Imnet, an Atlanta-based developer of electronic information and document management systems, has filed with the Securities and Exchange Commission for an initial public offering of 3 million shares of stock.
The 3-year-old company plans to use the projected $33.5 million in proceeds as working capital to finance growth and continued research and development. Imnet has funded its operations, working capital needs and capital expenditures primarily through private placements of equity securities, according to a prospectus.
Revenues to date have been about half of expenses and dependent on a few customers. The company recently reached agreements with healthcare information systems vendors such as Cerner Corp., IDX Systems Corp., Integrated Medical Systems and Phamis to sell Imnet systems as components of their integrated healthcare software lineups, according to the prospectus.
For the nine months ended March 31, Imnet lost $4.3 million on revenues of $4.4 million. As of that date, Imnet had an accumulated deficit of about $13.5 million.
Its primary product is an electronic information "warehouse" for the capture, storage, retrieval and management of information on all types of media, including magnetic and optical disks, microfilm and paper.