SurgiVision (SRGV)

Globe Newswire  Apr 19  Comment 
RALEIGH, N.C., April 19, 2011 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA), reported today that SurgiVision, Inc. ("SVI"), a privately held company and a leader in interventional MRI-guided systems of which DARA owns over 500,000 shares
StreetInsider.com  Apr 12  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/DARA+%28DARA%29+Reports+SurgiVision+and+Brainlab+Have+Entered+Into+Collaboration/6423382.html for the full story.
TheStreet.com  Jul 28  Comment 
NEW YORK (TheStreet) -- Two medical companies, Trius Therapeutics and Surgivision are launching this week. IPO analyst Francis Gaskins gives details.
New York Times  Jul 22  Comment 
SurgiVision, a medical device maker, slashed the price of its expected initial public offering on Wednesday, The Associated Press reported.
Globe Newswire  Jun 28  Comment 
DARA was an Early Investor in SurgiVision and Presently Owns 1.6 Million Shares and Warrants to Purchase an Additional 405,000 Shares RALEIGH, N.C., June 28, 2010 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA), announced today that
Stock Blog Hub  Jan 14  Comment 
DARA to Receive Big Cash Infusion from SurgiVision IPO SurgiVision Files S-1 For IPO… On December 23, 2009, DARA BioSciences (DARA) received notification from privately-held SurgiVision that the company had filed a Registration Statement...




 
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SurgiVision (NASDAQ:SRGV) is a biotechnology company that makes medical devices which allow surgeons to conduct minimally invasive brain and heart surgeries. SurgiVision's products use Magnetic Resonance Imaging (MRI) guidance to help surgeons perform complex surgeries without conducting an open surgery.[1]

However, as of its IPO, none of the company's products are ready for the market. The company's most advanced product, ClearPoint, which provides surgeons guidance for brain surgery, is pending 510(k) regulatory approval. The company's other two products are still in the development phase.[2]

There is a fairly high demand for such types of surgery. Patients desire them since they leave a much smaller scar, decrease the chance of infection, decrease the recovery time, and mitigate the trauma of a full scaled surgery. While doctors are currently able to conduct minimally invasive surgeries without MRI guidance, the procedures are often very complicated, last longer than normal surgeries, and are very risky. This means that in order for the surgery to be properly conducted, the surgeon must be well trained and experienced.[3]


The company's initial public offering is expected to occur during the week of July 26th on the NASDAQ. The initial price range is $9-$11 which is lower than the original range of $13-$15. The company will offer 2.5M shares, making the total deal approximately $25M. The lead underwriters for the deal are Conaccord Genuity and Rodman & Renshaw.[4]

As of fiscal year 2009, SurgiVision has not been cash flow positive since none of its main products have made it to the market. In 2009, the company's net loss was $4.3M. The company had also accumulated a debt $38.5M due to its high research and development costs associated with developing a biotechnological product.[5]


References

  1. SRGV S-1 2010 "Prospectus Summary" pg 1
  2. SRGV S-1 2010 "Our Product Candidates" pg 2
  3. WebMD "Surgery Lite: Understanding Endoscopic Surgery" 27 July 2010
  4. Renaissance Capital - IPO "SurgiVision (SRGV)"
  5. SRGV S-1 2010 "Summary of Financial Information" pg 5-6
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