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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

SurgiVision IPO seeks to raise $30 million: Magnetic resonance image-guided surgery system developer plans an initial public offering of up to $30 million of common stock to support further R&D. SurgiVision's technology "enables physicians to see inside the brain and heart using direct, intra-procedural [MRI] guidance while performing minimally invasive procedures," the company explains in a preliminary IPO prospectus recently filed with the Securities and Exchange Commission. Farthest along in the product pipeline is SurgiVison's ClearPoint neurological intervention system, designed for "linear, point-to-point, minimally invasive procedures performed in a standard 1.5T MRI suite," SurgiVision states. A 510(k) application for the device is currently pending at FDA. Also under development is the firm's ClearTrace cardiac intervention system for non-linear, catheter-based surgical procedures using a 3T MRI scanner; SurgiVision is collaborating with MRI scanner manufacturer Siemens on that project. Headquartered in Memphis, Tenn., SurgiVision is also working with Boston Scientific under its SafeLead program to incorporate MRI-safety technologies into the latter firm's implantable cardiac rhythm management and neuromodulation leads. Rodman & Renshaw is underwriter for the proposed IPO

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