase III trials last month and decided to capitalize on themove by filing for an initial public offering of 2.5 millionshares.
With an expected price of $10 to $12 per share, theBothell, Wash. company anticipates raising $25 millionto $30 million. Hambrecht & Quist LLC and UBSSecurities Inc., both of New York, are managing theoffering.
Sonus' lead product is EchoGen Emulsion, a contrastagent used before ultrasound studies that is designed toimprove image quality. The company in August startedenrollment in a 240-patient randomized, double-blind,placebo-controlled Phase III trial to evaluate EchoGen inradiology indications _ ultrasound studies of blood flowor lesions in the liver, kidney and peripheral vascularsystems.
In the cardiology area, Sonus completed a Phase II studyof EchoGen in cardiac function and is in Phase II studiesfor myocardial perfusion.
Post-offering, Sonus will have 7.4 million sharesoutstanding. Its cash position on June 30, 1995 was $1.2million, and it reported a net loss of $891,000 for the firstsix months of 1995.
The largest shareholder is the company's founder,president and CEO, Steven Quay, who will own about 23percent of Sonus after the offering. California venturefirms Crosspoint Venture Partners, of Irvine, andEnterprise Partners, of Newport Beach, each will ownabout 13 percent.
The company said EchoGen offers benefits as a contrastagent because of its small bubble size, long half-life andthe intensity of the sound wave reflectivity, for betterimages. n
-- Jim Shrine
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