Lucid Inc. is planning a $28.8 million IPO designed to repay some of the company’s debt and build up its businsess.
The Rochester, N.Y.-based developer of skin cancer detection devices expects to repay a substantial portion of its existing indebtedness, including paying down its $6.1 million debt, with the proceeds from the offering, according to a filing with the Securities & Exchange Commission.
The debt includes $2.0 million the company borrowed from its $5 million credit facility, and $3.9 million, which was outstanding under its convertible notes. The notes will automatically convert into common stock in connection with this offering, the company said in the filing.
Lucis is also planning to expand its global research, sales, marketing, manufacturing and administration structure to commercialize its FDA-cleared VivaScope skin cancer detection system and VivaNet medical image sharing platform, according to the filing. Last December, the company added federal reimbursement specialist Ruben King-Shaw, Jr. to its board. King-Shaw serves on Medicare’s Program Advisory and Oversight Commission.
In the IPO filing, Lucid reported a loss of $4.3 million, or $1.61 per diluted share, on sales of $2.6 million during the year ended Dec. 31, 2010. That compares with a loss of $4.1 million, or $1.72 per diluted share, on sales of $2.3 million for 2009.
The company would trade on the NASDAQ stock market under the symbol LUCD if the offering is successful.
Here’s a roundup of the latest dealflow and investment news:
- Spherix plans 1 to 10 reverse stock split; stock dives
Spherix Inc. (NSDQ:SPEX) announced that its board of directors, pursuant to previously obtained stockholder authorization, approved a reverse split of its common stock at a ratio of 1 for 10, with a planned effective date of May 6. Accordingly, as of the effective date, each 10 shares of issued and outstanding common stock and equivalents will be converted into one share of common stock. SPEX shares finished out the day nearly 20 percent below their opening price, falling almost 7 cents to 28 cents per share.
Read more - Silk Road drums up $8.2 million
Silk Road Medical Inc. raised $8.2 million from a planned $33 million equity round. The funding for the Sunnyvale, Calif.-based
neurovascular medical device developer was supported by 4 unnamed investors, according to a regulatory filing.
Read more - Benvenue Medical closes $35.5 million C round
Benvenue Medical Inc., a developer of minimally invasive solutions for spine repair, announced the completion of a $35.5 million Series C round of financing. The proceeds will be used to complete KAST (Kiva System as a Vertebral Augmentation Treatment – A Safety and Effectiveness Trial) and execute on the company’s commercialization strategy.
Read more - Sanuwave drums up $9.1 million through private investment
Sanuwave Health Inc. (OTC:SNWV), regenerative medicine firm, entered into an agreement to sell securities to investors in a private placement for gross proceeds of approximately $9.1 million. The majority of investors in the financing are healthcare-focused institutional funds. A total of 28 unnamed investors participated in the equity and options-based round, according to a regulatory filing.
Read more - American Medical Systems secures $250 million credit line
American Medical Systems Holdings Inc. (NSDQ:AMMD) entered into a credit agreement with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, as syndication agent and U.S. Bank National Association, as documentation agent. The Credit Agreement provides AMS with a $250 million five-year senior secured revolving credit facility maturing on April 15, 2016, according to a regulatory filing.
Read more
