Deals

Venture-backed Baxano Goes Public in $23M APO with TransS1

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Venture capital and PIPE financing joined forces as two spinal therapy companies agreed to merge in a deal that made privately held Baxano the successor of publicly traded TranS1 (TSON). TranS1 paid for the merger with $550,000 in cash and 10.4 million shares of stock worth about $23 million. The deal also calls for the refinancing of $3 million in Baxano debt. The transaction was approved by shareholders on March 3 and is expected close early in the second quarter. The transaction is the largest reverse merger and PIPE combination, referred to as an alternative public offering or "APO", since BioCryst Pharmaceuticals (BCRX) became public in a $25 million APO in October 2012.

Markets

Alternative IPOs Still in Demand

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A panel at Thursday’s 2012 SEC Government-Business Forum on Small Business Capital Formation that discussed issues not addressed by The JOBS Act included a look at the state of alternative IPOs by John Borer, senior managing director and head of investment banking for New York-based Benchmark Co. By his reckoning, they’re alive and well. And preferable. “If you can get big underwriters to do your IPO for you, go do it,” he said. “But the statistics were 2,000 IPOs (completed each) year 15 years ago.