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DewDiligence

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Re: DewDiligence post# 2283

Thursday, 09/23/2004 11:21:27 AM

Thursday, September 23, 2004 11:21:27 AM

Post# of 252758
Stent Maker Conor Files to Go Public

[Please see #msg-3181119 for background on this company.]

http://biz.yahoo.com/ap/040922/conor_ipo_1.html

>>
Stent Maker Conor MedSystems Files for $70 Million Initial Public Offering

NEW YORK September 22 (AP) -- Conor MedSystems Inc., a maker of drug-coated coronary stents, on Wednesday filed to sell $70 million worth of common shares in its initial public offering, according to a Securities and Exchange Commission statement.

The Menlo Park, Calif.-based company did not say how many shares it plans to sell or give an anticipated price range, but said it has applied to list its stock on the Nasdaq under the symbol "CONR."

Founded in 1999, Conor is hoping to cash in on the rapidly expanding drug-coated stent market with its version of the device, the Costar coronary stent -- a mesh tube used to open a clogged artery during angioplasty -- covered with a medication aimed at preventing future artery blockage.

In its SEC filing, Conor said its stent is designed with hundreds of small reservoir holes used to hold a timed-release drug for what it says is more targeted, controlled treatment. Trials have shown the device to be beneficial when compared with rivals' stents, which are typically encased with a drug-polymer combination.

Conor, which lost $11 million in 2003 and $8.9 million in the first half of this year, said it plans to use the proceeds from the offering to continue development of Costar, fund clinical trials and build up sales and marketing activities.

Although the company's device is not yet ready for sale, the drug-eluting stent market -- estimated to grow to $6 billion by 2008 -- has been a lucrative enterprise for the handful of pharmaceutical firms that have launched stents over the past 18 months.

Johnson & Johnson, whose Cordis Corp. unit in 2003 introduced the first drug-coated stent in the United States, cited its Cypher stent as a primary driver of its 11 percent sales growth in the latest quarter.

Despite recalling about 90,000 of its Taxus Express2 stents this summer, Boston Scientific Corp. posted only a slight drop in August Taxus sales, and said it expects worldwide stent sales to grow to $686 million in the fourth quarter.

The marketplace, however, is quickly becoming crowded. Guidant Corp. and Medtronic Inc. are racing to launch their coronary stents, while recent reports have drugmaker Abbott Laboratories Inc. beginning trials of a drug-coated stent.

The Conor deal is being managed by Citigroup, CIBC World Markets, S.G. Cowen & Co. and A.G. Edwards.
<<

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