Lucid files for IPO as it looks to repay debt

Rochester, NY-based Lucid, Inc. plans to sell up to $28.8 million of common stock in an IPO. The company says it will use the net proceeds to repay its debt and build its global research, sales, marketing, manufacturing and administration structure to commercialize its VivaScope and VivaNet technology platforms, according to its SEC filing. The company has applied to list its stock on the Nasdaq Global Select Market under the symbol "LUCD."

Lucid is focusing on non-invasive, point-of-care medical imaging devices to assist in the early diagnosis of melanoma and other skin cancers, as well as non-malignant skin disease. Its VivaScope 1500 and VivaScope 3000 confocal imagers have received 510(k) clearance from the FDA, as well as CE mark approval. The VivaScope 1500 is cleared by the Australian Therapeutic Goods Administration and the Chinese SFDA. In addition, the company has sold more than 300 VivaScope confocal imagers to academic medical centers and other markets worldwide.

The company says in its filing that it has never been profitable and reported net losses of approximately $4.3 million and $4.1 million in 2010 and 2009, respectively. It also notes that according to data from the American Cancer Society and other sources, skin cancer is on the rise and accounts for approximately 70 percent of all new cancer cases each year in the U.S. 

- see Lucid's SEC filing