This week's IPOs include: BioHeart (OTCPK:BHRT) develops autologous cell therapies for the treatment of chronic and acute heart damage; China Digital TV Holding Company (NYSE:STV), a leading provider of conditional access, or CA, systems to the PRC’s rapidly growing digital television market. Constant Contact (NASDAQ:CTCT), a provider of on-demand email marketing solutions for small organizations; Liberty Acquisition Holdings (LIA.U), a blank check company; MAP Pharmaceuticals (NASDAQ:MAPP),markets proprietary inhalation technologies to enhance the therapeutic benefits and commercial attractiveness of proven drugs; and Merrion Pharamceuticals (OTCQX:MERR) a specialty pharmaceutical company,based in Ireland, engaged in the development of improved oral dosage forms of drugs with poor bioavailability.
All quotations are from the companies' most recent S-1 filings with links provided.
We are a biotechnology company focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage. Our lead product candidate is MyoCell, an innovative clinical therapy designed to populate regions of scar tissue within a patient’s heart with autologous muscle cells, or cells from the patient’s body, for the purpose of improving cardiac function in chronic heart failure patients. The core technology used in MyoCell has been the subject of human clinical trials conducted over the last six years involving 84 enrollees and 70 treated patients.
Offering: 3.6 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $6.8 million will be used to complete clinical trials, for further development, to repay debts and for general corporate purposes.
Lead Underwriters: Merriman Curhan Ford, Dawson James
Total revenues were $106,000 and $135,000 in 2006 and 2005, respectively... Cost of sales was $73,000 in 2006 as compared to $87,000 in 2005... Research and development expenses were $6.9 million in 2006, an increase of $2.4 million, or 51.7%, from research and development expenses of $4.5 million in 2005... Total net interest income was $127,000 in 2006 compared to total net interest income of $37,000 in 2005.CHINA DIGITAL TV HOLDING COMPANY (STV)
Business Overview (from prospectus)
We are the leading provider of conditional access, or CA, systems to the PRC’s rapidly growing digital television market. Our CA systems, which consist of (i) smart cards that are inserted into set-top boxes at the subscriber’s end, or terminal end, (ii) software installed at the digital television network operator’s transmission point, or head end, and (iii) software for set-top boxes, enable digital television network operators to control the distribution of content and value-added services to their subscribers and block unauthorized access to their networks. As of June 30, 2007, we had installed CA systems at 130 digital television network operators in 26 of the 32 provinces, autonomous regions and centrally administered municipalities in the PRC. We were the leading vendor of smart cards for CA systems in terms of smart cards shipped in the PRC for each of the first and second quarters of 2007, with a market share of approximately 44% in each quarter, according to Analysys International, a Beijing-based market research firm. We derive a substantial majority of our revenues from sales of our smart cards, which accounted for 85.6% and 87.9% of our total revenues in 2006 and in the six months ended June 30, 2007, respectively. We expect that the sales of our smart cards will continue to constitute the majority of our revenues in the near future. In addition, we license our set-top box design to set-top box manufacturers and sell advanced digital television application software such as electronic program guides and subscriber management systems to digital television network operators.
Offering: 12.0 million shares at $11.00 - $13.00 per share. Net proceeds of approximately $131.0 million will be used research and development, sales and marketing, acquisitions and general corporate purposes.
Lead Underwriters: Morgan Stanley, Credit Suisse
Our total revenues increased by 133.0% to $30.6 million in 2006 from $13.1 million in 2005... Our net revenues increased by 132.1% to $30.4 million in 2006 from $13.1 million in 2005... Cost of revenues increased by 68.7% to $6.6 million in 2006 from $3.9 million in 2005... Gross profit increased by 159.0% to $23.8 million in 2006 from $9.2 million in 2005. Our gross margin increased to 78.3% in 2006 from 70.2% in 2005... Our operating expenses increased by 38.3% to $5.3 million in 2006 from $3.8 million in 2005... Net income increased by 185.9% to $13.0 million in 2006 from $4.5 million in 2005, while net margin increased to 42.8% in 2006 from 34.7% in 2005.
CONSTANT CONTACT, INC. (CTCT)
Business Overview (from prospectus)
Constant Contact is the leading provider of on-demand email marketing solutions for small organizations, including small businesses, associations and non-profits, as determined by the size of our customer base. As of July 31, 2007, we had over 130,000 customers. Our customers use our email marketing product to more effectively and efficiently create, send and track professional and affordable permission-based email marketing campaigns. With these campaigns, our customers can build stronger relationships with their customers, clients and members, increase sales and expand membership. Our email marketing product incorporates a wide range of customizable templates to assist in campaign creation, user-friendly tools to import and manage contact lists and intuitive reporting to track campaign effectiveness. In June 2007, we introduced an online survey product that complements our email marketing product and enables small organizations to easily create and send surveys and effectively analyze responses. We are committed to providing our customers with a high level of support, which we deliver via phone, chat, email and our website.
Offering: 6.7 million shares at $12.00 - $14.00 per share. Net proceeds of approximately $68.8 million will be used for general corporate purposes, including financing growth, developing new products, acquiring new customers, funding capital expenditures, and potentially acquisitions and investments.
Lead Underwriters: CIBC World Markets, Thomas Weisel
Revenue for 2006 was $27.6 million, an increase of $12.9 million, or 88%, over revenue of $14.7 million for 2005... Cost of revenue in 2006 was $7.8 million, an increase of $4.1 million, or 108%, over cost of revenue of $3.7 million in 2005... . Research and development expenses in 2006 were $6.2 million, an increase of $2.8 million, or 84%, over research and development expenses of $3.4 million in 2005.
LIBERTY ACQUISITION HOLDINGS (LIA.U) Business Overview (from prospectus)
We are a blank check company formed under the laws of the State of Delaware on June 27, 2007. We were formed to acquire a currently unidentified operating business through a merger, stock exchange, asset acquisition, reorganization or similar business combination, which we refer to throughout this prospectus as a business combination. To date, our efforts have been limited to organizational activities. We have not, nor has anyone on our behalf, contacted, or been contacted by, any potential target business or had any substantive discussions, formal or otherwise, with respect to such a transaction.
Offering: 75.0 million shares at $10.00 per share. Net proceeds of approximately $738.7 million will be will be placed in a trust account at Continental Stock Transfer & Trust Company with Continental Stock Transfer & Trust Company, as trustee. Except for a portion of the interest income released to the company, the proceeds held in trust will not be released from the trust account until the earlier of the consummation of a business combination or the company's liquidation. Lead Underwriters: Citi, Lehman Brothers
We are not presently engaged in, and we will not engage in, any operations for an indefinite period of time following this offering. We intend to utilize the cash proceeds of this offering, our capital stock, debt or a combination of these as the consideration to be paid in a business combination. While substantially all of the net proceeds of this offering are allocated to completing a business combination, the proceeds are not otherwise designated for more specific purposes.MAP PHARMACEUTICALS, INC. (MAPP)
Business Overview (from prospectus)
We use our proprietary inhalation technologies to enhance the therapeutic benefits and commercial attractiveness of proven drugs while minimizing risk by capitalizing on their known safety, efficacy and commercialization history. We have several proprietary product candidates in clinical development which address large market opportunities, including our two most advanced product candidates, Unit Dose Budesonide, or UDB, for pediatric asthma and MAP0004 for migraine. We have announced positive results from Phase 2 clinical studies of UDB and MAP0004, and anticipate initiating Phase 3 clinical programs for both product candidates by early 2008. We hold worldwide commercialization rights for each of our product candidates, and intend to market UDB and MAP0004 in the United States through our own focused sales force targeting pediatricians for UDB and neurologists and headache specialists for MAP0004.
Offering: 5.0 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $67.7 million will be used fund development activities, including clinical trials for internal development programs primarily related to the company's most advanced product candidates UDB and MAP0004, to increase working capital, to create a public market for the company's common stock, to increase the company's ability to access the capital markets in the future, for general corporate purposes and to provide liquidity for existing stockholders.
Lead Underwriters: Merrill Lynch, Morgan Stanley
Financial Highlights: Research and development expenses increased $9,983,000 from $12,285,000 in 2005 to $ 22,268,000 in 2006, an increase of 81%... Sales and marketing expenses were $252,000 in 2005 and $218,000 in 2006.
MERRION PHARMACEUTICALS (OTCQX:MERR)
Business Overview (from prospectus)
We are a specialty pharmaceutical company engaged in the development of improved oral dosage forms of drugs with poor bioavailability. These include injectable drugs, certain existing oral drugs and large molecule drug candidates. Our drug delivery technologies, which have been tested in over 20 human clinical studies, have demonstrated the ability to improve absorption in the gastrointestinal, or GI, tract, thereby enhancing efficacy, reducing side effects and improving drug tolerability. As a result, we believe potential products incorporating our drug delivery technologies, if approved, will be more convenient for patients and will lead to increased compliance with the prescribed regimen. We hold 35 issued and in-process U.S. patents for the delivery of a variety of drugs and biologics, including our GIPET and GIRES drug delivery platforms. We are at an early stage of development, we have not generated revenue from the sales of any products, and no products employing either GIPET or GIRES have received regulatory approval to date. As a result, the claims regarding their effectiveness have not been accepted by the FDA. We have incurred losses from operations each year since inception and anticipate that we will continue to incur substantial losses for the foreseeable future. As of June 30, 2007, we had an accumulated deficit of $21.6 million.
Offering: 4.0 million shares at $10.00 - $12.00 per share. Net proceeds of approximately $37.6 million will be used product development, clinical testing and for general corporate purposes.
Lead Underwriters: Punk Ziegel, Goodbody
From inception (December 12, 2003) to June 30, 2007, the period covered by the selected financial data contained in this prospectus, we incurred total costs of approximately $6.8 million in connection with our research and development programs. Of this total, an estimated $134,000 was attributable to the development of MER 103; $447,000 to the development of MER 101; and $164,000 to the development of MER 104. The remaining $6.1 million can be attributed to internal clinical development costs for our product candidates that are not directly allocated to MER 103, MER 101 and MER 104. We use our employee and infrastructure resources across multiple research projects, including our drug development programs. We do not allocate our employee and infrastructure costs on a project-by-project basis. For the six month period ended June 30, 2007, other expenses consisted primarily of personnel costs of $866,000, patent portfolio costs of $266,000 and R&D general trial costs and consumables and overhead costs of $712,000.