Mevion Medical registered for a $69 million initial public offering as it gears up to commercialize its proton therapy system.
The Littleton, Mass.-based company has sold 1 of its Mevion S250 radiation therapy devices to date, according to a regulatory filing. That sale, to the Siteman Cancer Center at Barnes-Jewish Hospital in St. Louis, brought in $7.6 million in revenues for Mevion during the 2nd quarter, according to the filing.
Mevion won 510(k) approval from the FDA for the S250 device in June 2012, after receiving CE Mark approval in the European Union in March of that year. Last year the company drummed up a $55 million funding round it planned to use to accelerate deployment of the S250 system.
Just yesterday Mevion , which started out as Still River Systems before rebranding in 2011, announced the Hyperscan feature for the S250 platform. Hyperscan is an intensity-modulated proton therapy designed to allow the precise delivery of radiation and volumetric scanning of the tumor, according to a press release; in its IPO filing Mevion said it expects the Hyperscan feature to be available in fiscal 2016.
Although Mevion has sold only 1 system, the filing shows that it has a significant orders backlog of 21 signed purchase contracts, 17 of which are worth some $257.6 million. Those contracts, however, include agreements in South Korea and Japan, where the Mevion S250 is not yet approved. Absent those deals the backlog is worth $171.8 million, according to the filing.