Healthcare

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AutoGenomics just another science project

We’re as fascinated by genomics and “personalized medicine” as the next guy. Even Obama has the bug and touted the “Precision Medicine Initiative.” Genetic testing even made it into pop science in 2007 when Google invested nearly $4M in 23andMe to introduce a DIY genetic testing kit to the masses.  It was all going pretty well…

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Presbia puts your reading glasses in your eyeball

This deal caught our eye (sorry!) in part because we’re at the age where reading glasses are sometimes helpful – small print, low light. Put simply Presbia (NASDAQ: LENS) makes a small microlens which is then inserted into a small “pocket” added to the eyeball with a conventional laser. The lens is only 3.2mm in diameter with…

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Another synthetic biology company – Histogenics on deck

Histogenics (HSGX) may finally deliver an engineered cartilage that can make damaged knees good again. There are a range of new alternatives being developed but the positioning of Histogenics and their “NeoCart” is encouraging. They are enrolling patients for a Phase 3 trial for knee defects. [See the HSGX IPO roadshow slides for the full…

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Fat busting by injection

Neothetics (NEOT) is on the road now to fund the continued development of their injection-based approach to fat loss.  It’s a smallish deal of 4.3M shares with a $13-15 price range. Three mid-market banks: Piper Jaffray, Guggenheim and Needham are on the cover. Post-IPO there will be ~14M shares outstanding for a market capitalization of ~$200M at…

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AAC Holdings – American Addiction Centers

  Introduction It’s no secret that addictions ranging from food to drugs are a blight on the human condition. The CEO of AAC, Michael Cartwright, aims to provide a national network of centers dedicated to helping people recover from their struggles and lead a more normal life. Today the company operates seven treatment centers with…

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ReWalk Robotics IPO Exoskeletons For The Disabled

Positioning  ReWalk (RWLK) makes an FDA-approved exoskeleton that enables disabled people, even those mostly paralyzed, to walk upright. Exoskeletons have been a hotbed of research and development over the last decade and they are now entering commercialization. It’s still very early in the adoption cycle because these devices are new and expensive. The ReWalk, for…

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Trupanion (TRUP) Pet Insurance IPO

Today we are publishing our initial look at the upcoming Trupanion (TRUP) IPO. In summary this is a story and a market we really like but our intrinsic valuation (IV) estimates are close to the proposed price of the IPO. From an investment standpoint we’d like to get a better entry price.  Pets are certainly…

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Minerva doesn’t get much activation

Last night Minerva (NERV) priced their IPO deep in the hole at $6/share with Jefferies leading the deal along with decent co-managers Baird and JMP. The shares have opened for trading quietly and are changing hands at $6.16. This is an early/mid-stage biotechnology company which means commercial success is far off but the areas the company…

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Imprivata (IMPR) Solid but not Sensational

Imprivata (IMPR) priced their IPO in the middle of the range at $15 last night for trading today (Wednesday). Their positioning as a technology provider in the healthcare space is certainly intriguing. The core of what they do is make secure signing in and access to health information simple and streamlined. Regulations like HIPAA put some wind at…

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Tepid Demand for 21st Century Oncology IPO

UPDATE May 22: This morning the company announced the postponement of their IPO. As we noted during marketing this company doesn’t have a tight enough positioning and roadshow presentation to attract investors. Some of our thoughts on how they might reshape their story are below but we’re not sure management will hear the message or…

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