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Nine IPOs are on deck this week including: Asthmatx (AZMA) a developer of medical devices for asthma; BioVex (BVEX), a biotech company developing treatments for cancer and infectious diseases; ExlService Holdings (EXLS), an Indian provider of offshore outsourcing services; First Mercury Financial (FMR) a specialty insurance provider; LeMaitre Vascular (LMAT) a developer of medical devices for vascular diseases; Stanley Inc. (SXE), a provider of IT solutions to US Government agencies; Susser Holdings (SUSS), the largest non-refining operator of convenience stores in Texas; Trubion Pharmaceuticals (TRBN), a biopharmaceutical company developing solutions for immune diseases and cancer; and Universal Compression Partners (UCLP), a limited partnership formed by Universal Compression (UCO) that provides natural gas compression services. All quotations are from the companies' most recent S-1 filings, with links provided for each company.

ASTHMATX (AZMA)

Business Overview (from prospectus):

We are a medical device company focused on developing and commercializing a novel therapeutic treatment for asthma. We have developed proprietary technology designed to deliver controlled thermal energy to the airways of adult patients to reduce the mass of airway smooth muscle, in a procedure called Bronchial Thermoplasty[tm]. The contraction of airway smooth muscle in the lung airways is a main cause of airway constriction that leads to difficulty in breathing during asthma attacks. We believe that reducing airway smooth muscle in asthma patients can decrease the ability of the airways to constrict, thereby providing a significant therapeutic benefit to those asthma patients whose symptoms are poorly controlled despite using conventional asthma medications.

Offering: 5 million shares at $11-13 per share. At mid-range, net proceeds are expected to be $53.3 million ($61.7 million if the underwriters' option is exercised). $20 million will be used for clinical trials and R&D, $20 million for building out the commercial infrastructure and the remainder for general corporate purposes.

Lead Underwriters: Piper Jaffray, Bear Stearns

Financial Highlights:

We are a development stage company. To date, we have not generated any product revenue, and from our inception in December 2003 through June 30, 2006, we had a deficit accumulated during the development stage of $26.3 million. We do not expect the Alair System to be approved to treat asthma in the United States before at least the end of 2008. Accordingly, we do not expect to generate any revenue from sales of the Alair System until at least late 2008, and we expect our losses to continue and increase as we continue to conduct our AIR2 Trial and initiate commercialization activities.

BIOVEX (BVEX)

Business Overview (from prospectus):

We are a clinical-stage biotechnology company focused on the development and future commercialization of targeted treatments for cancer and the prevention of infectious disease. Our pipeline of cancer product candidates is built on what we believe to be a first-in-class oncolytic, or “cancer destroying”, virus technology that works by replicating and spreading within solid tumors, causing the death of cancer cells while leaving surrounding healthy cells unharmed. We believe that this technology, which we refer to as OncoVEX, is more effective than earlier-generation clinical-stage oncolytic viruses and has the potential to establish a new standard of care in the treatment of solid tumors by improving overall survival rates while minimizing side effects.


Offering:
3.4 million shares at $11-13 per share for an expected net raise of $36.5 million ($42.2 million if the underwriter option is exercised). The majority of the proceeds will be used to fund clinical trials and for R&D.

Lead Underwriters:
Janney Montgomery Scott, Stifel Nicolaus

Financial Highlights:

We have a limited operating history and have not yet commercialized any products or generated any product revenues. As of June 30, 2006, we had an accumulated deficit of $52.1 million. We have incurred losses in each year since we began operations, with net losses of $7.8 million in fiscal year 2004, $11.7 million in 2005, $14.3 million in 2006 and $3.5 million in the three months ended June 30, 2006. We expect to continue to incur significant and increasing operating losses for at least the next several years as we continue our research activities concerning oncolytic viruses and other biologics, conduct development of, and seek regulatory approvals for, OncoVEXGM-CSF and our other product candidates, and seek to commercialize any approved products.

EXLSERVICE HOLDINGS (EXLS)

Business Overview (from prospectus):

We are a recognized provider of offshore business process outsourcing services, primarily serving the needs of Global 1000 companies in the banking, financial services and insurance sector. We provide a broad range of outsourcing services, including business process outsourcing services, research and analytics services and advisory services. The business process outsourcing services we provide involve the transfer to us of select business operations of a client, such as claims processing, finance and accounting and customer service, after which we administer and manage the operations for our client. Our research and analytics services are intended to facilitate more effective data-based strategic and operating decisions by our clients using statistical and quantitative analytical techniques. Our advisory services include risk assessment, documentation and internal controls testing, business process re-engineering and process quality monitoring.

Offering: 5 million shares at $10-12 per share. At mid-range, net proceeds are expected to be $48.7 million. Approximately $12 million will be used to repurchase or redeem Series A shares and accrued dividends as well as outstanding promissory notes; the remainder will be used for general corporate/working capital.

Lead Underwriters: Citigroup, Goldman Sachs

Financial Highlights:

Our revenues have grown from $27.8 million in 2003 to $60.5 million in 2004 and $74.0 million in 2005 for a compound annual growth rate of 63.2% during that period. Our revenue growth over the three-year period is driven by a combination of new clients, ongoing growth in existing client relationships as well as the inclusion of full-year revenues from clients added in the preceding year. On a pro forma basis, our revenues were $60.4 million for the six months ended June 30, 2006.


FIRST MERCURY FINANCIAL (FMR)

Business Overview (from prospectus)

We are a provider of insurance products and services to the specialty commercial insurance markets, primarily focusing on niche and underserved segments where we believe that we have underwriting expertise and other competitive advantages. During our 33 years of underwriting security risks, we have established CoverX® as a recognized brand among insurance agents and brokers and developed the underwriting expertise and cost-efficient infrastructure which have enabled us to underwrite such risks profitably. Over the last six years, we have leveraged our brand, expertise and infrastructure to expand into other specialty classes of business, particularly focusing on smaller accounts that receive less attention from competitors.

Offering: 9,705,882 shares at a range of $16-18 per share. At mid-range, net proceeds are estimated to be $151 million; if the underwriters exercise their option, it will supply an additional $23 million. The financing will be used to repay senior notes, pay amounts due to preferred stockholders and repurchase certain shares of the common stock.

Lead Underwriters: JP Morgan; Keefe, Bruyette & Woods

Financial Highlights:

For the year ended December 31, 2005, our operating income was $40.4 million, a 38% increase over the prior year, and our net income was $22.8 million, a 29.0% increase over the prior year. For the six months ended June 30, 2006, our operating income was $22.4 million, a 15% increase over the six months ended June 30, 2005, and our net income was $11.3 million, a 5% decrease from the same period in 2005. The changes in net income from 2004 to 2005 and from the six months ended June 30, 2005 compared to the corresponding period in 2006 were not proportional to the respective changes in operating income due to interest expense incurred after August 17, 2005 on the $65 million in senior notes issued to finance the purchase of FMFC shares. As of June 30, 2006, we had total assets of $419.4 million and stockholders’ equity of $74.5 million.

LEMAITRE VASCULAR (LMAT)

Business Overview (from prospectus):

LeMaitre Vascular is a global provider of medical devices for the treatment of peripheral vascular disease. We develop, manufacture and market disposable and implantable vascular devices to address the needs of vascular surgeons and interventionalists. Our diversified portfolio of peripheral vascular devices consists of brand name products that are used in arteries and veins outside of the heart and are well known to vascular surgeons.

Offering: 6 million shares at a range of $8-10 per share. At mid-range, net proceeds are estimated to be $47.4 million ($54.9 million if the underwriters' option is exercised). Approximately $4.37 million is targeted to repay outstanding indebtedness, and the rest to general corporate/working capital.

Lead Underwriters: Goldman Sachs, CIBC, Cowen

Financial Highlights: Total net sales grew from $26.2 million in 2004 to $30.7 million in 2005, and net income decreased from$0.9 million to approximately $55,000. For the first three quarters of the year, total net sales grew from $22.85 million in 05 to $25.87 million in 06.


STANLEY INC (SXE)

Business Overview (from prospectus)

We provide information technology services and solutions to U.S. defense and federal civilian government agencies. We offer our customers solutions and expertise to support their mission-essential needs at any stage of program, product development or business lifecycle through five services areas: systems engineering, enterprise integration, operational logistics, business process outsourcing and advanced engineering and technology. As a systems integrator, we apply these five service areas to enable our customers to achieve interoperability between different business processes and information technology systems.

We were founded in 1966 and have established long-standing, successful relationships with our federal government customers. As of August 31, 2006, we had more than 200 active contractual engagements across 38 federal government agencies.

Offering: 6.3 million shares (including just over 1.01 million from insiders) at a range of $12-14 per share. Net proceeds are targeted at $61.2 million ($72.6 million if the underwriters' option is exercised); this will be used for repaying part of the company's indebtedness (approximately $100 million).

Lead Underwriters: Citigroup, Wachovia

Financial Highlights:

For the fiscal year ended March 31, 2006, or fiscal 2006, we derived approximately 61% of our revenues from the Department of Defense, including agencies within the intelligence community, and approximately 39% of our revenues from federal civilian government agencies. We acted as the prime contractor on contractual engagements that provided approximately 80% of our revenues for fiscal 2006. In February 2006 we completed the acquisition of Morgan, which provides us with access to new customers and enables us to offer an expanded suite of services to our customers.

From fiscal year ended March 31, 1996, through fiscal 2006, we increased our revenues at a compound annual growth rate of 30.8%, and we have been profitable in every year during that period. Our actual revenues and our revenues after giving pro forma effect to our acquisition of Morgan for fiscal 2006 were $284.8 million and $345.6 million, respectively, and our revenues for the three months ended June 30, 2006, were $92.6 million. As of June 30, 2006, our total backlog was $833.0 million and our funded backlog was $201.7 million.

SUSSER HOLDINGS (SUSS)

Business Overview (from prospectus)

We are the largest non-refining operator in Texas of convenience stores based on store count and we believe we are the largest non-refining motor fuel distributor by gallons in Texas. Our operations include retail convenience stores and wholesale motor fuel distribution. As of July 2, 2006, our retail segment operated 320 convenience stores in Texas and Oklahoma, offering merchandise, foodservice, motor fuel and other services. For the twelve months ended July 2, 2006, and for the fiscal year ended January 1, 2006, our wholesale motor fuel segment purchased 840.9 million gallons and 809.5 million gallons, respectively, of branded and unbranded motor fuel from refiners and distributed it to our retail convenience stores, contracted independent operators of convenience stores, unbranded convenience stores and commercial users.


Offering:
6 million shares at a range of $16-18 per share. Net proceeds are expected to be $93.3 million at mid-range ($107.5 million if the underwriters' option is exercised). Funding will be used for redeeming $50 million of debt, repaying $11.4 million of credit facility and general corporate/working capital.

Lead Underwriters:
Merrill Lynch, J.P. Morgan, Jeffries

Financial Highlights:

Our total revenues and Adjusted EBITDA for the twelve months ended July 2, 2006, and for the fiscal year ended January 1, 2006, were $2.2 billion and $52.6 million, and $1.9 billion and $54.4 million, respectively. This represents a compounded annual growth rate, or CAGR, of 26.6% and 12.5%, and 25.4% and 15.2%, respectively, for sales and Adjusted EBITDA since the fiscal year ended December 30, 2001. Our pro forma net income (loss) and Adjusted EBITDA for the twelve months ended July 2, 2006, and for the fiscal year ended January 1, 2006, were ($5.7) million and $46.9 million, and ($8.0) million and $42.8 million, respectively, after giving effect to this offering and the December 2005 transactions and related charges.

TRUBION PHARMACEUTICALS (TRBN)

Business Overview (from prospectus)

We are a biopharmaceutical company creating a pipeline of product candidates to treat autoimmune disease and cancer. Our product candidates are novel proteins known as single-chain polypeptides and are designed using our SMIPTM custom drug assembly technology. These product candidates bind to specific antigen targets on a cell’s surface that have been clinically validated as important in disease management either by existing products or by potential products in late stage clinical trials. We believe our product candidates offer the potential for safer and more effective therapies than such existing or potential products. In less than 24 months, we designed, developed and submitted to the FDA an Investigational New Drug application, or IND, for our lead product candidate, TRU-015. Currently, TRU-015 is being tested in a Phase IIb clinical trial for rheumatoid arthritis, which was initiated in September 2006.


Offering:
4 million shares at $13-15 per share. Net proceeds at mid-range are estimated to be $49.9 million; the company is concurrently raising concurrent funds in a private placement to Wyeth (800k shares at the IPO price). The bulk of the funding will be used for development and commercialization of the research pipeline.

Lead Underwriters:
Morgan Stanley, Banc of America, Pacific Growth Equity, Lazard

Financial Highlights:

As of June 30, 2006, our accumulated deficit was $44.2 million and total stockholders’ deficit was $39.4 million. We recognized net losses of $5.6 million, $14.2 million, $18.9 million and $4.5 million in 2003, 2004, 2005 and the six months ended June 30, 2006, respectively. We expect our net losses to increase as we continue our existing preclinical studies, manufacturing and clinical trials, expand our research and development efforts, and add the necessary infrastructure to support operating as a publicly-held company.

We have generated approximately $14.3 million in revenue from inception through June 30, 2006, the majority of which was earned through our collaboration with Wyeth. Presently, revenue under our collaboration agreement with Wyeth consists of a non-refundable, non-creditable, up-front fee and collaborative research funding. In the future, revenue under our collaboration agreement with Wyeth may also include regulatory and sales milestones and product royalties. During 2005 and the six months ended June 30, 2006, we recognized as revenue $222,000 and $13.6 million, respectively, from the Wyeth collaboration. The $13.6 million is comprised of $4.0 million for amortization of the $40 million up-front fee and $9.6 million for collaborative research funding. Revenue associated with the up-front fee is deferred and recognized ratably over the estimated research and development period.

UNIVERSAL COMPRESSION PARTNERS L.P. (UCLP)

Business Overview (from prospectus)

We are a Delaware limited partnership formed by Universal Compression Holdings, Inc., NYSE: “UCO,” to provide natural gas contract compression services to customers throughout the United States. Natural gas compression, a mechanical process whereby a volume of natural gas at an existing pressure is increased to a desired higher pressure for transportation from one point to another, is essential to the transportation and production of natural gas. Our contract compression services include designing, sourcing, owning, installing, operating, servicing, repairing and maintaining equipment to provide compression to our customers. We also modify the level of services and related equipment we employ to address changing operating conditions. Following this offering, we will serve our customers’ compression needs with a fleet of approximately 820 compressor units, comprising approximately 330,000 horsepower, or approximately 17% (by available horsepower) of Universal Compression Holdings’ domestic contract compression business. Upon completion of this offering, we believe we will be one of the ten largest compression services companies in the United States by revenue.


Offering:
5.5 million common units at a range of $19-21 per unit. At mid-range, net proceeds would be $99.4 million; this, together with net proceeds from a revolving credit ($123.8 million) will be used to repay United Compression Holdings.

Lead Underwriters: Merrill Lynch, Lehman Brothers

Financial Highlights:

For the nine months ended December 31, 2005 and the six months ended June 30, 2006, the business to be contributed to us in connection with this offering generated pro forma net income of approximately $8.3 million and $8.8 million, respectively, and pro forma earnings before interest, taxes and depreciation, or EBITDA, of $21.5 million and $18.1 million, respectively.

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Source: Overview of This Week's Nine Planned IPOs