Monday, September 17, 2007

TransMedics tackling the public market with IPO plan

TransMedics Inc., an Andover-based medical devices firm, wants to raise $86.3 million in an initial public offering, according to a U.S. Securities and Exchange Commission filing.

The firm said it would use the proceeds of an IPO to fund development and marketing of its Organ Care System, or OCS, designed to keep organs fresh before transplants.

The device was cleared for use in heart transplants in the European Union in 2006, and sales of the device began in European during the second quarter of 2007, according to the company. Still conducting studies to obtain U.S. clearance for the device, the company said it is also developing it for lung, liver and kidney transplants.

The company said it employs 40 workers in various roles related to the development of the transplant device. It reported a 2006 net loss of $17.6 million on no revenue.