Devax Files for IPO

Devax Inc., a Lake Forest, Calif.-based developer of drug-eluting stent systems, has filed for an $85 million IPO. It plans to trade on the Nasdaq under ticker symbol DEVX, with Bear Stearns and Thomas Weisel Partners serving as co-lead underwriters. Devax has raised around $48.5 million in total VC funding since 2001, from firms like HBM BioVentures (30.7% pre-IPO position), InterWest Partners (12.8%), U.S. Venture Partners (12.8%) and Rock Creek Partners (8.3%).