Hansen Medical files for $86.25 million IPO

By Angela McDaniels

Seattle, Aug. 16 - Hansen Medical, Inc. filed for a $86.25 million initial public offering of common stock in a S-1 registration with the Securities and Exchange Commission on Wednesday.

The number of shares to be offered and the price range for the offering have not been determined.

Morgan Stanley & Co. and J.P. Morgan Securities Inc. are joint bookrunners for the offering, with Thomas Weisel Partners LLC and Leerink Swann & Co. as co-managers. The underwriters will be granted a greenshoe.

Hansen Medical is a development-stage biopharmaceutical company based in Mountain View, Calif., that develops and manufactures medical robotics designed to position, manipulate and control catheters and catheter-based technologies.

The company expects to begin commercial shipments of its Sensei Robotic Catheter System and disposable Artisan Control Catheters in Europe in 2006 and in the United States in 2007, subject to receiving required regulatory clearances. In the United States, Hansen is seeking clearance from the Food and Drug Administration for the use of the Sensei system and Artisan control catheters to guide catheters for mapping the heart anatomy.

Of IPO proceeds, $18 million will be used for sales, marketing and general administrative activities, $10 million will be used for research and development, $8 million will be used for capital equipment and tenant improvements and the remainder will fund working capital and other general corporate purposes.

The company had 56,585,052 shares of common stock and 49,419,074 shares of redeemable convertible preferred stock outstanding at June 30.

Entities affiliated with Prospect Venture Partners II, LP are the largest stockholders with 12,804,952 shares for 22.63% of the pre-IPO common stock total. Entities affiliated with Skyline Ventures are second with 9,275,161 shares for 16.39% of the equity.

Hansen Medical had a net loss of $11.39 million and no revenue for the six months ended June 30. Cash and cash equivalents were $24.96 million at June 30.

Research and development costs for the first half of the year were $7.96 million.

The company has applied to list its common stock on the Nasdaq Global Market under the symbol "HNSN."

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