R2 Technology registers for IPO

Privately held R2 Technology has taken the first step toward going public. The pioneer of computer-assisted diagnosis has filed a registration statement with the Securities and Exchange Commission for an initial public offering of common stock. Net proceeds will be used for general corporate purposes, including working capital, R&D, sales and marketing, clinical and regulatory studies, and capital expenditures. A portion may also be used to acquire or invest in complementary businesses, products, and technologies. R2 develops, manufactures, and sells proprietary medical systems to assist radiologists in the detection of cancer. The company's ImageChecker CAD system analyzes medical images, marking features that may indicate cancer. Prior to the registration, the company secured $14 million in venture capital financing. That round brought the total of VC financing to $76 million since the company was incorporated in 1993.