EndoChoice looks to be prepping itself for the public markets. It's brought in public market company CEO Scott Huennekens, who led catheter-based imaging company Volcano through its 2006 IPO and grew the company to about $400 million in annual sales and, eventually, a $1.2 billion acquisition by Royal Philips ($PHG) that closed last month.
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| Scott Huennekens |
This move comes on the heels of a $57 million cash infusion during the first quarter that major life sciences crossover investors Deerfield Management and Rock Springs Capital. Crossover investors typically invest in public companies, but sometimes invest in private ones--particularly when they are ready to go public within at least a year or two.
In fact, last fall EndoChoice already said it expected to file for an IPO to raise $100 million to $150 million.
The startup launched its next-gen Fuse Full Spectrum Endoscopy platform in January. It is designed to offer physicians a wider and clearer view during endoscopic procedures. The latest Fuse system allows GI tract visualization for upper and lower endoscopy procedures.
The colonoscope in the system has three cameras and a 330-degree view--that's an advance over the field of view of about 140 to 170 degrees for standard colonoscopies. The Fuse gastroscope has two cameras and offers a 245-degree range of vision--improving upon the 150 degrees that are standard for this instrument. The company already offers products addressing endoscopic imaging, diagnostics, devices and infection control.
Huennekens will assume the role of Chairman at EndoChoice. Before Volcano, he led nuclear imaging player Digirad and was an executive at Baxter ($BAX). He is currently the Chairman of the Board for the Medical Device Manufacturers Association (MDMA).
"EndoChoice is one of the most exciting stories in the medical industry and I'm honored to accept the role of Chairman," said Huennekens in a statement.
He will be replacing Jim Balkcom, who was the Chairman of the EndoChoice board since 2009. Balkcom will remain on the board as the Chairman of the Governance and Compliance Committee.
During his tenure, EndoChoice grew its revenue to $61 million in 2014 from just $3 million in 2009.
- here is the release
Special Report: Top 7 life sciences public investors - Deerfield Management and Rock Springs Capital