Asthmatx files for $74.75 million IPO

By Jennifer Chiou

New York, July 24 - Asthmatx, Inc. filed for an estimated $74.75 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Piper Jaffray is the bookrunner with Bear, Stearns & Co. Inc. as joint lead. First Albany Capital and Jefferies & Co. are co-managers.

The Mountain View, Calif., medical device company has its Alair catheter-based investigational procedure, bronchial thermoplasty, for the treatment of asthma.

According to the filing, data for bronchial thermoplasty from trials with 130 asthma patients indicate that the product, when combined with conventional asthma medications, offers patients with moderate-to-severe asthma a significant improvement in the control of their asthma symptoms.

The company said it intends to use $20 million of IPO proceeds for clinical trials and development, $20 million for building commercial infrastructure and the remainder for general corporate purposes.

Asthmatx said it had an $11.23 million operating loss on revenues of $0.355 million for 2005, compared with an operating loss of $5.838 million on revenues of $0.523 million for the same period in 2004.

Currently Brian E. Chee, a director and general partner of Polaris Ventures, is the largest shareholder with 21.7% of the equity followed by Annette J. Campbell-White, a director and managing general partner of MedVenture Associates, at 12.1% and Dr. Beat R Merz, also a director, at 9.1%.

The company has applied to list its stock on the Nasdaq National Market under the symbol "AZMA."

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