Biomagnetic Technologies, a San Diego manufacturer of medical diagnostic instruments called biomagnetometers, has filed a registration statement with the Securities and Exchange Commission for an initial public stock offering that could raise up to $19.5 million.
Founded in 1970 by the late John Wheatley, the company plans to sell up to 1.5 million newly issued common shares priced from $11 to $13 each. The offering's underwriter is PaineWebber investment banker.
Founded in 1970, Biomagnetic Technologies has 125 employees, nearly all of whom are located in the company's plant in Sorrento Valley. President Stephen O. James declined to discuss the company's recent sales and profit performance pending the publication of the stock offering's preliminary prospectus.
Biomagnetometers, which the company is now producing and selling, create images used by radiologists, neurologists and psychiatrists to diagnose disorders of the brain, heart and neuromuscular system, James said.