Lucid, a designer and manufacturer of non-invasive, melanoma and cellular disorder detection and imaging devices, announced terms for its IPO on Tuesday. Lucid produces the VivaScope product line which is sold to medical centers worldwide and is intended to help physicians in the early detection of cell based disorders using more patient-friendly diagnosis methods, thus frequently eliminating skin biopsies and other uncomfortable procedures. The Rochester, NY-based company plans to raise approximately $18 million by offering 2.7 million shares at a price range of $5.50 to $7.50. At the mid-point of the proposed range, Lucid will command a market value of $66 million. Lucid, which was founded in 1991 and booked $3 million in sales for the 12 months ended June 30, 2011, plans to list on the NASDAQ under the symbol LUCD. Roth Capital is the lead underwriter on the deal.
Lucid's offering, similar to the offerings of WhiteGlove Health (WGH) and HomeStreet (HMST), seems to be motivated by their need for capital. The company is currently unprofitable but is looking to raise funds for various corporate projects, including the launch of their US-based sales and support team, VivaNet, and research and development. Timing on the offering is to be announced.
