Accuray files for $230 million IPO

By Jennifer Chiou

New York, Nov. 13 - Accuray Inc. filed for an estimated $230 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

JPMorgan is bookrunner, UBS Investment Bank is joint lead and Piper Jaffray and Jefferies & Co. are co-managers.

The Sunnyvale, Calif.-based company developed a robotic radiosurgery system, the CyberKnife system, designed to treat solid tumors anywhere in the body as an alternative to traditional surgery.

The CyberKnife system, which has received FDA clearance to provide treatment planning, combines continuous image-guidance technology with a compact linear accelerator that has the flexibility to move in three dimensions according to the treatment plan.

IPO proceeds will be used for research and development and general corporate purposes.

Accuray said it had a $33.492 million operating loss on revenues of $52.897 million for 2006, compared with an operating loss of $24.883 million on revenues of $22.377 million for the same period in 2005.

Currently President (BVI) International Investment Holdings Ltd. and director Ted T.C. Tu are the largest shareholders, both with 37% 22.11% of the equity each, followed by Marubeni Corp. with 8%.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.