SurgiVision files for IPO

Dec 22, 2009

MRI coil developer SurgiVision of Memphis, TN, has filed documents with the U.S. Securities and Exchange Commission (SEC) for an initial public offering.

The company hopes to raise $30 million from the filing, with its stock to trade on the Nasdaq exchange under the symbol SRGV. Share pricing and timing of the IPO were not disclosed.

In its IPO filing, the company lists its lead product as the ClearPoint neurointervention system, designed to work with 1.5-tesla MRI scanners to help guide neurological interventions such as biopsies and catheter and electrode insertions. ClearPoint is pending 510(k) clearance from the U.S. Food and Drug Administration (FDA).

Its second product candidate is the ClearTrace system for catheter-based cardiac ablation to treat atrial fibrillation, guided by 3-tesla MRI scans. The company is partnering with Siemens Healthcare of Malvern, PA, on the product, which is still in the development stage.

Finally, the firm's SafeLead program is designed to improve the safety of active implantable devices such as cardiac pacemakers, which are susceptible to uncontrolled heating in an MRI environment. The firm is working with Boston Scientific of Natick, MA, to incorporate SafeLead technology into Boston Scientific's implantable cardiac and neuromodulation leads. SafeLead is still in development.

In its filing, SurgiVision listed revenue of $1.8 million for the eight months of the year through August 31, up 13% compared to revenue of $1.6 million in the same period of 2008. The company has posted a year-to-date net loss of $4.3 million, compared with a net loss of $2.7 million in the corresponding period of 2008.

Boston Scientific inks deal with Surgi-Vision, April 15, 2008

Surgi-Vision names Viohl as VP of operations, February 22, 2001

Surgi-Vision to market MR vascular guidewire, February 6, 2001