Mevion pulls plug on $69m IPO

Mevion Medical withdrew plans for the $69 million initial public offering it registered for last fall, according to an SEC filing published last week.

The company produces single-room-proton therapy systems, a smaller, cheaper radiation therapy system for targeting cancerous tumors.

The Littleton, Mass.-based company said it decided not to pursue the offering because “the terms currently obtainable in the public marketplace are not sufficiently attractive to the registrant to warrant proceeding with the public offering,” according to the filing.

Last September, Mevion registered for a $69 million initial public offering in hopes of commercializing its proton therapy system.

At the time, the company had only sold 1 of its Mevion S250 radiation therapy devices, according to a regulatory filing. That sale, to the Siteman Cancer Center at Barnes-Jewish Hospital in St. Louis, brought in $7.6 million in revenues for Mevion during the 2nd quarter, according to the filing.

Mevion won 510(k) approval from the FDA for the S250 device in June 2012, after receiving CE Mark approval in the European Union in March of that year. Last year the company drummed up a $55 million funding round it planned to use to accelerate deployment of the S250 system.

Shortly before announcing the IPO, Mevion, which started out as Still River Systems before rebranding in 2011, announced the Hyperscan feature for the S250 platform. Hyperscan is an intensity-modulated proton therapy designed to allow the precise delivery of radiation and volumetric scanning of the tumor, according to a press release.

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