
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.
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