SenoRx files for $86.25 million IPO

By Jennifer Chiou

New York, May 25 - SenoRx, Inc. filed for an estimated $86.25 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Banc of America Securities LLC and Citigroup are joint bookrunning managers with Cowen & Co. and First Albany Capital as co-managers.

The Aliso Viejo, Calif.-based company is focused on medical devices for the diagnosis and treatment of breast cancer.

The company's flagship product is the EnCor system, a minimally invasive, vacuum-assisted breast biopsy system that allows users to obtain multiple biopsy samples with one insertion. SenoRx received clearance from the FDA for EnCor and launched it commercially in November 2005.

The company also has the Vacuum Radiation Balloon, a radiation therapy device that uses a vacuum to adhere irregularly shaped lumpectomy cavities closely to the balloon and to remove excess fluid to deliver uniform radiation.

IPO proceeds will be used to repay interest on notes that will be converted into stock as well as for research and development and general corporate purposes.

SenoRx said it had an $8.019 million operating loss on revenues of $19.253 million for 2005, compared with an operating loss of $6.824 million on revenues of $13.751 million for the same period in 2004.

Currently MPM Capital and affiliated funds are the largest shareholders with 23.7% of the equity followed by Domain Associates funds at 14.5%, funds affiliated with Mayfield Associates at 9.5% and Entrepreneurs' Fund at 6.2%.

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

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