A Medical Device Daily

IPC The Hospitalist Company (North Hollywood, California), a provider of hospitalist services, said it closed its initial public offering of 5.2 million shares on Jan. 30 and that the underwriters exercised their over-allotment option and bought 705,000 additional shares of common stock at the offering price of $16 a share.

Including the over-allotment, IPC and selling stockholders sold somewhat more than 5.9 million shares in the offering, for net proceeds of $84.5 million after expenses. Excluding shares offered by selling stockholders, the company raised about $45.8 million in net proceeds.

Late last month, IPC said it agreed to sell 3.3 million shares of common stock and that the selling stockholders had agreed to sell 1.9 million shares of common stock (Medical Device Daily, Jan. 28, 2008) after first disclosing the IPO the previous week (MDD, Jan. 23, 2008).

Credit Suisse Securities and Jefferies & Company acted as joint bookrunners for the offering. Wachovia Capital Markets and William Blair & Company acted as co-managers for the offering.

IPC’s physicians coordinate the care of hospitalized patients and serve as the inpatient partner of primary care physicians and specialists. The company says it provides its hospitalists with management systems, information technology, training and administrative support.

Isis Pharmaceuticals (Carlsbad, California) has reported that Abbott Laboratories (Abbott Park, Illinois) plans to invest up to $40 million in Isis’ subsidiary Ibis Biosciences (Carlsbad).

Ibis makes a biosensor system designed to detect and identify any infectious organism. It said that future potential applications include epidemiologic surveillance, including homeland defense, monitoring of hospitals for outbreaks for drug-resistant infections and diagnostics. The investment will allow Ibis to further develop its biosensor system, the Ibis T5000, Isis said.

Abbott will initially acquire about 10.25% of the equity in Ibis for $20 million. Abbott will have the option to invest an additional $20 million before July 31 for a total stake of 18.6%.

In other financing activity: IntraOp Medical (Sunnyvale, California) said it has received $2.4 million of additional equity from new and existing investors. The company may raise another $0.6 million in equity by Feb. 13.

IntraOp provides technology solutions for the treatment and eradication of cancer. It says that its flagship product, the Mobetron, is the first fully portable, self-shielding intraoperative electron radiation therapy device designed for use in any operating room.