Urologix files to raise an additional $6 million

  • Article by: PATRICK KENNEDY , Star Tribune
  • Updated: May 25, 2012 - 9:02 PM

Urologix Inc. filed a registration statement Friday with the Securities and Exchange Commission to raise about $6 million through an additional equity offering.

The Plymouth-based developer of nonsurgical, office-based therapies for the treatment of noncancerous prostate enlargement would use proceeds of the offering to fund sales and marketing initiatives and to make certain required payments related to its license for prostate treatment technology, support research and development activities and for general corporate purposes

Urologix markets a Cooled ThermoTherapy product line and the Prostiva radio frequency therapy system. The two therapies can be used by urologists in office settings to treat patients under general anesthesia. Urologix acquired the license to sell the Prostiva system in September 2011.

The company, ranked 99th on the Star Tribune's list of Minnesota public companies, had sales of $12.6 million for the year ended June 30, 2011. Through the nine months ended March 31 it already had sales of $12.5 million, a nearly 30 percent increase over the previous nine-month period.

The company hasn't been profitable, with a net loss for the most recent nine-month period of $3.5 million, compared with $2.4 million loss over the same period last year.

The number of shares to be offered and an offering price have not been set. Urologix stock closed Friday at $1.03.

The offering is being underwritten by Minneapolis investment banking firm Dougherty & Co.

Patrick Kennedy • 612-673-7926

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