Sensus Healthcare scales back planned IPO

Sensus Healthcare last week said it plans to scale back its planned initial public offering, after tabling the flotation earlier this year. Boca Raton, Fla.-based Sensus makes the SRT-100 and SRT-100 Vision photon X-ray low-energy superficial radiotherapy systems for treating non-melanoma skin cancers, including basal cell and squamous cell carcinomas. The company said March 9 that it planned to float more than 1.8 million shares at $10 to $12 apiece, working out to a low-end raise of $18.2 million and a high end of $21.8 million. Later that month, Sensus postponed the IPO. But in a May 13 regulatory filing, Sensus said it now plans to float 1.75 million shares at $6.25 apiece, for gross proceeds of $10.9 million. The offering would consist of 1 common share and 1 warrant, the company said in the filing. The SRT-100 system has U.S. 510(k) clearance, CE Mark approval in the European Union and approvals from the China Food & Drug Administration and Health Canada; Sensus claims more than 200 installed devices in 11 countries. The company had planned to put $3 million of the IPO proceeds toward hiring new sales reps and a director of marketing, and another $3 million into R&D for new products and the further development of existing products. Some $2.7 million was to have gone toward paying a dividend to a former shareholders who elect not to convert their dividends into shares after the IPO, Sensus has said. The post Sensus Healthcare scales back planned IPO appeare...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Funding Roundup Initial Public Offering (IPO) Oncology Radiosurgery Sensus Healthcare LLC Source Type: news