Syneron Medical to hold Nasdaq IPO next week
27 Jul 04
Syneron hopes to raise $75 million, and the shareholders hope to earn $7.5 million. The issue is expected to be held at a company value of $330 million, after money. Syneron’s ticker will be ELOS.
Syneron has developed a device called Aurora, based on ELOS technology, which combines optical and electrical energy for skin and acne treatments and hair removal.
While Syneron is moving forward on its IPO, it has had to deal with a patent infringement lawsuit filed in a San Francisco, California, court, by Thermage. The Thermage patent addressed in the lawsuit is a US patent that covers methods and devices for treating skin using either light or radiofrequency energy or both.
Its largest shareholder, chairman Dr. Shimon Eckhouse, was once CEO of ESC Medical (now Lumenis (Pink Sheets:LUME)), and was ousted by Arie Genger, now the dominant figure at Lumenis.