All quotations are from the companies' most recent S-1 filings with links provided.
We are a specialty pharmaceutical company that develops, manufactures and commercializes enhanced pharmaceutical and biopharmaceutical products based on our proprietary drug formulation technologies. We utilize these technologies to develop novel products that we believe will have advantages over existing products or will address unmet medical needs. Two Phase III clinical trials have been completed for our lead product candidate, EUR-1008, for the treatment of exocrine pancreatic insufficiency, or EPI. If approved by the U.S. Food and Drug Administration, or FDA, we expect to launch EUR-1008 in 2008. In addition to EUR-1008, we are also developing a number of other products both for our collaboration partners and for our proprietary portfolio. Currently, the most advanced of our pipeline products include three co-development products and one proprietary product candidate.
Offering: 7.0 million shares at $17.00 - $19.00 per share. Net proceeds of approximately $112.0 million will be used to repay debt, develop specialty sales, marketing and distribution capabilities in the United States to commercialize the company's lead product, EUR-1008; to renovate and expand R&D facility in Dayton, Ohio; and to fund working capital and general corporate purposes.
Lead Underwriters: Deutsche Bank, Lehman Brothers
Our revenues were €82.8 million for the year ended December 31, 2006 compared to €72.3 million for the same period in 2005, representing an increase of €10.6 million or approximately 15%... Cost of goods sold was €47.6 million for the year ended December 31, 2006 compared to €44.2 million for the same period in 2005, representing an increase of €3.4 million or approximately 8%...As of December 31, 2006, we had €5.8 million in cash and cash equivalents. Total debt was €63.2 million, of which €30.1 million was loans from shareholders denominated in euro, and the balance of €33.1 million was debt with banks and financial institutions mostly denominated in U.S. dollars. In addition, we had available €8.7 million of short-term lines of credit from our banks, and a €3.0 million line of credit from our major shareholders, including Warburg Pincus, none of which were utilized.
INSULET CORPORATION (PODD)
Business Overview (from prospectus)
We are a medical device company that develops, manufactures and markets an innovative, discreet and easy-to-use insulin infusion system for people with insulin-dependent diabetes. Our proprietary OmniPod Insulin Management System, which consists of our OmniPod disposable insulin infusion device and our handheld, wireless Personal Diabetes Manager, is the only commercially-available insulin infusion system of its kind. Conventional insulin pumps require people with insulin-dependent diabetes to learn to use, manage and wear a number of cumbersome components, including up to 42 inches of tubing. In contrast, the OmniPod System features only two discreet, easy-to-use devices that eliminate the need for a bulky pump, tubing and separate blood glucose meter, provide for virtually pain-free automated cannula insertion, communicate wirelessly and integrate a blood glucose meter. We believe that the OmniPod System’s unique proprietary design offers significant lifestyle benefits to people with insulin-dependent diabetes.
Offering: 6.7 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $90,565,000 will be used to improve the company's existing automated line and the construction of a second automated line to increase manufacturing capacity; to expand sales and marketing activities; and to fund further research and development.
Lead Underwriters: J.P. Morgan, Merrill Lynch
Our total revenues were $3.7 million for the year ended December 31, 2006 as compared to $50,000 for the year ended December 31, 2005...Cost of revenues for the year ended December 31, 2006 was $15.7 million as compared to $1.5 million for the year ended December 31, 2005...Research and development expense decreased $2.7 million, or 24.8%, to $8.1 million for the year ended December 31, 2006 from $10.8 million for the year ended December 31, 2005...As of December 31, 2006, we had $30.0 million of secured debt outstanding. Since inception, we have received net proceeds of $119.5 million from the issuance of redeemable convertible preferred stock. As of December 31, 2006, we had $33.2 million in cash and cash equivalents.
We are a provider of integrated long-term healthcare services through our skilled nursing facilities and rehabilitation therapy business. We also provide other related healthcare services, including assisted living care and hospice care. We focus on providing high-quality care to our patients, and we have a strong reputation for treating patients who require a high level of skilled nursing care and extensive rehabilitation therapy, whom we refer to as high-acuity patients. As of April 1, 2007 we owned or leased 64 skilled nursing facilities and 13 assisted living facilities, together comprising approximately 8,900 licensed beds. We currently own approximately 75% of our facilities, which are located in California, Texas, Kansas, Missouri and Nevada and are generally clustered in large urban or suburban markets. For the first three months of 2007 and the year ended December 31, 2006, our skilled nursing facilities, including our integrated rehabilitation therapy services at these facilities, generated approximately 84.4% and 85.5%, respectively, of our revenue, with the remainder generated by our other related healthcare services.
Offering: 16.7 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $112.7 million will be used to repay outstanding debt.
Lead Underwriters: Credit Suisse, Banc of America
Revenue increased $68.9 million, or 14.9%, to $531.7 million in 2006 from $462.8 million in 2005...Our cost of services expenses increased $47.7 million, or 13.7% to $394.9 million, or 74.3% of revenue, in 2006 from $347.2 million, or 75.0% of revenue, in 2005...Net income decreased by $16.6 million, or 48.9%, to $17.3 million in 2006 from $33.9 million in 2005.