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Some of the IPOs on deck for this week include: Artes Medical (ARTE), a medical technology firm developing injectable aesthetic products for the dermatology and plastic surgery markets; Carrols Restaurant Group (TAST), which operates 542 Burger King, Pollo Tropical and Taco Cabana restaurants; Double-Take Software (DBTK), which makes affordable replication data protection software for Microsoft servers; MEDecision (MEDE), a provider of software and services to increase efficiencies of healthcare insurers; and Obagi Medical Products (OMPI), a maker of topical skincare products to treat various skin conditions.

All quotations are from the companies' most recent S-1 filings with links provided for each company.

ARTES MEDICAL (ARTE)

Business Overview (from prospectus)

Artes medical logo

We are a medical technology company focused on developing, manufacturing and commercializing a new category of injectable aesthetic products for the dermatology and plastic surgery markets. On October 27, 2006, the U.S. Food and Drug Administration, or the FDA, approved ArteFill, our non-resorbable aesthetic injectable implant for the correction of facial wrinkles known as smile lines, or nasolabial folds. Currently, there are two categories of injectable aesthetic products used for the treatment of facial wrinkles: temporary muscle paralytics, which block nerve impulses to temporarily paralyze the muscles that cause facial wrinkles, and temporary dermal fillers, which are injected into the skin or deeper facial tissues beneath a wrinkle to help reduce the appearance of the wrinkle. Unlike existing temporary muscle paralytics and temporary dermal fillers, which are comprised of materials that are completely metabolized and absorbed by the body, ArteFill is a proprietary formulation comprised of polymethylmethacrylate, or PMMA, microspheres and bovine collagen, or collagen derived from calf hides. PMMA is one of the most widely used artificial materials in implantable medical devices, and is not absorbed or degraded by the human body. Following injection, the PMMA microspheres in ArteFill remain intact at the injection site and provide a permanent support structure to fill in the existing wrinkle and help prevent further wrinkling. As a result, we believe that ArteFill will provide patients with aesthetic benefits that may last for years.

Offering: 4.6 million shares at $12-14 per share. Net proceeds are expected to reach approximately $51.8 million, or approximately $60.2 million if the underwriters exercise their over-allotment options. The proceeds will be used to build up the sales and marketing department and implement promotional and advertising campaigns related to the commercial launch of ArteFill; to conduct further long-term, post-market safety study of ArteFill; to further automate and expand capacity at the company's manufacturing facilities; and to conduct further studies to evaluate the feasibility, safety and efficacy of ArteFill for other aesthetic applications.

Lead Underwriters: Cowen & Co., Lazard

Financial Highlights:

Since our inception in 1999, we have incurred significant losses and have never been profitable. We have devoted substantially all of our efforts to product development and clinical trials, to acquire international rights to certain intangible assets and know-how related to our technology, and to establish commercial manufacturing capabilities. To date, we have generated no revenues. As of September 30, 2006, our deficit accumulated during the development stage was approximately $71.6 million.

Related link: IPO Analysis: Artes Medical

CARROLS RESTAURANT GROUP (TAST)

Business Overview (from prospectus)

Carrols restaurant group

We are one of the largest restaurant companies in the United States operating three restaurant brands in the quick-casual and quick-service restaurant segments with 542 restaurants located in 16 states as of September 30, 2006. We have been operating restaurants for more than 45 years. We own and operate two Hispanic restaurant brands, Pollo Tropical® and Taco Cabana® (together referred to by us as our Hispanic Brands), which we acquired in 1998 and 2000, respectively. We are also the largest Burger King franchisee, based on the number of restaurants, and have operated Burger King restaurants since 1976. As of September 30, 2006, our company-owned restaurants included 73 Pollo Tropical restaurants and 141 Taco Cabana restaurants, and we operated 328 Burger King restaurants under franchise agreements. We also franchise our Hispanic Brand restaurants with 29 franchised restaurants located in Puerto Rico, Ecuador and the United States as of September 30, 2006. We believe that the diversification and strength of our restaurant brands as well as the geographic dispersion of our restaurants provide us with stability and enhanced growth opportunities.

Offering: 15 million shares at $14-16 per share. Net proceeds will be approximately $76 million, assuming a price of $15.00 per share. The proceeds will be used to pay off the company's term loan debt.

Lead Underwriters: Wachovia Securities, Banc of America.

Financial Highlights:

We believe that the diversification and strength of our restaurant brands as well as the geographic dispersion of our restaurants provide us with stability and enhanced growth opportunities. Our primary growth strategy is to develop new company-owned Hispanic Brand restaurants. For the year ended December 31, 2005 and the nine months ended September 30, 2006, we had total revenues of $706.9 million and $562.7 million, respectively, and a net loss of $4.4 million and net income of $9.7 million, respectively.

DOUBLE-TAKE SOFTWARE (DBTK)

Business Overview (from prospectus)
Double Take Logo

Double-Take Software develops, sells and supports affordable software that reduces downtime and protects data for business-critical systems. We believe that we are the leading supplier of replication software for Microsoft server environments and that our business is distinguished by our focus on software license sales, our productive distribution network and our efficient services infrastructure. Organizations of all sizes and in all industries increasingly rely on application systems and stored electronic data to conduct business. Also, new regulations have increased data protection requirements for businesses, and new threats of business disruption from events such as 9/11 and Hurricane Katrina are encouraging organizations to re-examine their data and server recovery strategies. Our software responds to these needs by continuously replicating changes made to application data on a primary operating server to a duplicate server located on- or off-site. Because the duplicate server can commence operating in place of the primary server at almost any time, our software facilitates rapid failover and application recovery in the event of a service interruption.

Offering: 7.5 million at $9-11 per share. Net proceeds are estimated to be $43.5 million. They will be used for working capital and general corporate purposes, in addition to paying $10.2 million of the net proceeds to fund a mandatory payment to the holders of the company's Series B convertible preferred stock in connection with the conversion of all of the outstanding shares of Series B convertible preferred stock immediately before the completion of the offering.

Lead Underwriters: Cowen & Co., Thomas Weisel

Financial Highlights:

In recent years, we have experienced substantial growth, increasing our total revenue from $7.6 million for the year ended December 31, 2001 to $40.7 million for the year ended December 31, 2005, and we have reduced our net losses from $22.4 million to $3.8 million during that same period. We believe that our focus on providing affordable replication software to companies of all sizes through an efficient direct sales team and a robust distribution network has been instrumental to our continued revenue growth. Revenue generated by sales of our software represented 63% of our total revenue in the nine months ended September 30, 2006. Sales of maintenance and professional services generated the remainder of our revenue.

As a result of our investments in developing our software and establishing our broad distribution network (as well as legal fees and settlement costs associated with the defense and settlement of a legal case involving our intellectual property) we experienced significant operating losses through 2005. Our ability to increase the productivity of our sales force and distribution partners while controlling our other expenses has driven an improvement in our results, from an operating loss of $18.7 million and a net loss of $22.4 million in 2001 to an operating and net loss of $3.8 million in 2005. We achieved operating income of $5.2 million and net income of $5.0 million in the nine months ended September 30, 2006.

MEDECISION (MEDE)

Business Overview (from prospectus)

MEDecision logo

We are a provider of software, services and clinical content to healthcare payers that allow them to improve the quality and affordability of healthcare provided to their members and increase their administrative efficiency. Our Collaborative Care Management solution analyzes data, automates payer workflow processes and electronically connects payers, providers and patients, providing them with a common view of the patient’s health that helps to foster better clinical decision making. Our solution is built around a suite of modular and easily configurable software applications and utilizes the Internet to link our payer customers to their members and their members’ chosen healthcare providers.

Offering: 5.5 million shares at $11.50- 13.50 per share. Net proceeds are estimated to reach $34.6 million, assuming a price of $12.50. $9.5 million of the net proceeds will be used to pay accrued dividends to the former holders of the company's Series B and Series C preferred stock. The remaining proceeds will be used for general corporate purposes.

Lead Underwriters: Cowen & Co., CIBC World Markets

Financial Highlights:

Consolidated revenue increased 38% to $33.5 million for the nine months ended September 30, 2006 from $24.3 million for the nine months ended September 30, 2005. This increase resulted primarily from an increase in subscription, maintenance and transaction revenue and professional services revenue...Gross margin increased 65% to $22.3 million for the nine months ended September 30, 2006 from $13.5 million for the nine months ended September 30, 2005. As a percentage of revenue, gross margin increased to 67% for the nine months ended September 30, 2006 from 56% for the nine months ended September 30, 2005...We recorded a net loss of $2.6 million for the nine months ended September 30, 2006 compared to a net loss of $0.8 million for the nine months ended September 30, 2005. The increase in term license and subscription, maintenance and transaction revenue and improving efficiency in professional services all contributed to an increase in gross margin of $8.8 million.


OBAGI MEDICAL PRODUCTS (OMPI)

Business Overview (from prospectus)

Obagi logo

We are a specialty pharmaceutical company focused on the aesthetic and therapeutic skin health markets. We develop and commercialize prescription-based, topically applied skin health systems that enable physicians to treat a range of skin conditions, including pre-mature aging, photo-damage, hyperpigmentation, acne and soft tissue deficits, such as fine lines and wrinkles. Our leading product line is the Obagi Nu-Derm System, which we believe is the only clinically proven, prescription-based, topical skin health system on the market that has been shown to enhance the skin's overall health by correcting photo-damage at the cellular level. Our skin health systems are dispensed by physicians and generally consist of a series of creams to be applied one after another.

Offering: 4 million at $13-15 per share. Net proceeds are expected to reach $48.3 million. The proceeds will be used to repay debt and for general corporate purposes.

Lead Underwriters: J.P. Morgan, CIBC World Markets, Thomas Weisel.

Financial Highlights:

Our total net sales have grown from $49.3 million for the year ended December 31, 2003 to $56.3 million and $64.9 million for the years ended December 31, 2004 and 2005, respectively...We generated international net sales of $8.7 million during the year ended December 31, 2005, and $10.2 million during the nine months ended September 30, 2006.

Source: This Week's IPOs, Part I: Artes Medical, Carrols Restaurant Group, Double-Take Software, MEDecision, Obagi Medical